Why I save for LO’s college education

I saw this graph online the other day about the average unemployment and average income for people depending on their college education:

I was raised with the mindset that you go to college, and that’s that—no reasons were needed. Nowadays online I hear a lot of people bashing college education as a waste, especially when you see people (usually billionaires) who dropped out of college and started their own companies and are richer than most college grads. But on average, the higher you go up the education ladder, the less unemployment you will have, and the more income you will make. Of course you will have the billionaire who didn’t graduate, or the Ph.D. who still can’t find a job, but in general, you’re better off having a degree.

I’ve been saving money for LO’s college fund. I don’t set aside a fixed amount; rather, whenever I have extra money leftover each month, I put a quarter of that into his college savings. So far I’ve saved $6k or so. I was fortunate that I didn’t need to pay for my own college (scholarships plus financial aid) but I’d rather be prepared when it comes time for LO to pay for school. I doubt we can cover all of his expenses but at least he won’t graduate with excess debt, or he won’t be limited to where he wants to go because of the high costs.

College savings is definitely one of the biggest ongoing expenses for LO, but I think it’s worth it. We’re saving for retirement, we have fun money, we have life and disability insurance and every other savings you can think of (can you tell I’m addicted to saving?) so why not put that money into his education? And they say the sooner you start saving, the better.

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