tag:blogger.com,1999:blog-1626688778589707228.post269095292672738765..comments2013-10-27T16:27:24.301-05:00Comments on Budgeting in the Fun Stuff: Let's Get Controversial - Paying for College for KidsUnknownnoreply@blogger.comBlogger8125tag:blogger.com,1999:blog-1626688778589707228.post-88601763775732103572010-03-09T18:13:52.008-06:002010-03-09T18:13:52.008-06:00Shantall, you are a self-made woman! Your daughte...Shantall, you are a self-made woman! Your daughter is lucky (but you knew that).Crystal Stemberger https://www.blogger.com/profile/12619903576416448729noreply@blogger.comtag:blogger.com,1999:blog-1626688778589707228.post-49176334990227105152010-03-08T22:19:54.430-06:002010-03-08T22:19:54.430-06:00I had zero help from my mom (single mom), so I kno...I had zero help from my mom (single mom), so I know first-hand how hard it is to pay for school all by yourself. I had a unique situation, I'm not a US citizen so I was not eligible for many scholarships although a graduated 2nd in my class. <br /><br />I had to go to a private university (2x as expensive) since my immigration status did not matter to them, and I took full advantage of a monthly no-interest tuition payment program. I busted my butt to make those payments every time, on-time. I finished school debt-free and learned the value of hard-work.<br /><br />I have been saving for my daughter's college ever since I knew I was pregnant! Our money will come with many, many stipulations. The amount will be a set amount per year, grades must meet our approval, she must maintain a part-time job at all times. No extras (utility bills, gas, food, etc.) will be provided, and in the event she earns scholarships, the difference will be set aside as a gift for her upon graduation, to be used however she wants. <br /><br />I take a lot of pride in knowing I can help her with this without hurting our finances and retirement.Anonymoushttps://www.blogger.com/profile/02851695307754785500noreply@blogger.comtag:blogger.com,1999:blog-1626688778589707228.post-31901326635220838562010-03-08T19:45:53.782-06:002010-03-08T19:45:53.782-06:00Julie, that sounds like a solid plan. How do you ...Julie, that sounds like a solid plan. How do you plan to keep their living expenses stable? I know a bunch of my friends that went money crazy on their parents during their first years on campus...Crystal Stemberger https://www.blogger.com/profile/12619903576416448729noreply@blogger.comtag:blogger.com,1999:blog-1626688778589707228.post-15821685908342689382010-03-08T08:31:39.829-06:002010-03-08T08:31:39.829-06:00I'm with MikeS. We plan to have a set amount ...I'm with MikeS. We plan to have a set amount for each of our children and to cover things like food and car insurance while they are in school, but if they choose to go to a expensive private university with no scholarship, they will have to make up the difference. We plan to have 3 kids.<br /><br />We currently have a set amount taken out of our account and put into a 529 monthly for our daughter. We will do the same for the baby we are expecting in April.<br /><br />My husband thinks that we can probably cash-flow their living expenses so we just really need to save for the equivalent of in-state tuition.Julienoreply@blogger.comtag:blogger.com,1999:blog-1626688778589707228.post-62946061839870882762010-03-04T19:11:26.363-06:002010-03-04T19:11:26.363-06:00Oh, you know you love it!
You and your wife pro...Oh, you know you love it! <br /><br />You and your wife probably smile your butts off when you're talking about the futures (and expenses) of your little ones...lol, parents are a whole different kind of addict. That's the only way to explain my husband and I surviving to adulthood. :-)Crystal Stemberger https://www.blogger.com/profile/12619903576416448729noreply@blogger.comtag:blogger.com,1999:blog-1626688778589707228.post-61548978661176643362010-03-04T18:45:28.490-06:002010-03-04T18:45:28.490-06:00Thanks.
Exactly, if the funds aren't needed f...Thanks.<br /><br />Exactly, if the funds aren't needed for college, then we can use them however we want. Our plan is to have one more child, so we'll be planning on paying for 2. If things work out financially, we'll have our next house paid in time for the second child to start college. The mortgage payments should be about the same as tuition. Ah, the joys of parenthood.MikeSnoreply@blogger.comtag:blogger.com,1999:blog-1626688778589707228.post-3376271233313576222010-03-04T18:32:29.590-06:002010-03-04T18:32:29.590-06:00That sounds like a great plan!
Plus, if your daug...That sounds like a great plan!<br /><br />Plus, if your daughter gets a full scholarship, you'll be able to make a huge nest egg contribution! Or you can be miracle workers like my in-laws and help her out with the downpayment on her first home (business, emergency fund, etc). Or copy my parents and help her with the unexpected (like a foreclosure with no appliances or light bulbs).Crystal Stemberger https://www.blogger.com/profile/12619903576416448729noreply@blogger.comtag:blogger.com,1999:blog-1626688778589707228.post-15834991057189110722010-03-04T07:29:20.798-06:002010-03-04T07:29:20.798-06:00My wife and I have discussed this with regards to ...My wife and I have discussed this with regards to our daughter who is 2. We're going to use the we have $X to contribute, everything else is up to you. Our plan is that when my wife goes back to work (SAHM currently) we're going to use 50% (25% taxes and 25% retirement) of her earnings to save for college. We figure the amount saved would roughly pay for an in-state university. IF they want to go somewhere more expensive, they need to foot the bill.<br /><br />I didn't have to pay for school, I got a couple of scholarships that paid for everything. My wife had to take out loans to cover the short falll from what her parents covered. If I can help my children out more, I will, but not to the detriment of my own financial health.MikeSnoreply@blogger.com