College Savings Completely Spent

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University classes started for my son last week and today we went into his 529 College Savings Plan to transfer money to the college for his tuition.  Surprise – after paying for his Fall Semester’s tuition, the account is now empty!

We started saving for his college tuition when he was just a baby, so this is a pretty big personal finance milestone.  Other than our house, I can’t think of another ‘purchase’ that required so much saving and so much time!

Related: Retire Before Children Head Off To College?

He still has classes in the Spring Semester that we’re on the hook for.  We had saved about 90% of what we thought we might need for his expenses, but always figured that we would pay a little bit out of pocket.  Since we have only one child, we didn’t want to ‘oversave’ what was needed in the 529.

Regardless, it’s a fun milestone to fully close out the account that we’ve contributed to, tracked, and withdrawn from for so long!

At what stage of your kid(s) college savings journey are you?

Image Credit: (c) MrFireStation.com

 

7 thoughts on “College Savings Completely Spent

  1. We have been done with both kids college expenses for about three years now…Yay! We also did the 529 route for both daughters. It was a great option for us. We started saving for their college educations in the year each was born, and we accumulated a significant portion of their college expenses inside the 529 plans as a result. The remainder, we simply paid out of pocket. However, we also required each to pay one (final) semester themselves in the form of a low interest student loan. We felt it was important they each have a vested interest in paying a small portion of their educations. I’m happy to report they are both doing extremely well in their career fields now. Mission accomplished!

    Liked by 1 person

    1. That’s a nice twist on it – to have them each pay a semester. We’re also excited that our son’s internship this summer went well and he accepted a full time offer starting next summer!

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  2. Congrats on the latest lifetime milestone. We are planning a similar route with our 2 daughters. The oldest one started college this year. We should have enough in the 529’s to cover 50-60% and then we’ll do some cost sharing when the accounts are depleted. I wanted to make sure they had some skin in the game on costs as well.

    Liked by 1 person

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