Dear Quentin, My husband, 51, and I, 48, are wracked with guilt over our lack of saving for our children’s college educations. Our kids are aged 14 and 16. We have never been extravagant spenders, always spending frugally .
Add to this, we grew up poor and financially ignorant, and I’m ashamed to say that even thinking about finances stresses us out. I know we need to focus on the things we can change and not the things we can’t.My husband recently took a much better paying job, which allowed us to finally pay off our own student loans and start saving for retirement. But while this should be a relief, it’s paradoxically adding to our stress levels because our kids probably no longer qualify for financial aid.
Saving money for college has effects that go beyond any monetary value, according to this study by the Center for Social Development at Washington University in St. Louis. “Designating small amounts of money for school,” can increase the odds that students of various income groups ever enroll in college, the researchers found. In other words, there are cumulative, perhaps incalculable psychological effects, of having a 529 account in the first place.
Money stresses us all out. The best way to manage your finances is to take action. Budget. Automate your savings. Put money — whatever you can afford — towards a 529 Plan so your children know it’s your wish for them to pursue higher education.You can email The Moneyist with any financial and ethical questions at qfottrell@marketwatch.com, and follow Quentin Fottrell on Twitter.
ONCT $ONCT
Sending them to college may be financially ignorant as well. College is an investment. What will be the return on that investment?
Education Education Latest News, Education Education Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
As Paper Shows Benefits of Expanded Child Tax Credit, Sinema Challenger Gallego Says 'Bring It Back''Bring it back,' Sinema challenger RubenGallego says of the expanded child tax credit, pointing to a new paper from Georgetown University economist KristaRuffini about impacts on infant health.
Source: commondreams - 🏆 530. / 51 Read more »