How to Finance for College and Retirement

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?

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!