Do we need to save for our grandkid's college education?

My first grand will begin college in seven years.
Seven years
Really?

For the longest time we have considered
saving for each of our grands' college.
Then we think--what we could contribute
would be a drop in their huge bucket.
What will college cost in seven years anyway?

If we help pay for the first, 
are we on the hook for all six of them?

Our neighbor's last kid just graduated from high school.
He has ten years of college planned out.
Really?
I cannot even wrap my mind around that cost.

He has two older brothers.
One brother has a degree in Psychology.
He is working at my credit union.

The other has a degree in Economics.
He is joining the Air Force.
UGG- that is a lot of college for those fields.

My husband says this to me often,
"My dad gave me $20 and his blessing as I left for Vietnam.
When I got home, he was excited that I had figured out how to be the first in my family to ever finish college. It took me nine years to graduate. I paid it off by rejoining the Army!
They need to figure it out. "

There are so many things to pay for: education, cars, weddings (well those are not as common), day care, summer camp, birthdays, Christmas, new kitchens, even religion classes cost $200!
How in the world did we survive this long?
I guess I will go and start a savings envelope called college.
and they will
"get what they get and don't throw a fit".

The more we think we are different, the more the same we are.

This new generation is much like the ones of my grandparents.

They are moving and living and moving and living.

My parents lived in the same area all of their married lives

My in laws moved to their place when the kids were young. 

Some say Andy of Mayberry

I say it was a fluke.

Moving is in our blood

From getting on those ships to work for free in the new land

to sailing the sea to be a mail order bride.

Both sides had periods of moving when spouses died

or religion was repelled. 

It is all an adventure

it is a way of moving forward 

not satisfied with just staying

Migrants in a beautiful land. 

Last week eleven of us were together

Kids, dogs, adults

Topics ranged from: cancer 

   Unbelievably one was already fighting that fight

to careers 

    Whether a job change is the best way to move forward

to kids

      Now that the middles are in elementary--what do good schools look like

to houses

       What finishes are important to the younger set vs grab bars for us.

to locations

       Do you look for your dream location mid career

to continuing education

       How to save for your kids' college when you are still going

to potty training and navigating pre teens.

In the end, my husband and I decided that we can live anywhere

and still be at peace that our children are loved

and we are respected for our input

but they can make good decisions on their own.

It is OK to move forward.

This is what we save for.

Have you noticed
That when you are ready to leave something behind
it begins to take more?

Our house is 27- as is our roof.
Next week our roof will be 1--day that is.
The last good windstorm told us that our roof is dead.
Little pieces were on the ground.

Three estimates:
Lowes? $29,500
A major roofing company? 25,250.
A man with a truck and a large crew? $17,000

Our new roof will be blue(ish) attached by Angel
and four of his crew
in between all of the roofs he is doing this spring.

Then yesterday, the dishwasher started smoking.
We have a no smoking policy in the house.
Even our vapor has to go outside....

Costco, Lowes, Home Depot?
A lower end washer is about $400.
Ours will be closer to $600.

This is what we save for
Correct?

Dreams and reality

This is where my husband would like to retire.

Just a few thousand acres of land

around him.

This is what I am looking for.
One acre in a place where we will have neighbors.

You would think, after twenty years of looking,
one of us would change.

Well, I used to want to live inside Washington DC.
There has been some movement on my part.

Social Security by the numbers.

Looking to be proactive with my Social Security.
Sixty Two is coming in three months. 
I am required to take Medicare at 65 by my "free lifetime insurance" that I am currently covered by. 
Currently, that is about $150. a month.
With the inclusion of all of the people lately,
I am anticipating that number to get very high.

I worked as a teacher for almost thirty years.
My largest salary was under $50,000.
I quit when I became too cynical.
I do have thoughts of returning as a para....
No parents, no paperwork, no hoops to jump.
That is a whole other conversation.

My husband was military,
His SS is only a few hundred above mine.
SS will automatically default to mine until he passes. 
He is going to outlive me....

Let's run the numbers!

If I take SS at 62 I will get $887. 
At 65 that will go down to $737. 
If I take SS at 64 I will get $1005.  
At 65 that goes down to $855.

At 65 I will get $1090. 
Really, with Medicare, I will get $940. 
At this point, my Medicare will be started. 

At full retirement I will get $1212. 
BUT, I will have had to pay Medicare out of pocket for 18 months between 65 and 66.6.

Now I need to factor in the cut in SS when I turn 77.
It is supposed to be cut to 79%.
That leaves me with:
62- $582.
64- $700.
65- $742.
66.6- $838. 
Do you think I will be able to, at least,
pay my electric bill?

That is just plain bleak. 
I am thinking that 65 may be the number 
because of the cost of Medicare. 
I could take it earlier and "put it in the bank". 
That is what we do with hubby's.

Will that encourage lifestyle creep????

That is what a working class person can expect.
Back to saving money in other ways. 

About the house...

One of the joys of home ownership is maintenance.

When we moved here three years ago,
my husband had two requests.
1) no basement (high water table)
2) a VERY simple roof.

The last house we bought was his choice.
The water ran through the entire back at times.
The wood was way too much to take care of.
Still, it was heaven.

The Delaware move was going to happen
one way or the other. 
My turn to pick a place. 
1.5 acres in a neighborhood (my top priority)
Near a stream
Perfect interior lay out. 

What did he get out of it?
A basement and

a Not So Simple Roof.

The basement has been perfect, not a leak or a whimper.
It holds the load of kids that come to visit 
and a great movie room.

The 27 yr old roof....needs to be replaced.
Shingles are blowing off with every storm.

The roof is HUGE and complicated.
First bid? $25,000!
The price of a car!
The "I told you so(s)" are rolling everywhere. 

I fussed and fussed. 
Then I did the math.
If, for the last three years (and the next three that we live here),
we paid $250 a month for HOA (very common here), we would have been out a chunk of change.
That is about $18,000. 

If we had rented a smaller house in the area
We would be out about $108,000.
Yes, we would have had that in the bank from our last house,
but the reality is that interest rates are so low.....
it would hardly make up the difference. 

I have started to look at all of our money this way.
Opportunity cost. 

Now I am hoping that the roofing company takes credit cards.
At least I should get a free trip around the world for this one!

Money and how to make it?

Have you noticed 
That you can make more off of
money that you spend 
then money that you save?

Last month I got $94. in cash back
from my credit card.
I added that to my one year emergency account-
A savings account.
That account made $8.84 in interest.

How crazy is that?

My sister suggests that I use credit cards
to build my next house.
Really?
Yup, she did all of her travel last year 
on the money she used to remodel 
her house. 

I don't get it.
But, I did apply for two new 
credit cards last week.
May the house project begin!