FaithManor Posted March 11, 2013 Share Posted March 11, 2013 How do you know all this if you don't have kids in school? Because I have MANY friends with children in the school, dh's closest friend teaches geometry and algebra 2 there, and I go to school board meetings because I care about the kids in my district that have to attend this very sub-par school. Faith Quote Link to comment Share on other sites More sharing options...
Tess in the Burbs Posted March 11, 2013 Share Posted March 11, 2013 We had retirement but had to raid it a few years ago. We spent years barely surviving before finally going that route. We messed up on the tax part of that and are now paying (another year) for that mistake!!! We are putting something into retirement that gets matched. It's not much but it's something. We have no intention of saving up for college. We do have a 529 savings account my sister is putting some money into and I dropped some pennies in last month lol. But I can only hope when kids are off to school I can get work somewhere to help fill the retirement pot. I don't think we will be alone in lack of money, but I don't have solutions right now. And honestly, the money we did have wasn't much either. So kuddos to those on track. I don't know anyone who is really in a good place retirement wise. Quote Link to comment Share on other sites More sharing options...
Dana Posted March 11, 2013 Share Posted March 11, 2013 How do you know all this if you don't have kids in school? Some of this is available on the school websites when they have start up for the year. The office stores have the school lists for our schools...or you can buy a bag of supplies at the school...just write them the check. Last time I checked for my son, I think it was about $100 before the year began, but I may be misremembering. You'd also know if you had friends with kids in ps who complain about the pricing. Quote Link to comment Share on other sites More sharing options...
sophiasapientia Posted March 11, 2013 Share Posted March 11, 2013 We have a decent start on retirement savings and, as of this year, are socking away a significant percentage of DH's income so that we can catch-up to where we need to be since there will be no pension, we are uncertain of future health insurance costs, etc. In order to accomplish this, we are living well below our means, with no debt and in a smaller, paid off house. Retirement is our top financial priority at this point. We'd like to be able to do it some day. College savings are another story. It isn't to where we want it to be. At this point, we'll definitely have enough for DD to live at home and go to a local university. State schools in Michigan are very expensive. If we stay the course between now and her high school graduation, we should have enough to cover most of the cost of an on-campus life but we are going to have to up our game if we want her to attend some of the higher ranked state schools. I'd like to be able to do that if we can. In terms of PS costs, this year we've spent: $75 on supplies, $10 on field trips, $50 on PTO donations, $40 on school pictures, $30 on classroom parties. I imagine the costs will go up as she gets older. Quote Link to comment Share on other sites More sharing options...
J-rap Posted March 11, 2013 Share Posted March 11, 2013 We didn't until about 5 years ago. But what we DID happen to have was long-term disability insurance, which saved us. Quote Link to comment Share on other sites More sharing options...
unsinkable Posted March 11, 2013 Share Posted March 11, 2013 Because I have MANY friends with children in the school, dh's closest friend teaches geometry and algebra 2 there, and I go to school board meetings because I care about the kids in my district that have to attend this very sub-par school. Faith Wow good for you! I personally wouldn't stop at simply attending the meetings. I'd try raise money for the poor kids who couldn't attend there own graduations bc they can't afford the $500 grad fee. That is outrageous! You'd think there'd be something in place to help. Quote Link to comment Share on other sites More sharing options...
Wildcat Posted March 11, 2013 Share Posted March 11, 2013 . Quote Link to comment Share on other sites More sharing options...
Wildcat Posted March 11, 2013 Share Posted March 11, 2013 . Quote Link to comment Share on other sites More sharing options...
FaithManor Posted March 11, 2013 Share Posted March 11, 2013 Wow good for you! I personally wouldn't stop at simply attending the meetings. I'd try raise money for the poor kids who couldn't attend there own graduations bc they can't afford the $500 grad fee. That is outrageous! You'd think there'd be something in place to help. Oh, it is absolutely ridiculous and the parents take it on the chin. So, sometimes I feel so odd being the one to raise the alarm. But, it makes me.so.mad. Meanwhile, the school board pays for the fully decked out cadillac that the superintendent drives around in. Right now, we contribute to funds for the band - being a musician this is very important to me - and AP fees so the low income kids can afford to take more challenging classes - well, until 2013/2014 when they are entirely eliminated. It really bugs me that the way we fund education in this nation means the "haves" continue to have it all and the "have nots" just can't seem to get a leg up. Education is supposed to be there to make dreams achievable for all, however, instead, it still ends up that the upper classes and homeschoolers have all the best options. It's so hard to change the local educational culture though. The parents definitely thing that they have to go along with every whim of the district. I am not popular with board members, but the teachers really like me! :D Faith Quote Link to comment Share on other sites More sharing options...
unsinkable Posted March 11, 2013 Share Posted March 11, 2013 Oh, it is absolutely ridiculous and the parents take it on the chin. So, sometimes I feel so odd being the one to raise the alarm. But, it makes me.so.mad. Meanwhile, the school board pays for the fully decked out cadillac that the superintendent drives around in. Right now, we contribute to funds for the band - being a musician this is very important to me - and AP fees so the low income kids can afford to take more challenging classes - well, until 2013/2014 when they are entirely eliminated. It really bugs me that the way we fund education in this nation means the "haves" continue to have it all and the "have nots" just can't seem to get a leg up. Education is supposed to be there to make dreams achievable for all, however, instead, it still ends up that the upper classes and homeschoolers have all the best options. It's so hard to change the local educational culture though. The parents definitely thing that they have to go along with every whim of the district. I am not popular with board members, but the teachers really like me! :D Faith It's very nice of you to contribute to the music and AP program. Quote Link to comment Share on other sites More sharing options...
UrbanSue Posted March 11, 2013 Share Posted March 11, 2013 Dh is a professor at a school with good reciprocity. The kids could live at home and attend tuition-free at several different places. Otherwise, we're pretty much relying on their astounding brilliance to win them scholarships :) We have a retirement fund started. It's small, but, fortunately, in dh's field it is perfectly normal to work at least part time into your 70s. So we're not too worried. Quote Link to comment Share on other sites More sharing options...
2squared Posted March 11, 2013 Share Posted March 11, 2013 Well, of course paying for daycare would be offset any potential income. I'm looking at 3 years when my youngest is in Kinder, I could easily work part-time to bring in something towards college if my kids were in PS. If finding funding for college is a priority for us, I know I will make it happen. College funding is likely to be higher on my priority list than private school or homeschooling. Retirement is higher on my priority list than staying home with the kids. Others will obviously have other priorities, and I guess we all have to be satisified with the paths we choose. Quote Link to comment Share on other sites More sharing options...
MBM Posted March 11, 2013 Share Posted March 11, 2013 The very best thing you can do for yourself if you can't put away money yet is to educate yourself about managing personal finances and investing. Check out books from the library and learn as much as you can. My son's high school fees vary from year to year. Textbooks are usually the biggie. I would say fees are between $500 and $1,000 per year, but it depends what a student is doing that year. The school does provide for students who are from low income families, though, so that no one will be excluded from a class or activity due to a lack of money. Quote Link to comment Share on other sites More sharing options...
Georgiana Daniels Posted March 11, 2013 Share Posted March 11, 2013 Retirement savings--yes. College--no. We learned with our oldest that you can't know for certain if your children will go to college. If we had extra to save for college, we'd save it for their "future" instead, with a different savings vehicle. No, it wouldn't have the tax advantages of a 529 or similar college plan, but in the event they need it to, say, start a business or whatever instead of go to school, the money is there. Quote Link to comment Share on other sites More sharing options...
2squared Posted March 11, 2013 Share Posted March 11, 2013 We learned with our oldest that you can't know for certain if your children will go to college. If we had extra to save for college, we'd save it for their "future" instead, with a different savings vehicle. No, it wouldn't have the tax advantages of a 529 or similar college plan, but in the event they need it to, say, start a business or whatever instead of go to school, the money is there. This is so very true. When we start saving for college, the savings will be in our Roth IRAs to the extent we have space in our retirement vehicles after saving for retirement. We are also likely to pay off our house earlier to free up cash flow during the college years. Quote Link to comment Share on other sites More sharing options...
Mommy22alyns Posted March 11, 2013 Share Posted March 11, 2013 Nope, we don't have any of that either. Simply don't have the money. Quote Link to comment Share on other sites More sharing options...
Georgiana Daniels Posted March 11, 2013 Share Posted March 11, 2013 This is so very true. When we start saving for college, the savings will be in our Roth IRAs to the extent we have space in our retirement vehicles after saving for retirement. We are also likely to pay off our house earlier to free up cash flow during the college years. ROTHs really are excellent for investments. Quote Link to comment Share on other sites More sharing options...
K&Rs Mom Posted March 11, 2013 Share Posted March 11, 2013 We have some retirement savings, but those accounts are not even making enough interest to keep up with inflation, so I'm not sure how much good it's going to do us. We have no intention of paying for the kids' college. Quote Link to comment Share on other sites More sharing options...
Excelsior! Academy Posted March 12, 2013 Share Posted March 12, 2013 The train has already derailed so I'll continue the hijack with a little vent...ignore as you wish. I agree. Here they even ask for things like paper towels, huge boxes of plastic bags, hand wipes, sanitizers, etc. It's ridiculous. This ^ Totally agree. The PTA also did some work moving the school district to sending out supply lists in early summer, when the stores actually had the supplies in, rather than on the first day back. We're always asked for extras supplies and in elementary, snacks, to cover the poor as well. Additional school costs and this^ I had it up to *^+% here when my kids were in ps with purchasing 2 and 3 scissors, glue, etc. every. single. year. Sometimes with the exact same teacher. Then those same scissors, crayon packs, markers would become "class property" and individual students did not retain ownership. They were thrown into bins for class usage. When I inquired about the amounts required I was told that some students can't afford them so everyone is required to purchase more than they need to make up the difference. Also, yearly scissors were required because they generally get lost during the year. Quote Link to comment Share on other sites More sharing options...
Jan in SC Posted March 12, 2013 Share Posted March 12, 2013 I just looked up what my 6 th grade son would pay at our school- $70. It would be $50 more for a yearly band instrument rental. My child wouldn't eat or dress differently. Even if he had $500 in field trips, I would pay a lot less for public school. Quote Link to comment Share on other sites More sharing options...
ScoutTN Posted March 12, 2013 Share Posted March 12, 2013 We have some for retirement, none for college. We are doing great to even have a small emergency fund right now! When we are done with homeschooling, I'll go back to work to help with kids' college expenses. But there is no how we could ever actually pay for college. We do the best we can financially and we live very simply. We'd love to be able to save more and will as circumstances allow. Retirement is much more of a priority for us than college. There is always a way to get an education, if you are determined to do so. Homeschooling is about so much more than money. We value the nature and quality of our kids' education and the whole relational impact on our family - it is worth SO much more than what we could save if I were working. We are simply not willing to sacrifice the benefits of homeschooling for more dollars. We see our educational choice as an eternal investment, an investment in the lives of children who have "souls that will last forever" as the catechism says. For us the "costs" of public education are worldview and friendships and academic standards and family time and freedom to be children, among others. Where your treasure is, there your heart will be also. Matthew 6:21 Quote Link to comment Share on other sites More sharing options...
Excelsior! Academy Posted March 12, 2013 Share Posted March 12, 2013 My child wouldn't eat or dress differently. Even if he had $500 in field trips, I would pay a lot less for public school. It cost me a lot more to feed my dds in ps than now. We had to purchase lunches or bring them. It was my choice to include things in my bagged lunches that cost more like individually packaged items, plastic baggies, and drink boxes, but realistically it did cost more for our family. Again, due to my choices. If all of our kids (who are old enough) were in ps it would cost us $288 per month to use the purchased meal plan. Lunches here are $1.95 to $2.20 depending on your grade. That would be $14.40 per mealtime for approximately 20 days per month. We generally don't spend that much for meals and feed 2 more kids and 2 adults in addition. We could do it more cheaply brown bagging with reusable containers and leftovers, but realistically with time constraints it wouldn't happen here. I applaud those that can and do, though! Quote Link to comment Share on other sites More sharing options...
5Wizards Posted March 12, 2013 Share Posted March 12, 2013 Retirement: this is a priority for us and I am comfortable with our current retirement savings College: We just started saving for our oldest a few months ago, and we're doing what we can. I'd love to be able to cover 4 years for all of the kids, but it won't be happening. We'll help as much as we can when the time comes. Quote Link to comment Share on other sites More sharing options...
Dandelion Posted March 12, 2013 Share Posted March 12, 2013 We've been saving for retirement since our 20's. I worked full-time for 20 years before staying home, so that helped. Most of our retirement money is in stocks, so it has its ups and downs. But we feel very comfortable with our retirement savings situation. We started up college savings accounts for both of our kids at birth, and have been paying into them each month. Depending on which colleges they decide to attend, we'll either be able to pay for the entire amount, or at least a good portion of it. We plan to encourage them to apply for scholarships and grants regardless, and if they have to take out some loans, that's fine with us too. I paid for my own tuition and expenses all the way (for both my B.S. and M.B.A.) and don't feel that parents necessarily need to pay for college. DH attended West Point (which was free) and then also paid for his M.B.A. Both of us feel that parents paying for their kids' college is nice - but not absolutely necessary. Quote Link to comment Share on other sites More sharing options...
Catwoman Posted March 12, 2013 Share Posted March 12, 2013 We have saved for both retirement and college. Both have always been priorities for us. Quote Link to comment Share on other sites More sharing options...
Melissa in Australia Posted March 12, 2013 Share Posted March 12, 2013 We have invested for our retirement. As for university, I live in Australia. Students here can get great federal government interest free loans. They get paid back by having your wage docked once you start work. Just about everyone gets these loans. one of the great things they have with the loans is if you take one out, and pay it back early you actually get a % of your loan removed, making your uni fees cheaper. this has made university affordable to just about everyone. It is a great way for a government to invest in the future of the country's workforce. Quote Link to comment Share on other sites More sharing options...
Barb_ Posted March 12, 2013 Share Posted March 12, 2013 I have a great college fund for a kid who could give a rip. so now I have a great retirement fund. And a but of sadness in my heart. {{{hugs}}} Quote Link to comment Share on other sites More sharing options...
weddell Posted March 12, 2013 Share Posted March 12, 2013 We have made retirement savings a priority since our early 20s (before we had kids) even when we were super poor grad students eating nothing but beans. We still contribute to that with a pretty high contribution. As for college, we read somewhere about splitting college costs into thirds: one third from college savings, one third from current salary, and one third from loans. This way you spread out the costs without sinking all your money into a college savings for a kid who doesn't end up going or who gets scholarships, etc. Our kids are young so a few years ago we calculated out the current inflation for college costs and what 1/3 of future cost (not just tuition) would be for a fairly expensive private school. Then we calculated out how much annual savings we would need to hit that number when each child turns 18. Of course these numbers end up being pretty wild guesses since who knows that will happen to college costs in the next 10-15 years, but it gives a amount to contribute. So that goes into a 529. Hopefully that will put us into a good place when the kids graduate. It should be enough money to allow for flexibility for whatever the future brings. Can you tell dh is a data guy? Quote Link to comment Share on other sites More sharing options...
Jenny in Florida Posted March 12, 2013 Share Posted March 12, 2013 I get that there are fees, supplies, more clothing, etc. related to school, but it's kind of dishonest to say it costs so much more than homeschooling. It really depends on how much you spend on homeschooling, how much you are expected to contribute to the public school program, whether you assume having the parent who would otherwise be homeschooling would go to work, etc. I know, when we've run the numbers, assuming we didn't change anything else about our lifestyle (meaning I didn't go to work outside the home), homeschooling and public school are actually really close in price. I've always been a very frugal homeschooler, most years spending significantly less than $500 on materials and supplies. Nowadays, with my son enrolled primarily in online classes through the state virtual school, we spend even less. And we have all kinds of savings (transportation, school fees, "required" supplies, fund raisers, school trips, etc.) from not sending him out the door to be educated. Of course, if we factor in having one parent not working, that changes the equation. But I don't think that's a meaningful, apples-to-apples comparison of straight-up educational costs. Quote Link to comment Share on other sites More sharing options...
Jen in NY Posted March 12, 2013 Share Posted March 12, 2013 I have to run out in a minute, but I always think it is interesting when a discussion comes up about how expensive PS is compared to homeschooling. If I weren't homeschooling I would be teaching in a public school, which would gain me a decent salary, health benefits, and a pension. I would have been teaching for many years by now.... most of my friends from college are 2/3 of the way to retirement. So even if sending my kids to PS 'cost' more than homeschooling my own kids, the earning power I gave up dwarfs the incidental costs of PS by far. I think this would be true no matter what job I had.... if it were something above a small part time minimum wage position. Not saying it hasn't been a good choice for our family, I love homeschooling and I think (hope!) it has been great for my kids. It's just that when they were small and I was weighing the $$ .... "well, it would cost me $$ to find daycare after school, and that would be almost everything I would be taking home...." I wasn't really thinking about the compounding retirement fund I was giving up, or the health benefits, or the raises I would get over the years due to seniority. It should have all be considered, but we were shortsighted. I'm glad we were, but I like to look at all sides when I make decisions. :) Quote Link to comment Share on other sites More sharing options...
NotSoObvious Posted March 12, 2013 Share Posted March 12, 2013 Just a note. When I taught first grade we would send out supply lists and I hated it because we'd have to store stuff, we always had too much of certain things and not enough of others, and people never bought the right brand/type. So, we switched to just a suggested donation of $20. Parents spent way less, it was so easy, and even with all the parents who didn't donate, we were still able to buy exactly what we needed throughout the year. It was perfect. We had affluent parents, so asking for a donation was ok. When I taught in a poor area, I spent $2,000 a year on my classroom. We did awesome stuff though. ;) I was young and didn't have kids yet. Quote Link to comment Share on other sites More sharing options...
Wildcat Posted March 12, 2013 Share Posted March 12, 2013 . Quote Link to comment Share on other sites More sharing options...
FaithManor Posted March 12, 2013 Share Posted March 12, 2013 :iagree: This. I remember those ziploc bags coming home with one or two teeny things in them that were of no importance to me or my child, so in the trash they went. I felt it was such a waste.... a waste of my money to have to buy them, and a waste because they went into the landfill. I always suggested a donation in lieu of buying supplies, but was turned down (almost laughingly) each year. And no one would/could explain to me WHY girls needed to bring in an expensive could-only-be-purchased-from-Staples-because-Wal-Mart's-brand-jams-the-printer ream of pink paper and boys needed to bring in a ream of blue paper. Or, why scissors needed to be purchased each year. Whatever happened to kids being taught to take care of their things? And five boxes of markers per kid per semester? Really? In fifth grade??! How about just using crayons? Those worked for me and my drawings all looked better in crayon, too!! Several of my kids' teachers talked openly about the supplies they threw out at the and of the year. More than once, a local news station ran a piece on finding tons of new supplies dumped in schools' dumpsters at the end of the year. That included the *required* crappy snacks we had to send in each month to feed the entire class. Pounds and pounds of cheese crackers, goldfish, etc. I am so happy we were only in that rat race for a few years!! I'm having post-traumatic flash backs! :ohmy: Oh yes, this!!!! Our local school district, the one that has to eliminate AP's and the like to fund more remedial because there isn't enough money to go around, who eliminated funding for music more than a decade ago and both the high school band and choir directors are paid exclusively from the band associations fundraisers and private grants, who paid for a fully decked out cadillac for the school superintendent to drive around in, and who can always find 20% increases to the sport budget meanwhile kindergarten classes at 35-40 kids in them with NO aides, threw out $3000.00 worth of manipulatives, practice clocks, kleenexes, scissors, etc. when they closed one of their school buildings. They would not allow parents to take home what they wanted and were to jack a**ed to have a sale and get some money for it. Just shovel it off to the landfill while harping at the kids about making sure their paper goes to the recycling box. Made.me.soooooooo.mad. Then, when they switched over to their new and more expensive calculator models for high school math they tossed about 200 perfectly good scientific calculators into the trash too. The list of waste goes on and on and on. I've never seen anything like it. When I suggested that they send those perfectly lovely calculators to Highland Park schools where poverty is extreme, the principal looked at me like I had a hole in my head. How dare I suggest that he take the time to box them up and ship them somewhere. His time was too precious to be wasted thinking about such thrifty actions. I get so siiiiiiiiiiiiiiiiiiiiiiiiiiick of the waste. Faith Quote Link to comment Share on other sites More sharing options...
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