Reply to Can't seem to save anything outside of retirement/college accounts. I feel guilty. Is this common?

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[quote=Anonymous][quote=Anonymous][quote]But I can't shake the feeling that we should be doing more.[/quote]

My boss told me the other day that she opened savings accounts for her kids (who are 13 and 15 now, I think?) when they were little. She's putting maybe $50 per month per kid in a savings account for each of them that will account for incidentals when they're older - books in college, outfitting dorm rooms, etc. Stuff that her kids will need that won't be something that's eligible under the 529 which is only tuition, I think.

Something my dad did: he opened a small brokerage account for each of us, paid for three years of college, then gave us the amount in the brokerage account for senior year and said, "Here, it's yours. Pay tuition, books, room & board, car payment, car insurance, with this now."  (They didn't buy my car - I paid for the half downpayment with savings from working two jobs for three summers and part-time while in college and financed the rest.) It was a good budgeting lesson.

You could also buy an investment property down the road.

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529s can be used for other expenses related to the cost of attending school, not just tuition. [/quote]

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