$225/kid/month plus what the government gives out for RESPs and my parents add in about $800 once a year for each grandkid. I would like to think that will cover costs for an undergrad degree then if they decide the want to do further schooling it will be on them to finance it.
Post by awkwardpenguin on Dec 3, 2015 16:57:21 GMT -5
I wish someone made a college savings snowball calculator. I can probably draft it up in a spreadsheet. We are not saving much right now, with the understanding that daycare costs and my student loan payments will eventually be redirected toward college savings.
Our plan involves some amount of dedicated college savings, some cash flow, and if we need to, PLUS loans. We'll also have a much better sense of where we stand retirement-wise when DD is college aged, and can adjust our plan accordingly.
We typically do a lump sum once a year. I think last year it was $2,000 last year and will probably be the same this year.
I was so lucky and got paid to go to college b/c of scholarships. Our state still has a very good scholarship program and I hope it remains by the time DD1 and DD2 (soon to be) graduate. We have 2 great state schools. I cannot imagine paying the crazy money that schools cost now.
Less than $100. I think I'm putting like $30/check into a special savings account for him, and then any gift money goes into that account as well. We'll beef it up more as we're not paying for nanny/daycare. My hope is that we'll be able to bankroll some college, as well, and I don't really have a goal of paying for 100% of school. I want them to work a part-time job in high school and college, and if they need to borrow a small amount, I'm not sad.
My own retirement comes first, sorry kid(s). I figure that right there is the gift of not having your destitute mother sleeping on your couch
For college, specifically, $0. We have general savings, but very little is actually in the 529. The tax advantages are so minimal for us, so I'm happy to keep the funds in a regular account.
In general, we don't save much right now though, because I SAH. Once I eventually go back to work, we'll likely save a good portion of my paycheck and then cashflow as much as we can. I'm not committed to covering 100% of our kids' college costs. We'll pay for a reasonable amount, definitely.
We're not relying on this, but I have a feeling that we have several family member who will end up covering a good amount for us, too.
We put in a lump sum at the end of the year, rather than monthly contributions. Last year it was $1500. My parents make a contribution to the kids' college funds at the end of the year as well.
whatever isn't paid for by grandparents we will cash flow as best we can. We will have multiple paid off investment properties by then which will automatically increase out income by thousands a month alone assuming we don't add any more properties (but we do plan on adding). We are paying for 15yrs of private school for all 4 kids prior to seeing foot in college. We ran the numbers once and it was staggering. I also will work starting in the next year or 2 so we can theoretically just bank everything I make. We will see.
$100/mo per kid plus any cash gifts and extra at bonus time.
We still pay a couple thousand+ a month for our own student loans so even more than daycare we need to get those paid off before we contribute more to their 529s.
We contribute nothing monthly. We've put $5k a year in a 529 since the first one was born. We've done nothing yet for the second kid. Our state doesn't provide a tax benefit anymore so we're more focused on other forms of investment.
TBH college specific savings isn't a huge priority anyway. We have no plans to fully fund anything aside from in state public tuition, which we could cash flow right now because it is only $8k a year at the moment.
$2500/year per kid. We're in Canada, don't plan to cover everything for the kids and this gives us enough to get another $500 kicked in by the government.
We did a lump deposit for this year and will start putting in regular contributions of $208/month x 3 next year.
No specific monthly amount, but a general idea of what we like to see in his savings account come year-end. My parents also have a savings account for him that they put X amount into on his birthday each year.
I'm not willing to bank on it, but I'm fairly confident that one of H's close relatives will be veerrrry generous with a savings account for DS just based on comments he's made to us and his general life situation (slightly older, single, childless, makes $$$$$$$$ and is approx 2.5 years from being SL and mortgage free).
That said, H and I have no plans to bankroll a $70k/yr private school tuition. We were both pragmatic with where we went to school and what degrees we earned, and will encourage the same in our children.
We do $25 per month each and will increase it $50 each in the new year. Once my student loans are done, we will up it another $75 each.
My parents have been giving them about $500 annually and we've put monetary gifts from others into their 529s.
I think we will shoot for paying about half of their tuition, maybe more if they attend the local in state school. My parents paid for the bulk of my school and I am inclined to do something similar.
$228 per month, which is the cost of 4 semesters of prepaid tuition in VA. If she chooses a community college, that will be enough to get her through. Otherwise she can take the value and go out of state and pay the difference.
We hope to be able to bankroll anything else she might need.
Post by badtzmaru22 on Dec 3, 2015 19:41:44 GMT -5
$25/mo per kid. My parents also have 529s in their state for each grandkid, which they put the max in for the year, this year anyway. I haven't admitted that to anyone IRL, and now it's on page 4 here. SCRU the next generation, I guess! (DH paid his own way through state school, and I was SCRU, so we have no student loans of our own, but we are not as well off as my parents).
Our goal is $100/month plus random lumps sums here and there. We stopped contributing while I'm in school, but he has ~$3k in his account currently and he's 21 months old so we're just fine. We should start contributing again before his second birthday.
We don't have a target in mind and don't feel obligated to pay for college in full.
$50/month for DD and some of any monetary gifts. Hypothetical #2 will probably be the same at least during daycare years. Once I'm finished with my masters we'll bump it with the new budget.
$1200/year, paid from our first daycare reimbursement check of the year. All gifts also go into his 529. We have no plans to even come close to paying for his entire college education. Hell, I'm still paying for mine 9.5 years after I graduated.
Ugh I knew I shouldn't have come in here where people save more for their kids per month than an entire one of our paychecks.. lol. We don't save anything right now and it makes me feel MUCH better that most people aren't either! I plan on opening a savings account for E and put the money in there I was supposed to before.. haha. Then as he gets money for things it will go in there. Might open a CD or something. Basically what my parents did for us.
We prioritize other goals that will hopefully put us in a very good financial position by the time DD graduates. Our plan is to cash flow a large portion of it and take a large portion from our general investment accounts.
Post by Velar Fricative on Dec 3, 2015 22:03:42 GMT -5
Nothing consistent. We have far too much SL debt that we need to hammer through but if our salaries continue to be high, I anticipate we will cash flow much of the cost given how much money we will be saving by then with no daycare, no SLs, a refinanced mortgage, etc.
This is our first year putting money into DD's 529. We each put the max allowed per individual, so $28,000 this first year. Likely we will put between 9-14k in over the next few years and then leave it be for a while. We don't want to over fund it and we weren't planning on paying 100% of her college expenses.
I do sometimes laugh at myself for scolding Social Security preppers, then turning around and saving for college assuming that college costs devour everything. Some of is driven by our somewhat weird financial situation, but a lot of it is probably paranoia
Were you scolding me? I was a little confused by your post. Not confused by the information, but more how it pertained to me. I thought maybe you were confusing me for someone else.