Monday, February 27, 2017

The Most Important Goal Since We Have Retired

We had a wonderful relaxing weekend with our son and granddaughter. With the exception of going out to dinner on Friday night and out for frozen yogurt on Saturday, we had a quiet weekend chatting and spending time with each other. My granddaughter is such a joy and has grown into quite the young lady.

Now back to business. You all know that Hubby and I have had many goals in our lives including buying 4 homes, paying for Hubby to get two advanced degrees, putting our sons through private junior high and high school and college, moving cross country twice, owning income property, retiring early, and now saving an estate for our children and grandchildren.

Well one of the most important goals that we have ever considered appeared on our radar this past weekend. Our granddaughter told us that she wants to go to a private all girls' school starting in September 2018 entering 6th grade. Her parents took her a year early to an open house there so that could she see if she would like it. Both she and her parents were very impressed with the education that she can obtain there and the fact that class sizes are very small. I was thrilled because it is the sister school to the private all boys school that my boys attended. I know a lot about it and I actually helped out a friend for a few months by working there. There are a few other private schools that they are looking at but I have a deep feeling that this one that I am talking about will be their choice.  

The school she is in right now is in an excellent school district however the class sizes are huge. They are way too big for one teacher to handle.  The school does not individualize for each student because they just can't with 26 students in a class. The middle school is very large and they have a drug problem. My son wants to get her out of this district before she enters middle school. I am in 100% agreement with this.

Class sizes for the private school are about 10-12 and they individualize the education to each student. My granddaughter is way ahead of her grade level so this will greatly benefit her.

However this private school is very expensive. The tuition this year is about $15,000. plus uniforms, etc.
She would have no busing but I do believe the public school district has to provide some textbooks. The tuition costs more for each year as you get older. Right now the tuition escalates to about $17,500. for grades 9-12 plus fees and uniforms. That being said, the tuition rises every year. So by the time she enters, it could be $16,000. or more for 6th grade.

My son and daughter in law will do whatever it takes for her to be educated there. There is no doubt in my mind. We told my son this week that when they make their decision let us know. We will help as much as we can. This would be a 6 year commitment for us. We have not told them how much we would help but we have a percentage in mind.

So we need to start saving for that goal immediately. We do have money that we could use now but that would raid accounts that we have set up for other purposes. So we need to start a new account just for her education at this school.

Hence we will be starting to save for this goal on March 1st. This is going to take every bit of saving that we can master. Our thinking will change on everything. Every penny will be scrutinized and pinched until it complains.

I will be looking at every new way to save that I possibly can. We will spend only on the necessities that we deem we need. We will wear our clothes and shoes out before buying more. There will be a spending fast on most everything. I will be spending no more than $30. a week on groceries while eating down our freezers, refrigerator and pantries. We will get creative while using up that food. We will make a list of our needs and stick to it. The only eating out or take out will be with the gift cards that I purchased last year.

We are going to just stop buying things on our spending fast. Non food products will be doctored to last longer so that we can cut the cost for those. Everything that can be made from scratch will be. We will cut out what we feel is non-essential.

In other words, every expense will be looked at and eliminated if not a necessity to us.

So look for posts regarding how we are doing this starting March 1st. Join us if you have a very important goal that you want or need to save for. 

12 comments:

  1. Will be following along to see how you do this. I am wondering; is this your only grandchild? If there are others, wondering how that affects them and your decision to help this particular grandchild with tuition. With multiples, it gets awfully expensive. Then of course, there is college tuition down the road... Enjoy your blog so much. Sherri

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    1. Hi Sherri,

      No I have one more grandchild. If the other grandchild wants to go to a comparable private school then we would certainly help his parents if they needed it also. The money for their college has already been put aside by their parents. If it isn't enough, we would consider helping. They will get the
      money whether be in our estate or before. My grandchildren have always been treated equally.

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  2. What an excellent commitment for youand your husband to make! I can think of very few things that will make a greater difference in your granddaughter's life. Well done!!

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  3. You are special grandparents! I'm sure that your children and grand children appreciate everything that you do for them. Looking forward to hearing how you save even more money for this new goal.
    Kathy

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  4. Love having meaningful goals to save for - it really helps to put all of the spending in perspective, doesn't it? This sounds like great motivation, given the importance to you & your family!

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  5. I can tell you from experience that your son and daughter-in-law will appreciate this more then they can ever express. My daughter attends a small, private elementary school. I had an unexpected health issue that caused me to have heart surgery. We ended up with a large medical debt. So large that we thought we would have to pull our daughter out of school just before 2016 began. My parents insisted that we let them help us with the tuition. During an already stressful situation they took away the stress of having M change schools. It's thanks to them that M continued to receive a top notch education during those formative years. Forever grateful!

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    1. Thanks for your kindness Wendi. I am so glad your parents helped.

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  6. Hi AD, this is Chris. We feel like you, that education is one of the most important things. We helped our daughter and son both get their master's degrees. Our son got a fellowship to get his PhD and we help him if he has a car or health expense and we also pay for his car and health insurance, he was able to be on our insurance until he was 26, and luckily the grad students get a very generous reduced rates on their health insurance. We feel so grateful we can help him. He will be graduating at the end of this year.

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    1. Hi Chris,

      I think that's terrific that you have helped your son. We paid for our two and now it is time to help the grandchildren.


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