In reading a recent article (Million Dollar Babies, by Pamela Paul), I was struck–shocked, really–by this advice: “Most financial advisers urge parents to set aside a minimum of $1,000 per child a month” for college savings.
Have you all gotten back up in your chairs yet?
And yet, when I zipped over to the College Board’s handy tuition savings calculator, I was astounded to see that, in order to pay for basic in-state tuition at a state school for a kid starting college in 15 years, I should be saving over $400 a month right now. For #2, starting college in 17 years, I should be saving $400 a month. That’s $800 a month I should be saving right now for college.
I don’t know if I should be laughing or crying right now…