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Reply to "Can we afford a monthly mortgage payment of $4900?"
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[quote=Anonymous][quote=Anonymous]those who contribute to 529s, could you share with me how much per kid per month? OP, we have a HHI of 300K. Our mortgage including tax is ~4000. Max on retirement. Kids in daycare. No outstanding debt. We have left-overs at the end of the month. Right now, I'm just wondering how much I need to save for 529s without being outrageous. [/quote] For one kid, we've been saving $1000/month. That's based on projected cost to attend a four-year private college about 16 years from now. Our second is on the way any day now, and we're trying to decide whether we drop it to $500 per kid for a couple of years ( basically until we pay off our law school loans--$1200/month) or make cuts elsewhere to do $2000/month. I think we'll split the $1k between the kids for the next 2.5 years. Should note that we don't have any childcare expenses. I think we save at the high end? DH and I both were fortunate enough to have our parents pay for our college, so we're trying to do the same for our kids. We prioritize it over other things and consider it a necessary expense, not an optional thing. Not trying to brag or make others feel bad about saving less--just explaining why we're saving so much (or what I think is a lot compared to some of our friends). I know plenty of people who went to college on full loans and worked their way through school, and they are often even more successful than friends who had it all paid for by their parents. :)[/quote]
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