Thursday, May 1, 2014

Hidden Savings When Sending a Kid off to College

I can't wait for August to get here!



The reason is that #2 Son leaves for college that month.
In a way I am sad to see him go(ok, stop laughing Sonya Ann!) but our budget will draw a modest sigh of relief.

The bulk of the expenses he generates will transfer from our regular monthly income onto his college fund money(except for those times he is home on breaks).

Ok, so while in college he probably won't cost us less, at least we have college money set aside for his expenses once he hits the dorms so our day to day expenses here will go down.
His expenses will be drawn from a source other than our monthly income.

 I guess if you don't have money put aside for your kids' college like us, there really is no savings when your offspring head off to those hallowed halls of higher learning(and partying). ;-)


I've been doing a quick calculation of possible savings on our monthly budget once he leaves home.

*  No longer paying for his long, lingering hot showers(multiples per day sometimes), savings on the water bill of at least $10 per mo.

*  No longer paying for the computer upstairs to be on 24/7, running the a/c 24/7 in his room from June to September, lights left on, and running the dryer to "fluff" the outfit he wants to put on, savings on the electric bill of anywhere from $50-$75 per mo.

*  No longer paying for private music lessons(will be included in the tuition we pay from college fund), savings of between $120-$200 a mo.

*  No longer paying to feed him, savings of between $50-$75 on the food bill per mo. AT LEAST!

*  No longer paying for fast food or his eating out,  savings of $20 per mo.  WAAAY UNDERESTIMATED! lolz

*  No longer paying for gas in the car to get him to school, savings of $35 per mo.

*  No longer paying for car insurance, inspections, registration or repairs for a 3rd car, since we'll ditch it when he leaves.  Savings there but no way to tell yet how much we'll save on this score.
If he needs to go somewhere while on break or during the Summer, he can use my car since I don't need it much.
Once we ditch the car, we save $36 in registration fees, $75 in yearly inspection fees, about $300 in insurance, so $411 before you figure in repairs(which exceeded $3K on this car last year!).

I figure once he leaves for college we'll realize at least a $435 a month savings on our monthly day-to-day living expenses. (With a monthly estimate for car repair bill costs.)

That doesn't even begin to cover all the odds and ends we spend on him.....costs associated with school, like Prom tickets, Band costs(new band shoes and clothes, trips and fundraising), etc.
We'll still be covering the cost for new clothing & shoes(but he'll have to get use to buying "not name brand"), toiletries(I still have quite the stockpile of freebies on most items)and rxs and doctor visits out of our regular budget.



Of course not having him home means our trip taking gets curtailed(because no one is here to watch the dog)or trip costs go up(if we have to kennel the dog).

Aw well.....everything in life is a trade-off, ain't it?

But keeping that extra $5,200 or more a year from our budget and kicking it into savings will be grand!

Now to find a way to send him packing before late August.....hmmmmm...... ;-)

Sluggy



 

6 comments:

  1. I wish I will be saving that much when DD goes off to college in September! Pretty much I will only be saving food and electricity/hot water on her. She will be taking her car, so I will still have insurance. I'm guessing to save maybe $100 a month, but I'll end up spending that to go visit her every so often, LOL.

    ReplyDelete
  2. Wow... $50-$75/mo on extra electric? Yikes! But truly, as someone who didnt even have money for the first 2 years of college to pay for lunch, your kids are very fortunate to have such assistance from you guys!

    ReplyDelete
  3. lol! I HEAR you sister!!! If a few people around stopped taking showers, then I would be saving a TON of money. Well, maybe not if I have to buy Febreeze in bulk...

    ReplyDelete
  4. I have been trying to tell parents this for years...and you just figured it out!

    As to the dog...look for a neighborhood kid (well, over 12 so they're responsible) or a "doggie co-op" to travel...can't take him along?

    Peace <3
    Jay

    ReplyDelete
  5. Maybe as the dogs go over the rainbow bridge, you can just go to a REALLY empty nest. Will they tear up the house if you keep them there and have someone feed them? You might find someone who will do daycare in their home if they are too far away.

    At least your son cares about appearance and is not a stinky, wrinkled mess.

    In August, you and hubs can get frisky in the kitchen! You can walk unclothed anywhere, anytime in the house!!!!

    ReplyDelete
  6. My daughter lived at home during university and college days...and she's still there! Big mistake! Perhaps dear DS will be out permanently!! Woo hoo!

    ReplyDelete

Hey there! Thanks for leaving a comment. Though I moderate it's partly to keep spam out but also partly so that I read every comment. I don't often respond to comments so if you need me to answer you please write me at my email addy posted on my "About Me" page, linked on the side bar.