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December 3rd, 2007 at 09:00 pm

My son is filling out applications for financial aid for next year, so he was asking me some questions tonight. One of the questions was how much I have saved. It's pretty pathetic when the 46-year-old mom has to tell the 17-year-old son she has $100 in her savings account! Geez, my son has more money in his savings than I have in mine (not much, but STILL)!! I don't think he believed me at first. I can hardly believe it myself, actually ... it's such a depressing feeling.

6 Responses to “Pathetic”

  1. annab Says:

    well, your son's not a single parent of two teenagers! I think his situation's going to be a little easier without that responsibility. Besides, can he say that he's succesfully raised a child up so that the kid's ready for college? Smile And the way tuition is, probably the less $$ you have on hand, the better for the financial aid. So no frowny faces!

  2. dmontngrey Says:

    Yes, take this as a "blessing" right now. The less money either of you have will make it easier for your son to receive financial aid. You wont have more of the burden pushed back on you as the money is not there! Yes, this may mean loans and that's a choice you'll have to make. At least they will be available as an option.

  3. mbkonef Says:

    Look at it this way, it is $100 more than many people have. If you are finally focusing on finances, by this time next year you should have a much better number to report so focus on your future progress, not your past mistakes. You cannot change those anyway unless you have invented a time machine! And if you did, you could be rich anyway so you wouldn't have to go back and change them now! (sorry - my kids tease me all the time that I have a bizarre sense of humor.)

  4. threebeansalad Says:

    I'm 29. My Dad recently gave me a box of my old college financial aid forms and asked me to shred them. I don't feel comfortable posting about his financial status on the internet, but let's just say I was really surprised by the amount they had saved outside of retirement. They didn't live lavishly, either. Kids are expensive. They are doing a lot better now that my brother and I are out on our own, I think, plus they recently paid off their house. I also agree with mbkonef-- don't let your past bog you down. Take what you've learned and move forward to make your future better!

  5. koppur Says:

    When I was applying to college (I went from 1996-2000), my parents had money in places they couldn't/didn't want to get to: real estate, some stocks and bonds that were still not matured enough to cash in, retirement fund, etc. As a result, on paper it looked like they had a good amount of money, but in reality, they didn't have a lot of extra money. But becasue of what it looked like on paper, I was only granted about $5,000 a year in financial aid, for a school where it was over $20,000 a year to attend.

    My point in this long ramble: not having a lot in savings will be FAB for your son in terms of getting some good financial aid!

    Plus, the $100 do have is more than some people, and a great start! Welcome to the boards! Smile

  6. Broken Arrow Says:

    For what it's worth, I find that realizing the need and the desire for financial freedom is much more important than how much money one has in the bank right now.

    All the money in the world won't help if you plan on spending it all.

    Conversely, if you have the desire for financial freedom, then it's just a matter of time before you have a nest eggs that is far beyond what you have now.

    However, I also have a teenage son, and for their sake, I hope that they all learn the importance of financial responsibility sooner rather than later.

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