In the "real" world, I still don't know many people who have 7k$ vacations every year. I'm talking about young middle class families with 2 working parents (some DINKS as well). Most of them don't save aggressively for retirement, or whatever, and they could not afford that 7k$ every year with how they currently manage their finances. Sure, if they were as frugal as some people here they could, but then they'd put it away
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College saving is less an issue, since schools are public, and very affordable relatively: 13k$ for 4 year engineering degree, tuitions and books, living at home. Most people would then not put that a priority over vacation, even if we have a government program that match your contribution at a 20% ratio, up to 2K/400$ a year till the kid is 17.
Personnaly, when we have kids (currently DINKS), I intend to put away a small bit for their college each year to get the most out of my taxes (government grant), but won't make big sacrifices for that. When they get to the college part, I will help out if possible then.
Vacation is indeed important for me, as a person, a couple, and later a family. I will bring my kids to places, I missed not having that when I was young. Even if they're very little and won't remember it, to me it is not a choice of the kid getting something out of a vacation, but our family getting something out of it. The baby may not remember or care, but his parents will. Right now my budget is between 3-5k$ a year, but for 2 trips: last year was a week in the Caribean, and 2 weeks in Disney. I'm way too cheap to spend 7k$ for a week... I can get 3 trips out of that money!
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Originally Posted by DebbieL
Well, I'm all about saving for the future, etc. I do however like to do occasional things for "today" that are what make life fun. If I didn't have that vacation to look forward to (about every 2 years we do a big one) I would get awfully bored. I think college is very important, but I feel that she's only a kid once and I'd like to have lots of fun memories of her childhood, not just everything being about saving. I know this is a bit morbid, but what if I (or God forbid her) die tomorrow? You can't take it with you. I in no way use that as an excuse not to save/plan for the future, but it is more of a reminder to do some living today too. I lost 2 siblings way too young (20 and 46). I know how quickly and unexpectedly it can all be over and I intend to enjoy myself as well as plan for the future I hope to have.
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I also love what DebbieL says, what good to have lots of money when I'm old if I haven't enjoyed life getting there. I'll have forgotten how to spend it by then, and die rich.