Quote:
Originally Posted by Broken Arrow
I always feel a little guilty when people talk about saving money for their children's college tuitions. My earning is limited and I am playing catch up, or so I tell myself. But in the end, to be perfectly honest, I have no plans to save for my children's college. They will just have to bear student loans as I have. I also hope that it will help teach them financial responsibility as it has taught me.
To be frank, if I was in that situation, I would not have picked vacation either. I think the best memories are the quality time and attention you give them, and that doesn't have to involve much money at all.
No, if I had extra money, I would probably use it to accelerate my financial plans instead. Then, if there are still money to spare (though I can't imagine that), then I'll look into a 529.
But that's just speaking for myself.
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I heard on CNN that it's always better to save for your own retirement verus your own childs colege fund. Down the road you can always help them out as needed. especially if you don't have the income to save for both of you. Take care of yourself first. There is always an option for them to join the military, where college is absolutely free, just joking...