Tuesday, May 4, 2010

Saving For College

We just had a milestone in our family. One of our sons graduated from college with a bachelor's degree. He is the first person in my husband's family to ever get a 4 year college degree. When we first started having children my husband was very determined to save for our children's college educations. You see, he came from a family that told him it was stupid to go to college. We started our children's college savings accounts when the son that graduated this past weekend was born. At that time we had 2 boys and when our daughter was born we started hers. This is how we did it. We had an automatic debit come out of our checking account for 18 years for $100/month per child. There were many times when we wanted to stop it because things were tight but we made it work and knew that in the end it would pay off. Over the course of 18 years we put approx. $21000 in each of our kids accounts and when it was time for them to attend college they each had a little over $30000. WOW! I'm so glad that we were able to give our children this gift. It has opened up so many more opportunities for them to explore because they aren't saddled with tons of student loans and college debt.

I'm not sure who celebrated more, our son or us. I also want to give tons of credit to my son because he lived a very frugal lifestyle during his college years to make it work.



Design by Custom Blog Designs/FreeStyleMama Creations