Saving for College, Right.
The astronomical cost of childcare is one of my many favorite rants. As evident by the conversation over at Activistas apparently I may not be the only one. At the recent Naked Baby Swap, another mama and I engaged again in the topic with a twist. She confided in me that her childcare costs are $1800/month. But I then wondered, how are you saving for college? She said they weren't. Right, to foot a childcare bill that amounts to a mortgage payment, who can really think about saving for college!
With our childcare bill at over $19,000 over the next year, I too wonder why we are saving for college. But in the end we feel it's important. We scrape together a measly $75 a month to go towards a 529 savings plan for each child. We also try to match 100% of monetary gifts provided by family members. Are we doing the right thing even though we are still paying off my husband's student loans (which in and of itself is a small fortune)? Knowing that both my husband and I worked our way through college with very little help from our own parents; and somehow we made it begs a series of questions. urbanParents:
How many of you are saving for your kids college education? How much and through what mechanisms (529 plans, etc)? How much of the decision to pay for college stems from how they were raised and if you got help from your own parents? If not, why not? And lastly, are you in agreement with your spouse / partner about whether saving for college is necessary?