Reply to How much are you saving for college?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]We save $250/PP for each child.  We also put in any money the kids receive as gifts.  Right now, the plan is to stop contributing when they have $50k and then save that money is something that could be used for retirement or college.

We heard this a couple places, including our FP.

I expect the $50k number to come when the kids are 5 and for the money to grow to about $80k when they are ready for college.  [/quote]

How old are they? 80k won't be much when my kids get there. Maybe 1 year of private or 2 of public.[/quote]

Kids are 2.5 and 4.5 now.  I know it likely won't be enough for four years, that is why we will be putting the money elsewhere once they have $50k.  If it is needed, great, we will have access to it.  If we don't need it, we can use it for our retirement or any way we see fit.  We also anticipate having no mortgage when they go to school so we will have extra money each month if needed.  We live in VA, so state schools, if they choose, will be a great option.[/quote]

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