When I started filling out applications for college I assumed, naively, that my parents would pay for my schooling. I had been told since an early age that I would be going to college and just thought it would happen.
Little did I know that when I started getting acceptance and rejection letters that the biggest factor in choosing a school for me would be the cost. So with a few savings bonds and the money I made at my current part time job, I decided to go to community college first to save up for State.
My plan worked and I left college with a bachelors and $4,000 in student loans. Now that I have two kids of my own the one thing on my mind lately is how we’re going to send them to school. We set up a 529 plan for my son when he was an infant and had all intentions of doing the same for my daughter however we still have not done anything.
I’d love to know if you’ve started a college fund for your kids and if so, how confident are you that it’ll be enough?
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Twitter: mommytesters
says:
Quite frankly, student loans scare the heck out of me so we’re saving for our daughter every month since a little before her first birthday (she’s 4 now) We do have a 529 account for her and contribute monthly plus we keep a little extra aside and throw that into the account when the market goes down in the hopes of accumulating more shares for her that way strategically. Even so, I’m nervous about saving enough. It seems like the costs are rising exponentially and while I believe in teaching kids to work for things they want through chores and responsible spending I’d prefer not to burden my daughter with tons of debt from an early age if it can be avoided.
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