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How Much Would You Give Up to Pay for Your Child’s College Education?

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How Much Would You Give Up to Pay for Your Child's College Education?

The costs of a college education have skyrocketed the last several years. Comparing the figures it appears that those costs have risen more sharply even than inflation.

In fact, it may surprise you that as steeply as health care costs have risen, the rate of increase for a college education is higher than that of health care. Therefore, in order to afford a college education for their children, some parents are forced to make tough choices. They are sacrificing in some areas of their own lives in order to help their children get a good start in theirs.

Putting yourself in their shoes, how much would you give up to pay for your child’s college education?

Take Out

 

Going out to eat for meals is the area hardest hit according to a survey conducted by Coupon Dash, a popular cost cutting coupon website. Over half of families surveyed said they would be willing to cut back in this area in order to still be able to pay for their children’s education costs.

Time

 

Some parents are willing to give up time with their families in order to ensure their children receive a college education. They may take a second job or side hustle to save enough to cover the costs, which some estimates say could be as much as $70,000 or more from a public college. If the child plans to attend a private college, you can increase that figure to around $120,000 or more.

Vacations

 

Vacations, weekend excursions and fun time are a luxury some people can’t afford when faced with paying for an education for their children. These extras cost thousands, and those thousands could be used as an investment in the future of their child. This is why many people are postponing or putting off altogether these activities in favor of their children’s college education.

New Cars

 

A new car may not be in the budget when your child’s education is on the line. This is another area some parents are willing to give up in order to secure the future of their children. Some may try to repair an older vehicle to get a little more life out of it or possibly buy a used model so they can apply more money toward college costs.

Early Retirement

 

Parents want their children to have a good future even if it means forgoing early retirement. Some people are choosing to work longer rather than retire. This enables them to generate enough extra income to help offset the high costs of a college education.

Other Sacrifices

 

But the sacrifices parents are willing to make don’t end there. Studies indicate they are willing to give up new clothing or the latest and greatest technology. Since wages are not keeping up with the rising costs, families are buckling down on budgets and finding cuts wherever they can.

When you have a child planning to attend college, you would do just about anything to make sure they succeed. Most parents agree that it’s worth the sacrifice in order to help their children have a better education and future.

So, how much would you give up to pay for your child’s college education?

Photo courtesy: Gettysburg College

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Kayla is a mid-20s single girl living in the Midwest, USA. She is focused on paying off her consumer and student loans, while simplifying her life and closet. You can join her on her journey at ShoeaholicNoMore.com or follow her on Twitter @shoeaholicnomor.

1 Comment

  • Kathy says:

    We put our son through all the way to a master’s degree with no student debt. We definitely gave up vacations, eating out, new furniture etc. But the main thing is we simply made saving for his college a priority along with retirement saving and mortgage payoff. If it isn’t a priority it is too easy to say we’ll skip this month and catch up later….which you never do.

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