Sheila - posted on 08/21/2010 ( 1 mom has responded )
So, we met with our financial guy not too long ago and asked questions about saving for college for our kids (daughter 5, son 5 mos). We just got his prospectus and in order to pay for 4 years of college for the two kids, at a public college, we need to set aside almost $1,000.00 a month! I find this completely outrageous. We can barely set aside anything for just plain savings.
I am looking for some information on what you mommies are doing to save for college for your kids. What kinds of accounts, how much? How are you keeping it equal?
I also have the complication (and benefit) that my daughter will be eligible for Chapter 35 education benefits through the VA from her bio dad. For those of you unfamiliar, she will have her tuition paid for, in addition to receiving a monthly check (a couple of years ago it was about $600 a month.) So I need to make sure that not only do the kids both get their schooling paid for, my daughter will probably have a nice little nest egg for after college, whereas my son will probably have some debt and/or no money left when he gets out. I just cannot figure this out! Do I open an education account in her name to transfer to him once she's done? Do I open an account for each to be used as needed? Do I set aside money in a general fund and say each kid gets $X.xx when they graduate? PLEASE HELP, I am driving myself crazy!