I have a rising senior and 8th grader; my plans are pretty similar to yours. And my plans are based on what my folks did for me, within my own financial constraints.
D-Dog wrote: ↑Thu Jul 29, 2021 6:34 pm
- I will pay for the cost of tuition and room&board for four years at an in state public university. If they want to go to a more expensive school, they can pay the difference themselves or take out loans.
This is my plan too. I am anticipating issues with my ex, who makes way more money than I do and has the ability to cash-flow a much more expensive education should the kids want one. I have been counting every penny to save up to cover half of the cost of in-state public for each of them, and I just can't cover anything else without jeopardizing my own retirement. So those will not be fun conversations, but oh well.
D-Dog wrote: ↑Thu Jul 29, 2021 6:34 pm
I'm not sure if I would pay for grad school. I lean towards no, but not sure.
No, I will not be paying for any continuing education beyond undergrad. By this point, kids need to make their own decisions about this sort of thing. Welcome to adulthood! I entered a field where graduate study was covered by research & teaching fellowships, so I did not need to take out loans, or pay for anything (I received a stipend that covered living expenses). My fiance took out loans to attend law school. He is still paying them off, over 20 years later. And they are not small monthly payments.
D-Dog wrote: ↑Thu Jul 29, 2021 6:34 pm- I will continue to pay for an older but reliable used car, including insurance, through college. They can pay for gas, any traffic tickets, and the deductible if they get in an accident.
I lean "no" on a car during college. I did not have a car on campus, and most people I know did not have cars either. One person had to pay absurd monthly parking fees and hike 2 miles uphill (both ways! In the snow!) to get to the parking garage whenever they wanted to use the car. Not worth it. The one scenario where I may spring for a car is if the kids are attending college within, say, a two hour drive of home. In that case I have a feeling I will see them much more often if they have a car.
D-Dog wrote: ↑Thu Jul 29, 2021 6:34 pm
- I will continue to keep them on my cell phone plan through college.
Yes, I plan to do this as well.
D-Dog wrote: ↑Thu Jul 29, 2021 6:34 pm
- I will continue to fund Roth IRAs for them through college.
I plan to match any Roth contributions they make during high school and college (within contribution limits of course), but I don't think I'll be able to fully fund Roths for the kids while trying to max out my 457b and my own Roth contributions.
D-Dog wrote: ↑Thu Jul 29, 2021 6:34 pm
After college, I don't plan on paying for much, but would allow them to live at home rent free as long as they are working and have a plan to move out. I might bend this a bit if they are still searching for a job.[/list]
I will let the kids move back home while they are looking for their first job. Once they find it, they can work on finding their own place. If it is financially impossible for them to afford their own place even with a job, then they can pay me some sort of rent for their room and board. I lived at home for about 2 months before I found a job and apartment. My brother, on the other hand, lived at home for 20 YEARS after college. He was, shall we say, slow to launch. Eventually my folks started charging him rent.
D-Dog wrote: ↑Thu Jul 29, 2021 6:34 pm
- I will contribute to the cost of a wedding. I haven't decided how much, and I haven't told them I will do this.
Yes, probably will do as well. Also have not discussed this with the kids, and probably won't unless/until they ask me. My parents covered quite a bit of my first wedding.
So far our kids know that we will be covering the cost of college (I specify in-state public, their dad tells them anywhere they want to go). I have told my eldest that I will match Roth contributions. We haven't discussed the other issues directly, although I have probably implied/mentioned that I am not planning to cover anything beyond undergrad.
Tell me, what is it you plan to do with your one wild and precious life? |
~Mary Oliver