<p>"Life is generally a little less interesting." Wow, JHS, you speak the truth!</p>
<p>would say we've saved on water and electricity costs (fewer showers in the house and less laundry).</p>
<p>We definitely saved a ton on food budget. Hot water, electricity, and like others said, those incidentals you pay for when they're home. I'd say a couple hundred a month, at least. Last year we got the whole 2000 tax credit; I think it was a little less this year, maybe 1600? Nothing to sneeze at, that's for sure.</p>
<p>A couple people have listed school costs to suggest that savings are illusory, but I think that's missing the point--we all know and love to bewail the huge costs of school and its peripheries, but it's good to remember that the total isn't really (or wasn't for us) the college costs themselves; it was somewhat less balanced by the admittedly small savings and credits. Every hundred or thousand saved meant real money for us.</p>
<p>S made sure we adopted a "free" SPCA dog to cope with empty nest. The dog eats more than S ever did, and needed obedience school. S took him to the lessons and trained him well, so that part was cool. :p</p>
<p>Maybe it's because the senior year is so expensive, but it does seem like we are saving money.</p>
<p>Saving on food, definitely. Fewer loads of laundry as well. Taking DS off the car insurance will save about $700. Also not giving him a weekly allowance & lunch money (saving $25/week).</p>
<p>These sound like the same illusory "savings" as are touted in the car commercials ("Take the money you save and invest in a CD"). They're not "savings"; you're simply spending less than you would otherwise. The "savings" all of you are talking about are wiped out by the costs of college (except for those on full rides or other serious scholarships/grants). You may be paying less because some costs were removed, but the bottom line is that college costs.</p>
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These sound like the same illusory "savings" as are touted in the car commercials ("Take the money you save and invest in a CD"). They're not "savings"; you're simply spending less than you would otherwise. The "savings" all of you are talking about are wiped out by the costs of college (except for those on full rides or other serious scholarships/grants). You may be paying less because some costs were removed, but the bottom line is that college costs.
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<p>That's definitely true, but I would imagine the majority of people calculate the costs of college without adjusting the household budget first.</p>
<p>Chedva, it is important for those of us living on tight budgets to look at these costs because they make a huge difference in what we can afford in terms of college for our kids. I mean, $1800 saved in reduced care insurance premiums translates into being able to take a PLUS loan with payments of $150/month (about $12,000) - or it might simply mean being able to say "yes" to a college where the financial aid has come up $2500 short. </p>
<p>For me it is important so that I can avoid borrowing - and paying interest - on more than I actually need. I really do have to look at that bottom line: how much money will I have left over at the end of the month? How much of that can go to current tuition and/or loan payments? </p>
<p>It also is important in terms of making the college choice in the first place. Sometimes the college which seems like the best bargain may entail extra costs because of these incidentals. For me the biggies were car & health insurance. On another thread a parent posted about how great the benefits are with the UC Berkeley health plan -- apparently it pays $1000 toward wisdom teeth extraction. If a parent knows their kid will need the surgery.... well, $1000 is nothing to scoff at.</p>
<p>I'd like to add one more thing. I saved a bundle down the line because my son became independent and paid for his last two years of college, and supported himself -- without my help. So don't assume that the parent is necessarily the one paying for college. Many parents have kids like my son who are paying their own way while attending public schools, or kids who have earned full ride scholarships or have money through programs like ROTC or Americorps. Some who are on very tight budgets may have -0- EFCs and have the colleges meeting the full cost through grants and loans made to their kids. </p>
<p>So before scoffing at the idea that there could be "savings" when the kid goes off to college, please keep in mind that many parents are indeed in situations where the savings are real.</p>
<p>For us, it was a bit like calmom is saying. I don't add up what we save on food and all but we did consciously consider the fact that we no longer would be paying for extracurricular activities/lessons (we spent a lot on those and my kids were in many things) or summer programs (they went away every summer) and we earmarked what we spent on those activities toward college. Yes, of course our expenses are way more now but simply we did take that chunk we no longer have to pay for and put it toward figuring in how much out of pocket we could put toward college in a given year and then took out Parent Plus loans for the rest. We didn't add up savings on things like food, though I do spend less on food in our budget. I'm sure that is easily eaten up by other things we have for expenses now....just visiting and going to their events at college costs money (for example, one of my kids is performing at Lincoln Center next weekend and of course I must see it and the tickets are expensive, travel and lodging as well....).</p>
<p>No instrument lessons ($1500 per year), no summer program ($3000), no band trip ($600), no youth orchestra trip ($1200), much less food, much lower electric bill (from $185 a month to $100), lower auto insurance, less gas in car(s), lower heating costs (folks aren't awake 24/7 anymore here), no donations to school fundraisers ($300-$500 a year). It's not a lot....but as I say...every penny counts.</p>
<p>30 weeks x $70 a week = $2100 per kid "savings" in basic food, energy, etc. per year. Tax savings depend on many variables.</p>
<p>Oh yeah, we're saving thousands each month, in my mind at least. My shrink says these delusions will pass in four years or so.</p>
<p>Chevda: That's why I specifically mentioned that those are "real" savings, because we pay nothing for college. My only expenses have been the initial startup costs (driving him there, purchasing things for his dorm room, etc), $200 in travel expenses so far this year, and care packages sent via Amazon and stuff.</p>
<p>Additionally, as Calmom alluded to, the savings represent my "emergency fund" for son. I had originally expected he'd have full aid with loan and work study, and had planned to surprise him by offering to pay the $2500 so he wouldn't have the mandatory loan. I was able to plan for that because of the expected savings, which we've realized. Thankfully, no loans means that I've been able to help him in other ways, and have still spent well over a thousand dollars less than I budgeted for his year.</p>
<p>calmom and TrinSF, I don't disagree that these figure into what one can pay for college. These reduced payments may in fact mean that one can pay more. Please don't assume that I am not on a budget; I am, too, and it's getting worse since my h is a real estate lawyer. It does make a difference that I'm not paying for dance.</p>
<p>However, there's a mindset in the US, which I believe has led to the credit crunch, that these are "savings." They're not; you're just paying less than otherwise. The commercials all talk about "What are you going to spend those savings on?" Well, they're only "savings" if one actually saves; to me, spending less is not "savings." Or the people who consider their tax refunds "income". Or those who are going to go right out and spend their "rebates" as "found money".</p>
<p>Words have power, and until we consider these simply reduced expenditures rather than "savings", many people will continue to live over their means.</p>
<p>I have found our water bill and electric bills are lower. I don't have a figure for the water but the electric is about 30 dollars per month lower. We have also taken him off of our car insurance which saves us abou3 300 dollars a month. When he comes home for break we put him back on just for that week and take him off. We probably spend about the same on food as the prices have risen and our second son is in full blown puberty.</p>
<p>We are not handing out $ to him if he is short. In addition, he is playing ice hockey in college so we are no longer paying 10 dollars a week for skate sharpening and the college provides all his equipment--sticks at 180 dollars a pop--he probably breaks one stick a month so that is a huge savings</p>
<p>Hey, there's a Coke left for me in the fridge!</p>
<p>Saving about eight dollars monthly on electric and something on food. Happy to save on gas at 3.89 a gallon.</p>
<p>chedva--I don't think it is connected to ignorant views on credit at all. I actually believe that touting up where less money is spent (fine, don't use the word savings, but less money spent is what is meant), is resisted by a lot of people because it mitigates against the "look how much I have to pay" chest-beating. I mean, don't even suggest that someone is not really paying 50K net a year--it goes agains the Ethic of Complaint.</p>
<p>I'm interested in the real net costs--and those are the payment out minus the lessening of other payments. And that is not illusory at all.</p>
<p>The title of this thread makes me LOL. Yes, they aren't eating at home. But even with scholarships, etc., the amount that we are sending out dwarfs the savings from their not being at home.</p>
<p>I'm with you, garland, on the semantics. My son runs lots of miles and eats an enormous amount of food. I'll happily be "spending less" on food at home.</p>
<p>Thanks to those of you who mentioned that some insurance companies charge less for car insurance when child is away at school (with no car). I'll be checking into that.</p>