Honestly, I wouldn't give up the family vacations I had as a kid for payments going to college. My parents did help out, but having the loans has made me more responsible and I wanted to do better since I was paying for part of it. I would also rather my parents have a comfortable retirement than depending on me to provide one for them while trying to provide for my family as well.
As for savings, if you started a 529, and in my state you can start by investing $50/month, after 18 years you would have about $20,000 assuming you earn about 6% per year. When your children get a job, make them put half their money into the account so they may use it for school. It would be a good foundation for their education.
Also, never do a UGMA (Uniform Gift to Minors Act) account because I believe it considered an asset of the child, not the parent and will prevent them from getting any good financial aid. A 529 plan is considered an asset of the parent, which is less likely to affect how financial aid is given out.
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