Why am I saving for my children's college education?

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Yesterday, I spoke on Get Rich Slowly about how Greg and I plan to pay for most of our kids' college education. In case you don't want to read the entire post, I'll share the gist here:

Basically, we save small amounts monthly and pool all of your birthday and Christmas money into your respective 529s. And sometimes we put in a lump sum at the end of the year to reduce our tax liability. Beyond that, our plan is to pay off our two rental properties in 12 years and use the monthly cash flow from those properties to fund your education.

Why I plan to pay for my children's college education

To be honest, we don't anticipate being able to pay for his entire education because, as we all know, a lot could happen between now and then. On the other hand, we plan to pay for at least half of his college education and hopefully more. This is why:

We brought them into this world

I don't necessarily believe that everyone who has children should be expected to pay for their college education, but I do feel a personal obligation to do so. Because? Because I brought them into this world. I made a conscious decision to procreate and I only did it because I believed it could set them up for success. Of course I can't guarantee that, but I also don't want to be the reason for their struggles.

college is expensive

A college education is becoming a necessity in today's modern workplace. In fact, many experts say that an associate's or bachelor's degree is the “new high school diploma.” I hope to guide my children toward a state school or community college, but those options still won't be free. Student loan debt is at an all-time high in this country: $1 trillion accumulated and growing every day. I want to save my children at least some of that burden.

Because we can

We would feel like huge morons if we didn't have some kind of plan to help our children pay for part of their higher education. Because? Because we have a lot of money. In fact, we make enough money that we probably hurt our children's chances of getting much financial aid or aid. And that's another reason why it makes a lot of sense for us to save for them. Why should our children suffer because their parents earn relatively much?

Why is this controversial?

It seems like people go crazy every time this topic comes up, although I'm glad the Get Rich Slowly commenters didn't. On the one hand, there are parents who are saving or at least have some type of plan in place. But on the other hand, you have parents who refuse to save for various reasons or simply make excuses so they don't feel responsible. Some of the most popular excuses I've heard in the past:

“I worked my way through school. My kids can do it too.”

"I applied for student loans and did well."

"They probably won't go to college anyway."

"I don't want my kids to take college for granted."

I also know people who don't save for their children's college because "they want them to have to struggle like them."

I just can't understand that.

Then there are the parents who really can't afford to save for college, and I feel for them. When faced with the choice between paying for basic necessities or saving for college, it makes a lot of sense why someone would give up on college savings and focus on getting ahead today. The good news is that students from low-income families often have access to more financial aid that can help them finish school at a price they can afford.

I think that's great, but my kids can't count on getting help. That's why I firmly believe that I must help them myself.

Ignore the naysayers and start saving

Despite what anyone says, saving for your child's education won't necessarily make you spoiled or entitled, nor will it make you do something stupid like spend $100,000 on a Master of Liberal Arts degree from the University of Phoenix. You also don't have to compromise your other savings goals (like retirement) to start saving small amounts of money for your children.

It doesn't have to be one or the other.

You can do both: just start early and commit to saving weekly or monthly.

Money can add up quickly if you let it, but you have to get started.

Save more for college! With CollegeBacker, you can start investing in your child's college education tax-free with just a few dollars. There are no fees required and it only takes 5 minutes to get started. Learn more here.

Want more ideas about parenting and money? Here you have!

1. Having children: is it worth it?
2. What I want my children to know about money
3. Should all moms be housewives?
4. 5 lies about personal finances that your parents told you
5. Marriage and money: how we make it work
6. Central America: you can have children without going bankrupt