Anonymous wrote:Fewer kids.

Either that, or move to Europe, or vote trump in 2020 so the bull market continues.

Started from the day they were born. We have 2 kids and put $400 monthly into each kids portfolio.

Should have about $100k each by the time they start college (current age 7 & 8).

While it's not very DCUM-ish, we don't save for college. Our parents did not pay for our schooling, and we fully expect our kids will take on their own loans to pay for theirs. Grandparents do contribute to a 529 that will offset some of the difference in the very high cost of college today vs. what it cost 25 years ago, but it is more important to me that we save adequately for retirement so that our kids won't be saddled with caring for us then. If we had a windfall or new jobs that allowed us to max out retirement and also save for college--absolutely we'd start contributing to the 529s. But right now we don't have the resources to do both, and have decided (in part based on advise from a financial advisor) that retirement saving is more critical.

Right now, we're saving about $10K per year per kid in 529s. We didn't really start saving until the kids were in ES and have ramped it over time, plus grandparents added some. They are now 13 and 15 and we have about $90K per kid saved. We should be on track to cover 4-yrs VA public college (in-state) and perhaps a bit more. We also have some other investments we're willing to tap if there is a compelling reason to go somewhere else. 1 kid has her heart set already on VA Tech while the other has no idea.

Anonymous wrote:I’m mystified, op. How have you gotten to a point where you have 4 kids and only now thinking of college.

How much do you make? How much do you want to fund? What is your overall budget?

We’ve got two kids, make $240 and save $700 per month per kid. We will probably bump up to the $14k each year. But I’m not really sure how that’s going to help you.

It's not that I didn't think @ it. We have 4 529s. I think the issue is that I redid the math and realize I could use $500k ++ in college savings and realize I might have $200k. It's a little late now to 'have less kids' Frankly, I paid for my own college and my husband paid half of his - so the backup plan is they need to get a scholarship or a loan. We do ok (not DCMUM wealthy/ upper class but ok). The younger ones are pretty young, early elem so I have time to save. Also there is an investment factor here. I don't know my 529 is making an adequate return. Should I ditch and manage the money myself?

Also note - every person I know of (not that few since my kids aren't that old) seem to be like - I'm scraping by now bc I'm putting kids through college. So it seems like a lot of ppl don't have it all saved?

I contribute a set amount each month. Every February I have it set to automatically go up a set amount. This timing coincides with a raise that I get annually. When my kids were first born, it was maybe only $25 a month. By now we are up to $175 a month per kid. We don’t feel the hit since we gradually increased the amount.

We also contribute gift money received at Birthdays, Christmas, etc. Grandparents are encouraged to contribute in lieu of presents. Etc.

Ideally, I would have enough to fully fund all college... but realistically, I am hoping to save up 2 years per kid. We will pay some out of pocket and they will likely take out some loans. I hope that we can help them after they graduate for a few years, either by matching payments or in some other way.

Anonymous wrote:
I could do less vaca, but then I would be personally miserable

For things like spaghetti and tacos, where there's lots of seasoning, ground turkey is a perfectly acceptable substitute for beef.

Anonymous wrote:Fewer kids.

+1. Fewer kids or drastic increase in income

Anonymous wrote:Fewer kids.

This, seriously. In less you are very wealthy I cannot imagine saving for 4 kids after all the basics and activities, not including child care. We took college into consideration with family planning. I aim to get in $10-15K a year per child.

*529s

Mine are teens. For the most part, I’ve put $4k for each in 539s every year. Look like I’ll have about $90k for kid 1 and maybe $100k for kid 2 by the time they hit college. For kid 1, we’re aiming for total cost of attendance of no more than $30k/year which should be completely doable between savings, current income, and kid 1 work study and summer job. That’s in line with our state schools here in VA.

We started a college savings account the day we got engaged and put a little in each month, plus all monetary gifts (to us and our kids).

I’m mystified, op. How have you gotten to a point where you have 4 kids and only now thinking of college.

How much do you make? How much do you want to fund? What is your overall budget?

We’ve got two kids, make $240 and save $700 per month per kid. We will probably bump up to the $14k each year. But I’m not really sure how that’s going to help you.

Fewer kids.

How much are you saving a year for your child's college fund?

I admit it, we suck and are not saving enough. Tips on saving $ for college for the kids? Trying to think of some ideas. In the last several years we got to the 10% savings level for 401Ks. I don't want to take away from that. We have 4 kids.

I could do less vaca, but then I would be personally miserable