According to a study I just read, 61% of people would! Haha… At least when it comes to college tuition *for their kids* :)
And depending on how much we’re talking about here ($20,000? $40,000?) I’d probably consider it too. It’s kinda like the opposite of prostitution – getting paid to NOT have sex – hah!
There were some other interesting stats in this survey by U-Nest too (an app where you can create, and manage, a 529 College Savings Plan for your kids super easily):
“Parents prioritize saving for their children over saving for retirement, paying off a mortgage, taking a vacation, and paying off their own student debt.”
As a father I can 100% relate to this, but as a financial “professional” my job is to remind people it’s important to look after yourself too so you can help your loved ones even MORE over time! Similar to the whole “put your mask on first and then put others’ on” airplane rule. Since after all, you’re of much more help to people when you’re alive than when you’re not! (Although saving for retirement/college is not nearly as drastic, haha…)
“While 75 percent of parents believe a debt-free college education will increase their kid’s chances for success in life, nearly 40 percent aren’t saving anything for their kids’ education.”
We’re all guilty of not doing things we know is in our best interest :( There’s a stash of Halloween candy right across from me in this room right now and I very much should put it into the trash but cannot!!! And will in fact go and eat some of it right now because CHOCOLATE!!
“Of the parents who are saving for their child’s education, the majority are using a checking or savings account, and only 18 percent are using a tax-free 529 college savings plan.”
It’s hard to hate on savings because that’s the toughest part of the whole equation, but yes – there are other ways to put that money harder at work so there’s *more of it* later for sure (and at least conserved vs losing $$$ due to inflation!).
Similar to U-Nest, I’m also a fan of 529s and use them for all 3 of my boys, though I prefer going through our state’s plan in order to snag some yummy tax benefits on top of the compounding growth over time. You’d have to check with your state to see if they offer it, but similar to retirement the more you can put you stash in *investments* the more you’ll have later when it’s time to start pulling from it…
“All of this is leading to parents willing to sacrifice their own needs, with over 60 percent stating they would give up sex for one year in exchange for one year of of free college tuition for their kids.”
(I totally wish I could be at the brainstorming sessions for these surveys btw… “Hey – how can we somehow include something about SEX in this?? You know it’ll go viral if we do! And at the very least J. Money will cover it ‘cuz he can never turn down anything to do with sex and money!!!” Haha… All very much true! This blog ain’t called BudgetsAreBoring.com, is it? ;))
I will say though that as much as this stat here on college savings is good, what would be even MORE interesting would be to see how many people could give up sex to have a full year’s worth of STUDENT LOAN DEBT paid off! Since that’s much more of an urgency these days vs something so far off in the future… (though still of course intertwined).
I was going to wait and see what you’d chime in here, but my curiosity got the better of me yesterday and I decided to do my own official poll through Twitter ;)
Here are the results so far (click the picture to see all the comments, haha…)
Surprisingly, the numbers were flopped from what I thought they’d be – especially for a group of finance people!
So either there were lots of people taking the poll without *any* student loan debt at all, OR, y’all are much better about enjoying your lives than I give you credit for ;) And well done in either case!
Here’s a nifty infographic that highlights many of these stats above, and more, if you want to please your eyeballs: The College Savings Crisis: How Parents Feel, Think, And Save. And then you can learn more about U-Nest here too if interested: u-nest.com
I’m not getting paid to share any of this btw, I’m just a sucker for all the juicy press releases being dropped right now! But hopefully you’re catching the nuggets lightly scattered throughout?! ;)
Killer resources and apps:
- Best Budget Templates & Spreadsheets (FREE)— The best free budget templates from around the community! Including the ones I use :)
- Personal Capital* (FREE) — A great app to track your investments and net worth. You can see an in-depth review we did here from a millionaire who checks it daily 😂
- You Need a Budget (YNAB)* (FREE TRIAL, then $14.99/mo or $98.99/year) — One of the BEST budgeting methods in the space, with new users saving $600 on avg their first two months, and more than $6,000 over their first year! Check out my friend Vic’s review of YNAB here that went on to completely change his finances 💪
- Digit (FREE 6 mo. Trial, then $5/mo) — This is one of my favorite apps for automatically saving money, and I even came on board as an advisor I believed in them so much! You can see my full review on Digit here.
- Acorns* ($3-$5/mo) – Similar to Digit, this app helps you automatically INVEST money by rounding up all your transactions to the nearest dollar and then investing it right away for you. My full review of Acorns can be found here.
- Honey (FREE) — By far my favorite coupon service out there! Click the Honey button any time you're about to buy something online, and BOOM - any discounts it finds will be automatically applied at checkout. You can see my write up on them here.
- Credit Karma* (FREE) — An easy way to check and monitor your credit score AND report! See my full review of these guys here.
- My Favorite Blogs + Books < -- Click here to see all my other recommendations!