What will you pay for?
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| Thu, 08-14-2008 - 5:39pm |
Starting a new topic through Kelly's suggestion on OT: Bridesmaid Dress, the topic being what do you, as parents (if you are), plan to pay for when it comes to your children. College? Wedding? First car? First house?
DH and I have this discussion often. Because our kids are so close in age, we'll probably help DS finance his first clunker of a car in return that he takes his sister places, helps with errands, etc. It was how my parents did things for me and my five siblings and it worked pretty well. We had to pay for gas and cover insurance payments, so I'd like to stick with that plan of action, too.
As for college, I was a scholarship kid with everything not covered handled by my parents. DH was all student loans, which we finally paid off in December. I'd like to pay for our kids' education, at least their bachelor degree. It is so hard just starting out when you are 22 that I can't imagine being saddles with thousand of student loan debt, too. Both kids have college fund which we will contribute more to once the economy stabilizes and our CC debt is paid off. The plan is to just out what we pay now in CC payments in kids' college accounts and our savings ...
With one daughter and one son, I'd like to think we'll help with weddings, although it's hard to look that far ahead into the future. As for down payment on a house, I'm going to say no. There comes a time when everyone needs to grow up and I think that's it. My best friend since pre-school has never had to pay for anything on her own. Her parents, like mine, paid for college, but they also paid her bills every month (rent, car, credit card -- I was on my own for that). When she couldn't keep a job she liked, her dad attached a gift shop to his business and now she runs that, but her heart isn't in it. Still, because she can take off whenever she wants for social activities, she stays. Even her house was purchased by her parents. She complains that they but into her life too much, but with them footing the bill for everything, they kind of have the right. I think she'll be happier when she grows up and gets out on her own, if she ever does, but that's me.
There's my two cents. Anyone else?
Meredith

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Thanks for sharing your experience, Carolyn. I really don't care whether my kids attend "prestige" schools (and only one of the three is likely to get into one, LOL) - I just want them to be in the right place for them. Whether that's private college, public college, seminary, art school - I want to have the resources for them to be there.
My parents didn't even know there *could* be a choice, or that one job or college could be better for one person than another. We kids all did the best we could with what we had, but now that I see how much more we could have gotten out of all those experiences if they'd been better suited for us, I try my best to give my kids opportunities that are closer to what they need.
Kelly
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