Fabulous Financials

I had a conversation with a trusted friend about BabyGirl’s college expenses.  I was hemming and hawing and complaining about everything under the sun explaining to him that if BG didn’t get a (at minimum, partial) scholarship to attend her #1 school of choice, we may have to resort to a state school due to limited funding.  After our conversation, he made me realize something I had not considered.  First, he asked…

“How much is the est annual cost to attend her #1 school of choice?”

“Umm…about $25-30k per year, all considered.” I rattled off the number very slowly for emphasis.

“So…how much were you earning just a few months ago?” he continued.

“$xk” I said matter-of-factly because he knew how much I earned at my last job.

“Aaaand…how much do you earn now – at your new gig?” he asked with a smirk on his face, as if he was making a point.

“About $20k more…” I said and rolled my eyes because I saw where he was going with this.

“Single Ma, I know I don’t need me to tell you this, but don’t block your blessings. Let BG go to the school of her choice. God has already made it possible for you, kiddo.” he lectured, then pat me on the head as if he was The Old Wise one now.

“Hmm…I see your point.  But if she gets down there and starts acting a fool, I might have to roll up on that campus in my hair rollers, scarf, housecoat, and bedroom slippers!” I responded with a slight laugh, although I was more serious than I let on.

“Well if she isn’t maintaining her grades or running behind some hoodrat, then you have every right to bust a cap…I mean cut her off. LOL  I’m just saying…let her go.  God has already made a way so you don’t have to worry about where you’ll get the money.  You know education is important…it changed your life.  Now invest in your daughter’s future.” he said to me with a very serious look on his face.

“Yea, you may be right…I’ll think about it.” I said, then exhaled a big ole’ sigh.

So here I am, thinking about allowing my BabyGirl to attend the #1 school of her choice, regardless of the financial outcome.  Maybe God has prepared me for this moment.  I have no debt (except mortgage), about $50k in cash, another $10k in non-retirement investments, and enough disposable income to take on a second mortgage college tuition bill.

Funny.  God knows what you need before you even ask Him. (Matthew 6:8)

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As mentioned yesterday, BabyGirl was accepted to her #1 college choice and the fabulous Well-Heeled offered to write a guest post for us about preparing for college life in the dorms.  I hope you enjoy it.  I sure did!

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Many colleges and retailers (Bed Bath & Beyond, Target, KMart, etc.) will provide lists of things that are useful for dorms. Before you buy anything, though, be sure to check with your college on what appliances are allowed (fewer than you’d think – my college prohibited hot plates and George Forman grills because of fire hazard concerns) and if your kid will be sharing a room, check with the roommate to make sure  there won’t be two sets of microwaves, bookshelves, etc.

From my college experience, here are 10 Must-Haves for Keeping a College Student’s Dorm Room in Comfort and (some) Style.

1. Mini-fridge: Good place to stash the leftovers from last night’s marathon study session and eat it for lunch the next day! Teaches kids to appreciate the complex flavors of a well-marinated leftover meal. ;) Also good for stocking non-alcoholic soft drinks in the dorm room.

Mini-fridges can cost upwards of $200-$250 (especially for the bigger, more well-designed of mini-fridges), but cheaper models can be found for under $100. Super forward-thinking parents who live near the college campus might contact graduating seniors to buy their mini-fridges for a big discount. Mini-fridges can also be found on Craigslist.

2. Microwave: A good microwave is important – for some nights before finals I live on microwaved ramen because I didn’t have time to go to the dining halls. There’s no reason to spend a lot on a microwave, as a basic, quality model can be found for $50 to $75 new. Again, Craigslist will have microwaves for as low as $10. Be sure to test out used microwaves before you purchase, however – there’s nothing worse than a dorm with a broken microwave.

3. Reading lamp: IKEA is my favorite destination for a good reading lamp (a lamp with enough light and an adjustable neck). I’ve had my reading lamp for 5 years, and it’s still going strong. Expect to spend $25-$30 for a reading lamp, less if you buy it second-hand ($5-$20).

4. Area rugs: Yes, most dorm rooms have carpets. But they are ugly, scuffed up, and not very comfortable! One or two area rugs scattered around the bed or the desk will cozy up the room and add a little bit of color to the often industrial-looking carpeting that dorm rooms have. I’ve seen rugs for $10-$20 at Target or Home Goods.

5. Sheet sets, pillow(s), & comforter: Make sure to check if your dorm room requires Twin or Twin XL – you will need to buy different fitted sheet sets for each size. Each set usually includes 1 pillow case, 1 fitted sheet, and 1 flat sheet. I like to go to Target, TJ Maxx, or Marshalls for comfortable, relatively high-thread count (300+) sets for a reasonable price. Expect to spend $20-$40 per sheet set and $50-$100 for a down or down alternative comforter. You will need at least 2 sets of bed linens (one set to use while one set is in the laundry). Overstock.com is another great online resource to get bedding.

Also, a pillow is a good thing to bring – my college offered 1 pillow per student, but these were not the pillows that will help you get a good night’s rest (imagine a $5 pillow slept on by 30 students before you. Now you see). A good pillow can cost however much you want to pay, but I find that pillows in the $30+ range usually offer a better level of comfort. Costco can be a great place to get very expensive pillows for not very expensive prices – I got a down pillow for $35.

6. Shower Caddy & Flip Flops: A shower caddy can be purchased very cheaply ($5-$10) from Target. A few pairs of shower flip flops ($2-$4 a pair at Old Navy) are also a must-have. Because communal showers might be a college experience, but foot fungus should not!

7. Laundry supplies (detergent, bleach, stain remover, laundry basket, dryer sheets, rolls of quarters if necessary): $3-$10 per item at Target. I suggest the concentrated version (2x or 3x) of the detergent because they come in smaller bottles and last longer.

8. Butterfly chair or bean bags: Cheap and easy extra seating for the dorm. They are ~$15-$30 at Target (the mecca of college dorm shopping) or Overstock.com. When it comes to extra seating, it’s important to buy something that is 1. comfortable, 2. cheap enough that you won’t be broken-hearted if someone spills on it, and 3. easy to transport (butterfly chairs can be folded up, and bean bags can be squished into a small space for transport).

9. A set of unbreakable, plastic dishes & utensils: when late night munchies hit, it helps to have a bowl to make some ramen. $10-$15 at Target, TJ Maxx or Marshalls.

10. An individual Britta filter: $25, plus ~$10 for a set of 4 filters. This way, fresh water is only a bathroom (and a filter) away!

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Thanks Well-Heeled!  If you enjoyed this guest post, please check out her blog Well-Heeled, with a Mission or follow her on Twitter.

From your college experience, is there anything you would add to the list?  Any preparation tips you’d like to share?

If you follow me on twitter, you may already know this.  BabyGirl was accepted to the #1 college of her choice! Yaaay! Woo-Hoo!  Now we’re really college bound!  Congrats baby!

The hardest part is over, but next, we have to apply for scholarships, meet with the CPA/tax planner, file our 2009 taxes, complete financial aid forms, work hard to maintain (and improve) her GPA, actually graduate – and then the fun part – prepare for college life in the dorms!

When I was in college, I only lived in the dorms for one year.  However, my room was private and apartment style, which means I have no idea what is needed to feel comfortable in a communal living environment.  So I reached out to my twitter peeps and asked them for advice about “must have” items and their estimated cost.  In response, the fabulous Well-Heeled offered to write a guest post for us.  Stay tuned tomorrow for the deets!

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After an intense 8 week prep course, BabyGirl took the SAT a second time and improved her scores by 110 points.  Most of the improvement was on the writing portion, but the math score improved a little bit too.  We’re satisfied with the score, it’s in the scholarship range, so we don’t plan to test again.  BabyGirl is relieved and my pockets are too.

We’ve finalized the list of schools she’d like to attend and she’s already applied to two of them online.  We’re attending the Fall Open House for her top school this weekend and we’ll submit the application for that one in person.  The SAT scores, transcripts, and counselor/teacher letters of recommendations have been mailed.  By this time next week, the only thing left to do will be sit back and wait.   Uh…the wait.

BabyGirl has done the hardest part and I’m so very proud of her.  My child…my only child…my baby girl is almost college bound.  Wow!  When we receive that acceptance letter, I will consider it my highest and proudest life achievement to date.

To think, when I was her age, I was knocked up and worried about how we would survive.  For the past 17 years, this is the year I’ve feared the most because I didn’t want her to repeat my same mistakes.  But at the same time, it’s the year I’ve been waiting for.  My daughter will be the second in my family (maternal & paternal) and the only in her generation (in terms of grand/great-grand children) to attend college immediately after high school and avoid teenage pregnancy. Sad familial stats, I know, but on the bright side, it means we’re breaking the cycle and leading change.  Woo hoo!

I’ve made many mistakes while raising my daughter and there are many things I’d do differently if given a do-over, but I’m proud of how far we’ve come together. Go us!

BabyGirl’s college fund has a net loss of over ($450) since inception.  This may not be a huge amount to some of you, but considering she’s a year and half away from entering college, we can’t afford to LOSE anything.  So I stopped contributing to her MD 529.  This week, I plan to open a VA 529 and select the College Wealth option that ONLY invests in safe instruments and is insured up to the FDIC limit.  Same annual fees, less risk.  Then I’ll rollover the MD 529 balance and reinstate my contributions.

She is taking the SAT in May.  And we plan to take it again in the fall for the best score.  The cost of the test is $45.  The cost of test prep is more than 2x as much.  But that’s ok.  I do what I have to do so she can have the best opportunities.

She’s also in the process of narrowing down her college choices and creating a top 5 list.  Surprisingly, Spelman has lost the #1 spot.  *secretly thanking the powers that be*  So far, she’s adamant about attending an HBCU and she’s fairly confident about what she wants to study, but she’s flexible on location.  Whatever school she chooses for the top 5, we’ll arrange a visit to school #1 and #2 during spring break.  Our plan is to meet the early application deadlines in November so we can receive the decision letters by December.  Then next year (2010), she can focus on enjoying the final months of her senior year while I focus on how NOT to go broke.

I’m so excited!  But not for reasons you may think. I’m ready to get this &*%($# teenager out of my house! Ha!  I’m just playing, I didn’t really mean that.

Ok, maybe I did…just a little. :-)