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How to Finance for College and Retirement

January 23, 2015 11 Comments

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Even though Red is only 3.5 years old, he’s had a high yield savings account with our bank since he was born.  We deposited every single dollar that anyone gave him over his birthdays, Christmases, and even the one or two dollars sent in a greeting card.  It’s added up quite nicely, and the added interest helps makes sure that Red (and us!) will have a nice little finance pad for college and other large purchases.  Of course, any scholarships will help, but I heard on the news that a baby born in 2015 (hello, #2!) can expect to pay $80K for a regular 4 year stay at college. Yowsers!

And if college costs don’t scare me to death, what about retirement?? I was very lucky to have my parents help with undergrad, and I paid for my MFA myself (assistantship), but Chase took out student loans that we are still paying off (almost done!!).  Saving for retirement can be really hard when you’re paying down debt, having kids, fixing cars on top of everything else.  Plus, the estimated amount we need to save for retirement can easily exceed ONE MILLION DOLLARS.  How the heck do you get there?

Collge Fund, Finance and Savings

When Chase and I were first married, we met with a finance firm and financial advisors.  They helped set us on the right track for saving, investing and generally spending less on crap.  If you don’t know a financial advisor, or just want to know how to get started, Atlanta-based Wela offers free advice and free finance tools customized just for you to track your goals, compare savings, and make smarter investments. Store all your information in one convenient location to help you stick to your goals and begin investing with ease.  Wela, based in Atlanta, Georgia was conceived to serve customers who might not meet the high minimum investment required by many finance firms, but still want guidance for investing and saving.

If you like to invest, or play the market, Wela offers research-based, time-tested methodologies to provide a diversified portfolio. Combine that with personal advice, and it’s easier than ever to reach your personal goals. Some of the tools on Wela include:

  • Savings goal tool – the ability to see how much a user needs to save to get to certain asset amounts, like $1 million.
  • A tool to help users discover how much house he/she can afford based on current income
  • Tools to tell you how long it will take to pay off current debts or how to save each year for kids’ college

That’s a huge help when I want to see where our finances lay, or how Chase and I can expect to afford a  new house when we desperately need to expand.  What are your best tips for saving money? Do you use tools like the ones on Wela to estimate how much to save, or where to stash your cash? Leave me a comment below with your best money-saving advice!

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Filed Under: HOME, Parenting

Comments

  1. Louida says

    January 23, 2015 at 3:29 pm

    Very important tips! I’m close to paying off debts and will be saving money for the future.

    Reply
    • Redhead Baby Mama says

      January 25, 2015 at 9:56 am

      Good! I’m glad to hear you already have a plan.

      Reply
  2. Kristin says

    January 23, 2015 at 4:12 pm

    We are working on saving as well. It is a big project that to many people don’t think about. We have a savings account for our daughter and do the same thing. We met with some financial advisors and they were a life saver. It has only been a year but we are almost through about 10k of debt!

    Reply
    • Redhead Baby Mama says

      January 25, 2015 at 9:56 am

      That’s AWESOME! Congrats on hacking away at it… that’s a huge accomplishment.

      Reply
  3. Michelle says

    January 23, 2015 at 5:57 pm

    So important to begin as you mean to go, great advice!

    Reply
    • Redhead Baby Mama says

      January 25, 2015 at 9:55 am

      Thanks! It was my mantra when Red was a baby, and I think I need to put it on a poster!

      Reply
  4. Lara says

    January 24, 2015 at 10:17 am

    I need to check this out. I just got a 15 year mortgage, paid off my car (2011) and my student loans will be paid off in 6 more years and I’m 27, but I have little to no retirement 🙁 just various 401K’s and stocks. I need help LOL.

    Reply
    • Redhead Baby Mama says

      January 25, 2015 at 9:55 am

      Everyone needs a little help. I know I did! And you can’t beat FREE help!

      Reply
  5. Beth Jenkins says

    January 29, 2015 at 10:12 pm

    This post is great! I am currently in the middle of paying for college so I know it will be essential to save for my kids!

    Reply
    • Redhead Baby Mama says

      February 6, 2015 at 8:23 am

      Yes! Paying off student loans and working through payments will really wake you up for the next generation! College is more expensive than EVER!

      Reply
  6. ODP says

    January 22, 2023 at 12:54 am

    Nice tips and ideas that everyone can follow through for their financial plans.

    Reply

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Hey y'all! I'm Lindsey, a southern girl residing in Atlanta. Welcome to my little corner where I share my anecdotes, crafts, recipes, & dose of Disney as I raise my 2 kids! Thanks for following along... I'm so glad you're here! Read More…

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