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@winniebee: @mediagirl: Do you guys get year end bonuses? We put $20k of DHs bonus towards college.. after we maxed out our 401k and IRAs. I switched jobs so I lost my bonus but I did vest in the pension before I switched.
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I don't know. Right now we are not in a financial position to contribute to a savings plan, and we will be paying off my student loans for the next 25 years. We also need to up our retirement contributions. I want my LO to have the best chance possible in life, so when he/she is out of day care and frees that money up, we will start a 529 and do our best to contribute as much as we afford. That being said, the projected cost of tuition in 18 years is insane, and we will not be able to help out as much as I'd like.
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@littlek: $20k of your husband's bonus. So, he gets more than $20k as a BONUS? Yep, you can afford to save for your lo's college.
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@Grace: I think that's what my husband is afraid of too. He knew more irresponsible entitled kids that did that than ones who didn't, like me =) He thinks they will care more if they are the one paying for it. So I guess that will probably be a factor too, but I was just assuming we'd have little responsible angels. (One can hope right? haha)
We'd also discussed a merit based payback, where he/she will be responsible for payment at the beginning of the semester, and then at the end, we will pay back some amount based on their grade. Like 100% for A, 80% for B, 60% C, and nothing after that. -
@littlek: I get a year end bonus based on performance (a certain percentage of the profit from whatever I bill in excess of my yearly requirement). It's rather nominal though and I don't think I'll be getting one this year since I was out for so long. I know at many lawfirms the bonuses are big, but that's not my firm, unfortunately! My husband is still a measley surgery resident and doesn't get a bonus : (
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Yup, we are definitely paying for both of our daughters. I don't want them starting their lives with so much debt. I feel like this is my responsibility in raising children.
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Yes, I hope we'll be able to pay for all of it.
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@PurplePumps: I do keep forgetting that I am going to have responsible angels too. ;). I like your playbook idea.
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We will. Both of us had our parents pay for our university, so we will do the same and are in a position to do so at the moment.
We are in Canada though so University is a lot cheaper I think...
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In the ideal world, yes we will be paying for college! Like many of you, saving for our retirement takes precedent over college savings.
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We will do as much as we can. My parents paid for exactly half and I covered graduate school on my own. If we can pay for it, we will, but I cannot see us paying for some of these private schools that are rediculous amounts of money. I guess we'll see when the time comes.
I'll also be 56 when she starts college and fairly close to retirement, so that will come into play as well.
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Our goal is to support with tuition as much as possible as long as they are being succussful with their studies. We will not pay for housing, food, clothes, fun money, etc...
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