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Do you save for your kids?

Posted by on Mar. 14, 2013 at 10:54 AM
  • 37 Replies

I work from home - online. DH does projects off and on. Income is not a LOT but we get by. My struggle is we are not saving anything much for our 3 year old son. I keep hearing about parents having college plans for their kids - but most of our stuff goes in paying off the mortgage and education loans for the older kids, household expenses and a little bit of entertainment (restaurants once in a while, we blew 200 dollars on a weekend skiing trip!) . Im just feeling so guilty that we are not saving anything for ds - and I feel guilty to spend anything extra for myself (clothes, shoes that sort of thing.) Just wondering - how many of you guys have a savings plan for your children's future. Any tips or advice?

by on Mar. 14, 2013 at 10:54 AM
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Replies (1-10):
atlmom2
by Platinum Member on Mar. 14, 2013 at 11:01 AM
Ours our grown but we started college funds after they were born. We started saving for retirement the minute we married. We scrimped to do it. Our 21 yo has stocks and a Roth IRA. 19 yo has stocks.
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SpiritedMom2
by Bronze Member on Mar. 14, 2013 at 11:05 AM

Wow thats amazing. Do you have any advice for me - how I can do this? Did you invest in any specific plan?

SpiritedMom2
by Bronze Member on Mar. 14, 2013 at 11:55 AM

Bump!

IloveNCIS
by Member on Mar. 14, 2013 at 11:58 AM

I do not have a college fund for my son. If he wants to go to college he will work to pay for it. I went to school and worked 2 jobs to pay for it.

brittany208
by Bronze Member on Mar. 14, 2013 at 7:24 PM

No, we aren't saving anything for DS's future.

We need to pay my college debt that I already have, before worring about DS's college debt that he's going to get in 15 years.

TomeDr
by New Member on Mar. 14, 2013 at 7:38 PM

My daughter (and I) are going to school on Pell Grants.  My ex ditched me for another woman after a midlife crisis and any savings got eaten up with the legal fees.

Don't feel too bad if you can't save a lot.  It's not going to hurt your kids to take a year or two off between high school and college to save money.  (A lot of times, they're a bit burned out from school and need the break anyway.)  Grants and scholarships are out there and going to a good community college can save a TON of money on the first two years of school.


SexyTeacher
by Gold Member on Mar. 14, 2013 at 9:42 PM

The local community college for the first 2 years is a very good idea. It saves a ton of money. I went to the cc for 2 years and graduated with an Associates Degree. Then went to work FT while getting my BA. 

We have a small amount put away for dd's college. It will be enough for the cc. She will work pt in college and hopefully get grants for the last 2 years.

alexis_06
by AnnaLisa on Mar. 15, 2013 at 3:31 AM
1 mom liked this

 i wish i had money to set aside for my daughters future, but truth is..as a single mom i just cant afford to, i BARELY make ends meet now..

Bmat
by Barb on Mar. 15, 2013 at 7:37 AM

My kids are grown now, but we did have an education fund for each child from the time they were born. We couldn't afford to put much into it, although we had something deducted from every paycheck. It did mean that I spent very little on myself and we made do in other ways.  I wonder if your older kids are helping to pay off their loans? My DIL had loans and she paid off the whole amount.

Briangel
by Member on Mar. 15, 2013 at 10:31 AM
We have a savings account for our kids. I'm leery about the 529 college savings because it'll turn out to be a waste of $ if your kid chooses not to go to college. And 1 state we lived in, if you started a 529 in that state, it was only good to be used in about 5 other states. I just wondered what if my kids wanted to go to a school in a dif state? I know some ppl only putting 20/mo in a svgs. every little bit helps. W/a svgs account, if they don't want to go to college it could be use to help pay for something else like a car. But I'd prob do what my inlaws did. I'll help buy the car but they need to learn money management so thy can pay the insurance/gas. (They did this when dh turned 16).
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