College savings for the kid

[Element 117]

How are you saving/paying for your children's college education?

(people without plans/kids can just reply "Grue," your existence will be validated)

 

[Adam]

How are you saving/paying for your children's college education?

(people without plans/kids can just reply "Grue," your existence will be validated)

Canada has an excellent registered education savings program that you can use to tax defer any contributions to your kids education fund, as well as a Canada Education Savings Grant that basically gives you extra money for contributing. And it can be transferred between children so if your oldest kid decides to travel the world instead of becoming a doctor, you can still pay for his education.

 

[Officer_Charon]

$50 bucks out of each paycheck set aside in a seperate savings account. Possibly going to invest in savings bonds for her, to mature after 20 years

 

[Piotyr]

Savings account set up, with the plan to pay half my childrens schooling, with them paying the other half/using scholarships/whatever they can muster. Money is put into the account each week with the assumption of a near 50k annual contribution for education when it's needed.

 

[sixpackshaker]

Grue. Guess being single income no kids has that one advantage.

 

[Disconnected]

Already done. worked our asses off, saved, loans and gubment grants. etc.

 

[ThatNickGuy]

Children!?!

 

[Officer_Charon]

Children!?!

Uhm.... I have something to tell you... *holds up plastic rod*

 

[ThatNickGuy]

Wellllllll, lookit the time. *looks at his watchless wrist*

 

[PatrThom]

Kid's still new. Us, not so much. Working very hard to eliminate our debts so as to unlock additional options by the time he turns 18.

--Patrick

 

[Koko]

Starting college in less than two weeks, pretty much have zero "set-aside" savings.
Luckily its a relatively cheap state school.

 

[Seraphyn]

If things stay the way they are, there's no need to set aside any money for college since it's dirt cheap here.

 

[Matt²]

Grue. I don't have any children. That I know of.
<<
>>

 

[Chibibar]

We don't have any children.... yet. We do have a saving account in our name starting up for it.

 

[Jay]

Canada has an excellent registered education savings program that you can use to tax defer any contributions to your kids education fund, as well as a Canada Education Savings Grant that basically gives you extra money for contributing. And it can be transferred between children so if your oldest kid decides to travel the world instead of becoming a doctor, you can still pay for his education.

This

 

[Chazwozel]

Currently savings bonds. I'm actually taking a few economics classes now (they're free for facility at my college) to learn about how stocks and bonds work, and how to make good investments. I am a genius when it comes to science, but a total noob when it comes to the stock market.

 

[Wasabi Poptart]

We opened a 529 for our son a few years ago. It's in an age-based portfolio. Lost a lot when the market tanked, so I switched it to a low risk portfolio until just recently. We've regained most of the principle back this year. We'll probably open another for our daughter in the next year depending on the market. My parents also have money set aside for both kids.

 

[Roxxoredizorz]

I'm paying for my own, when I go in a few years.

 

[RealBigNuke]

Wait until your kid's 15 and starts asking about it then tell him you just assumed he was going to join the military and that you won't be helping.

>=(

 

[Chibibar]

Wait until your kid's 15 and starts asking about it then tell him you just assumed he was going to join the military and that you won't be helping.

>=(

It doesn't hurt to save now especially if it is a 20 year bond or some other plan. If the kid doesn't need that money because of scholarship or military GI bill, then the kids will have a good starting nest egg for something else. It is a win-win for the kid.

 

[Chad Sexington]

Wait until your kid's 15 and starts asking about it then tell him you just assumed he was going to join the military and that you won't be helping.

>=(

It doesn't hurt to save now especially if it is a 20 year bond or some other plan. If the kid doesn't need that money because of scholarship or military GI bill, then the kids will have a good starting nest egg for something else. It is a win-win for the kid.[/QUOTE]
Yeah I'm thinking what with the specific nature of the comment and emoticon there that he's speaking from personal experience, and rather bitterly.

My parents have some put away for me and the rest I'm earning/getting loans/scholarships/etc.

 

[Chibibar]

Wait until your kid's 15 and starts asking about it then tell him you just assumed he was going to join the military and that you won't be helping.

>=(

It doesn't hurt to save now especially if it is a 20 year bond or some other plan. If the kid doesn't need that money because of scholarship or military GI bill, then the kids will have a good starting nest egg for something else. It is a win-win for the kid.[/QUOTE]
Yeah I'm thinking what with the specific nature of the comment and emoticon there that he's speaking from personal experience, and rather bitterly.

My parents have some put away for me and the rest I'm earning/getting loans/scholarships/etc.[/QUOTE]

OHHHH.... now re-reading it multiple times, I think I understand what he meant. I guess his parents waited until HE was 15 and ask about college education plan. His parents assume that he was going to join the military and don't have any plans for it and his parents are not planning to help him......

Heck, not everyone plan ahead. Some CAN'T plan ahead because of budget reasons. There are programs out there, but the parents have to take the initiative first to make it happen.

 

[Wasabi Poptart]

Wait until your kid's 15 and starts asking about it then tell him you just assumed he was going to join the military and that you won't be helping.

>=(

My parents just flat out told me they didn't have any money saved for me to go to college, let alone the university I wanted to attend. Couldn't get financial aid because they made too much. I wasn't allowed to talk to my grandparents about helping me out either. That's why I'm saving money for my kids. Even if they don't go to college it'll be something.

 

[Covar]

Grue.

My parents made their own my through college, I'm making my own way through college. I absolutely hate the assumption that you can't put yourself through school. Biggest offenders of this? The Universities themselves.

 

[Chazwozel]

Grue.

My parents made their own my through college, I'm making my own way through college. I absolutely hate the assumption that you can't put yourself through school. Biggest offenders of this? The Universities themselves.

That's cool and all, but I've always thought the whole individualist "pull yourself up by your bootstraps" American mentality was and is a big farce. I much prefer a family structure like the Chinese where families help each other out with finances.

I don't want my kids to worry about their future. If they want to go to college, I'm going to do everything I can to ensure than they get an education. Same as I will support them with buying a car at 16, etc... It's really just a bunch of blue-collar pride crap to be haughty over paying your way through college. My parents helped me out with books and part of my tuition. I'm paying off student loans I took out, now that I'm established.

I don't think you're spoiling a kid if you help them out with financial burdens like buying a car (which actually benefits parents more than the kids), or paying for their college tuition.

 

[Element 117]

One of my friends in a nearby city gets free tuition for his children at the university where he teaches. Does your professorship grant you similar options Chaz?

 

[Piotyr]

Grue.

My parents made their own my through college, I'm making my own way through college. I absolutely hate the assumption that you can't put yourself through school. Biggest offenders of this? The Universities themselves.

That's cool and all, but I've always thought the whole individualist "pull yourself up by your bootstraps" American mentality was and is a big farce. I much prefer a family structure like the Chinese where families help each other out with finances.

I don't want my kids to worry about their future. If they want to go to college, I'm going to do everything I can to ensure than they get an education. Same as I will support them with buying a car at 16, etc... It's really just a bunch of blue-collar pride crap to be haughty over paying your way through college. My parents helped me out with books and part of my tuition. I'm paying off student loans I took out, now that I'm established.

I don't think you're spoiling a kid if you help them out with financial burdens like buying a car (which actually benefits parents more than the kids), or paying for their college tuition.[/QUOTE]

I have no problem paying for part of my kids' tuition, but I want them to have a financial investment in it too, as an added motivation to take it seriously.

 

[Chazwozel]

One of my friends in a nearby city gets free tuition for his children at the university where he teaches. Does your professorship grant you similar options Chaz?

Yeah, but I don't want my kids going to community college lol.

It's not really community college, but damn close.

---------- Post added at 04:10 PM ---------- Previous post was at 04:09 PM ----------

Grue.

My parents made their own my through college, I'm making my own way through college. I absolutely hate the assumption that you can't put yourself through school. Biggest offenders of this? The Universities themselves.

That's cool and all, but I've always thought the whole individualist "pull yourself up by your bootstraps" American mentality was and is a big farce. I much prefer a family structure like the Chinese where families help each other out with finances.

I don't want my kids to worry about their future. If they want to go to college, I'm going to do everything I can to ensure than they get an education. Same as I will support them with buying a car at 16, etc... It's really just a bunch of blue-collar pride crap to be haughty over paying your way through college. My parents helped me out with books and part of my tuition. I'm paying off student loans I took out, now that I'm established.

I don't think you're spoiling a kid if you help them out with financial burdens like buying a car (which actually benefits parents more than the kids), or paying for their college tuition.[/QUOTE]

I have no problem paying for part of my kids' tuition, but I want them to have a financial investment in it too, as an added motivation to take it seriously.[/QUOTE]


Yeah, I agree with that, but I would never just tell them to either pay for it all, or it's back to the Steel mill for you.

 

[sixpackshaker]

Payed for most of mine as I went. I took out student loans mostly for books. Parents gave me some spending money when I did not work during the semesters (but I normally worked.)

But the main reason that I could pay as I went was that my dad had enough influence to get summer jobs for me that payed $10 an hour. That is in 1988 money too. I had a hard time adjusting to making less money as a teacher than I did as a weldor's helper.

So even my blue collar pride for paying most of my college is still tinged with help and influence from my folks.

 

[Wasabi Poptart]

Grue.

My parents made their own my through college, I'm making my own way through college. I absolutely hate the assumption that you can't put yourself through school. Biggest offenders of this? The Universities themselves.

That's cool and all, but I've always thought the whole individualist "pull yourself up by your bootstraps" American mentality was and is a big farce. I much prefer a family structure like the Chinese where families help each other out with finances.

I don't want my kids to worry about their future. If they want to go to college, I'm going to do everything I can to ensure than they get an education. Same as I will support them with buying a car at 16, etc... It's really just a bunch of blue-collar pride crap to be haughty over paying your way through college. My parents helped me out with books and part of my tuition. I'm paying off student loans I took out, now that I'm established.

I don't think you're spoiling a kid if you help them out with financial burdens like buying a car (which actually benefits parents more than the kids), or paying for their college tuition.[/QUOTE]

^ This. I wouldn't expect my 17 year old (when the time comes) to have to worry about how they are going to pay for school. I was given no help, no support at all. My parents basically blew off the fact that I might aspire to be something more. My husband went through the same thing which is why he joined the Navy. I refuse to do that to my kids. Sure, they're going to learn responsibility. I had a part-time job. My car insurance policy was my own, not an extension of my parents', and I paid for it myself. I also paid for my own clothes. I want my kids to do the same thing, though I don't mind helping if they are putting in some kind of effort on their own. When it comes to their education I want to give them every opportunity instead of shrugging my shoulders and saying "Oh well" like what was done to me.