So I posted up my annual budget a few weeks backs. A surprisingly high number of you all seemed to ask the same question in the comments section of that post.
“Uhhh, Ninja… where’s the college savings fund line item?” -You Guys
Excuse e moi?
I punched Sallie Mae in the face a long time ago. College fund? I’ve already been to college. Why do I need to save for it again?
You mean where is the college savings fund for my fetus? Gotcha. You really should be more specific.
Well amigos, there isn’t one.
It’s a fetus.
In all seriousness, I’m not quite sure exactly how I feel about a college savings fund. I mean I know I will save for my children’s college, but I don’t know in what capacity, or where it will fall on my priority list.
If you’ve been reading my blog over the last couples years, this shouldn’t really be a shock to you considering I literally wrote a post titled “My kids will be dumb.“
Before I worry about whether my kid will get a B.A. or a B.S. I need to make sure I’m properly taking care of myself and my bride. That means putting a roof over our head, food on the table, and saving money for our future via retirement and personal savings.
Even if the crap hits the fan and we weren’t able to put any money away, there will be options for our kid.
- Pay his way through school.
- Community college.
- State school.
- Student loans.
I don’t think these options will need to be considered, but they are still options nonetheless. Heck, I didn’t have a college savings fund set aside for me and I turned out alright… I think.
For now, I’m holding off on opening up an official college savings fund (like a 529 or ESA) until I get a better handle on how parenting (and losing an income) will impact our overall financial picture. Maybe this makes me a terrible person, but I like to think it makes me wise
Where does your children’s college education fall on your priority list? Above or below retirement funding?