College Fund

**grrrr** · 04-22-2010 12:23 AM

Hello!

I don't have kids, and don't invision having them.... do you think that it's "imposing" to start a "college" fund for the two "god children" of my husband? It would be open to family to contribute..... college tuition is so high now, I can't even imagine how much it's going to be in 18 years.

I thought that we could contribute $50/month, and have family members open to the account... I don't want to impose on them, or make them feel like they can't "pay" the tuition.... I just thought that it might be a good thing to do.

Advice?

Thanks!
grrrr

**Mes T** · 04-22-2010 02:05 AM

I think that's a very sweet thing to do, but in times like these I think if you're going to open a fund, it should be a retirement fund, for YOU.

Yeah college is expensive but there are plenty of loan and scholarship opportunities out there.

You on the other hand, may very well have nothing, when you retire. That is if you can even afford to retire at all!

**grrrr** · 04-22-2010 02:28 AM

You are SO right and I totally get that. we're putting money away for retirement and for "the rainy day" - I don't know if it's selfish of me to want a "college" account for these kids - perhaps that's my problem. I know that I can't make decisions for them, but at least I can afford the opportunity for them to make those decisions for themselves.... Thus the "crux"
- who knows....

Originally Posted by Mes_T

I think that's a very sweet thing to do, but in times like these I think if you're going to open a fund, it should be a retirement fund, for YOU.

Yeah college is expensive but there are plenty of loan and scholarship opportunities out there.

You on the other hand, may very well have nothing, when you retire. That is if you can even afford to retire at all!

**CHANDLERS WISH** · 04-22-2010 03:13 AM

I also used to be an Insurance Agent

I left, even though I was very successful, because I was selling these types of plans and then I found out the first years payment (min $20) a week, was actually my commission, and from there, they were debited also all these fees, so where they thought they had money in 2 years ,they didn't.. I couldn't live with myself

So point of this is to tell you, open a bank account, savings account that pays high interest, monthly...

I wouldn't ask anyone else to contribute, because then they are feeling obligated to do so.. I would purely do it because "you want to" and at the end of the day? Later down the track, if you need it, it's there, if they aren't close to your husband later in life for some reason, you can use it, but if it all goes the way your currently thinking? Then it's there for them, from you, with love.

CW

**Yvee** · 04-22-2010 04:20 AM

Well this year I've been staring at the huge 4 digit numbers that I will be forced to pay for EVERY YEAR foor University, and honestly, I really wish that there was someone in my childhood, who ha saved up some money.

**Little** · 04-22-2010 04:44 AM

If your yearly expenses are only a 4-digit number ... you are ever-so-lucky.
Even at my public state school, all my expenses rolled together were around $10,000 a year. Which is a hefty amount to repay in loans - I ended up with only $12,000 by the end of my degree, which will be around $200 every month for the next ten years (with interest, that's double the original money.)
I agree with CW, start the fund with that in mind, but don't make your intentions known. Just save the money, see how it goes, if when the time comes they need some help, it's there. If they don't need the extra, or decide not to go to college, you can put it towards your retirement.

**Yvee** · 04-22-2010 06:14 AM

I was just talking about the tuition... I am trying not to think about the fact that I will have to pay as much for rent and there's also food and other supplies... So in the end I will end up in 5 digits/year. . .

**sourpuss** · 04-22-2010 06:50 AM

Originally Posted by grrrr

You are SO right and I totally get that. we're putting money away for retirement and for "the rainy day" - I don't know if it's selfish of me to want a "college" account for these kids - perhaps that's my problem. I know that I can't make decisions for them, but at least I can afford the opportunity for them to make those decisions for themselves.... Thus the "crux"
- who knows....

Why not just open a CD or money market account and add what you can every month. If you still want to give it to the children when they grow up, then great. If you need the money for an emergency, then it's there for you.

As an aside, I personally would be offended if someone asked me to contribute to a college fund for a child that I'm not related to nor have a relationship with. I don't know how close your family is but if I had a sibling that asked me to give money to their spouses god child I'd think they had to be kidding.

**sourpuss** · 04-22-2010 06:52 AM

Sorry, I posted before I read CW's post. Basically, I was trying to say what she said.

**CHANDLERS WISH** · 04-22-2010 07:23 AM

See how two great minds think alike?

As an aside, I personally would be offended if someone asked me to contribute to a college fund for a child that I'm not related to nor have a relationship with. I don't know how close your family is but if I had a sibling that asked me to give money to their spouses god child I'd think they had to be kidding.
__________________

Just adding that bit back in for ya