<p>You would probably find it difficult to save enough through spending controls. Have you considered “enforced savings” by paying into your education fund straight off the top of your paycheck? Make a budget to distinguish mortgage, taxes, utilities, etc., from your discretionary spending, then decide how much you can afford to save. Further divide this amount into what you will need in for kindergarten/elementary, and what is for high school/college. The first portion needs to be saved, but you can invest (take risks with) the latter portion, using a low-cost organization like Vanguard for some combination of stock and bond mutual funds, or a 529 plan. </p>
<p>Do not take risk with the savings you will need in six or so years; see
<a href=“How to Get Better Interest Rates for Saving Money - The New York Times”>How to Get Better Interest Rates for Saving Money - The New York Times;
<p>Research your local day schools to see how strong their financial aid programs are, as this would affect the mix of money you devote to savings (short term) vs. investment (long term). Unless you expect some windfall, enforced savings is just about the only way to accumulate the large sums needed for private education. Keep looking for good sources to read about education and personal finance. Bill Murray’s character Bob said, “Baby steps!” . . . day by day you will make progress.</p>