Money saved when son or daughter goes to college

[thumper1]

No instrument lessons ($1500 per year), no summer program ($3000), no band trip ($600), no youth orchestra trip ($1200), much less food, much lower electric bill (from $185 a month to $100), lower auto insurance, less gas in car(s), lower heating costs (folks aren't awake 24/7 anymore here), no donations to school fundraisers ($300-$500 a year). It's not a lot....but as I say...every penny counts.

[anxiousmom]

30 weeks x $70 a week = $2100 per kid "savings" in basic food, energy, etc. per year. Tax savings depend on many variables.

[NewHope33]

Oh yeah, we're saving thousands each month, in my mind at least. My shrink says these delusions will pass in four years or so.

[TrinSF]

Chevda: That's why I specifically mentioned that those are "real" savings, because we pay nothing for college. My only expenses have been the initial startup costs (driving him there, purchasing things for his dorm room, etc), $200 in travel expenses so far this year, and care packages sent via Amazon and stuff.

Additionally, as Calmom alluded to, the savings represent my "emergency fund" for son. I had originally expected he'd have full aid with loan and work study, and had planned to surprise him by offering to pay the $2500 so he wouldn't have the mandatory loan. I was able to plan for that because of the expected savings, which we've realized. Thankfully, no loans means that I've been able to help him in other ways, and have still spent well over a thousand dollars less than I budgeted for his year.

[Chedva]

calmom and TrinSF, I don't disagree that these figure into what one can pay for college. These reduced payments may in fact mean that one can pay more. Please don't assume that I am not on a budget; I am, too, and it's getting worse since my h is a real estate lawyer. It does make a difference that I'm not paying for dance.

However, there's a mindset in the US, which I believe has led to the credit crunch, that these are "savings." They're not; you're just paying less than otherwise. The commercials all talk about "What are you going to spend those savings on?" Well, they're only "savings" if one actually saves; to me, spending less is not "savings." Or the people who consider their tax refunds "income". Or those who are going to go right out and spend their "rebates" as "found money".

Words have power, and until we consider these simply reduced expenditures rather than "savings", many people will continue to live over their means.

[MomofaKnight]

I have found our water bill and electric bills are lower. I don't have a figure for the water but the electric is about 30 dollars per month lower. We have also taken him off of our car insurance which saves us abou3 300 dollars a month. When he comes home for break we put him back on just for that week and take him off. We probably spend about the same on food as the prices have risen and our second son is in full blown puberty.

We are not handing out $ to him if he is short. In addition, he is playing ice hockey in college so we are no longer paying 10 dollars a week for skate sharpening and the college provides all his equipment--sticks at 180 dollars a pop--he probably breaks one stick a month so that is a huge savings

[cottonwood513]

Hey, there's a Coke left for me in the fridge!

Saving about eight dollars monthly on electric and something on food. Happy to save on gas at 3.89 a gallon.

[garland]

chedva--I don't think it is connected to ignorant views on credit at all. I actually believe that touting up where less money is spent (fine, don't use the word savings, but less money spent is what is meant), is resisted by a lot of people because it mitigates against the "look how much I have to pay" chest-beating. I mean, don't even suggest that someone is not really paying 50K net a year--it goes agains the Ethic of Complaint.

I'm interested in the real net costs--and those are the payment out minus the lessening of other payments. And that is not illusory at all.

[mom2three]

The title of this thread makes me LOL. Yes, they aren't eating at home. But even with scholarships, etc., the amount that we are sending out dwarfs the savings from their not being at home.

[gladmom]

I'm with you, garland, on the semantics. My son runs lots of miles and eats an enormous amount of food. I'll happily be "spending less" on food at home.

Thanks to those of you who mentioned that some insurance companies charge less for car insurance when child is away at school (with no car). I'll be checking into that.

[gladmom]

mom2three: Yes, we will be sending tens of thousands of dollars to our son's university, but we have been planning on doing that since he was born. I am thrilled that he is going where he wants to go and that we can afford to send him there. I am also trying to cope with the idea of his being gone -- which is pretty hard to do because he is such a great person.

A smaller food bill is all that we will gain from his absence, because he is very minimalist in terms of possessions and going out. Some of the families in this thread were spending yearly more than the most expensive college out there.

[Puzzled88]

Although we definitely save on electricity and by changing our D to "occasional driver" status for insurance purposes, I know that is offset, and then some, by her room and board bills and higher allowance. What I do like is that I no longer feel like an ATM or $20 bill dispensing machine. I can get cash for myself and still have some left days or even weeks later. It surprises me every time I look in my wallet and actually have some money.

[dbwes]

This thread is really making me laugh! Seems the parents of boys are seeing the food savings more -- I'm thinking I won't be shelling out quite as much on hair products and things she talks me into paying for at the mall -- but then maybe I'll buy all that and more for her when she does get home as well as sending her extra money up there. I can't see being as tough as some of you, giving no spending money. And believe me, she is not nearly as spoiled as some of the kids around here. Perhaps my biggest saving will be like Puzzled's -- cash left in my wallet.
So the way to do the car insurance thing is to change them to "occasional" status so they can still drive on breaks?

[ellemenope]

Just in case I think that I am saving money sending D off to college, I get lots of mail from said college asking me to donate that money to them!

[mom2three]

I don't mess around with this. We are with Geico, and they have a college-ish status that allows the boys who DON'T have a car on campus to come home and drive one weekend per month. It seems that I am on the phone at least every three months updating the status of which cars are where and who's driving what and when. But for one lovely semester we had two boys away at school, both without a car. Big savings. Circumstances have made it preferable for DS#1 to have a car at school now, so the rates have gone back up some.

I recommend calling your insurance co., explaining the exact circumstances of who is driving or not, and when and where, and asking them to help figure out the best rate based on that.