My first child is 2 months old and I was so proud of myself for opening up her college savings account today. We put an initial $1300 in and plan to contribute $100 a month until she’s 18, as well as some extra on her birthday and Christmas.
Our states 529 plan has a handy tool where you can calculate how much your college will cost. In the example below, I selected for her to attend a public in state school for 4 years in 2040. Here’s what it gave me:
Estimated cost: $241,168 Estimated amount saved: $43,023 Additional needed to hit goal: $504/month
This is absolutely depressing. I would need to save $600/month starting now to afford to cover tuition + housing. For one child. How is anyone supposed to realistically do this???? Are we all just assuming college reform will happen in the next 18 years or become obsolete? What’s your plan?
Submitted November 19, 2023 at 12:49AM by Superb-Story-3890 https://ift.tt/YVSB9Pr
