Paying tuition…

If you plan on having kids, do you ever plan on paying for their full tuition (including food, room, board?)

I’ve thought a lot about this. As you all know, I paid my way through university, moved out at a young age, rented an apartment, paid for all my living expenses and ended up in the hole .. which means it’s kind of weird to be back home with my parents after 6 years of being independent (but is totally worth it for financial reasons).

But thinking back, the only reason why I did that was because my parents lied to me and told me I had $10,000 (or so) to help me pay for my education, but they ended up spending it on useless things and trips, and pretended (in the end) that they never mentioned the money at all.

It hurt when I found out, but I’m kind of glad for the experience.

So I think that when I have kids, I’ll make a deal with them that I’ll pay for half of their tuition, room & board, but not a penny more. That means they have to get good grades, get scholarships, work hard, and learn the value of a dollar.

My other idea is for every $1 you earn/save (including scholarships) towards tuition, I’ll put $1 in to match.

I started thinking about this idea a while back when my colleagues asked me about my tuition and how much I paid, and it just made me wonder if I would’ve turned out the same way if my parents had footed half or all of the bill…

What I WON’T do however, is pay more than half of their tuition, and DEFINITELY won’t make them pay for my retirement. That, I handle on my own. Which is why I don’t foot the entire bill for their tuition because I’m saving them from MY debt.

So, what do you think?

(And when I say “my” I really mean whoever I’m with, and my debts/bills)

About the Author

Just a girl trying to find a balance between being a Shopaholic and a Saver. I cleared $60,000 in 18 months earning $65,000 gross/year. Now I am self-employed, and you can read more about my story here, or visit my other blog: The Everyday Minimalist.