College Funds

The other day I completed an online calculator that calculated the amount that we should have saved to send our four boys to college. I think this relates well to the scripture verse from the other day related to worry. I have to say that after seeing this amount, I began to worry. According to the calculations we must have $587,000 saved by 2017. Wow! It broke it down to about $15,000 per year that Kelly and I should be saving each year based upon what we already have accumulated. I don't know about you, but this is a stretch to our already tight budget. So far, we have saved approximately $26,000, but have a long ways to go.

Obviously to meet any goal, you must develop a plan. Here is our plan:

We will save a significant portion of funds in our ROTH IRA's ($3,000/yr), attempt to stash away some cash in their 529 plans ($100/month), generate additional income and equity from our rental properties by 2017 ($100,000), and have a goal to save 90% of Kelly's income when she returns to the workforce ($10,000-$25,000/yr.). Even doing all of these things, we will still come up short and have to fund a part of this out of our current earnings or pray for athletic or academic scholarships. I can only imagine that we should have a pay increase just from not having to feed four hungry teenagers while they are away at college that can be used for tuition payments. I heard the other day that to be truly wealthy you must save 90-100% of additional income towards wealth building. If we can be disciplined and save these amounts, we can be financially free and afford to send our kids to college without them accumulating any college-related debt. While I am human and the numbers don't add up, I will trust in God to provide and He has ways and understandings that are higher than my ways and understandings. When the numbers don't add up I will meditate on Philippians 4 and pray over these worries and God will provide.

Today's scripture verse is from 2 Corinthians:

A stingy planter gets a stingy crop; a lavish planter gets a lavish crop. I want each of you to take plenty of time to think it over, and make up your own mind what you will give. That will protect you against sob stories and arm-twisting. God loves it when the giver delights in the giving.

The next post will detail our prayerful consideration of giving to our church and capital building campaign.