Son a sophomore in high school. Do we spend all of our money now on upcoming expenses, or wait?

Son a sophomore in high school. Do we spend all of our money now on upcoming expenses, or wait? Topic: Son a sophomore in high school. Do we spend all of our money now on upcoming expenses, or wait?
May 23, 2019 / By Cayley

Question: Our son is 16 and wants to go away to college. We also have 14 year old. We only have $25K total saved for college. No mortgage. Both cars are old, but paid for. Very high expenses over past 5 years of a chronic illness in the family, we've been spending more than we earn, so a once large nest egg is gone. We do have some savings in our 401Ks. Our house has some rot and mold, painting etc. that we have delayed repairing for several years. Both cars have well over 100K miles and the kids will need a used car soon as they get licenses and part time jobs. One of us needs two surgeries with large deductibles. We're trying to decide: 1. Put off all repairs and surgery and used car and try to continue saving money for college. 2. Spend everything we saved for the kids on all of these big expenses. They'll have no savings at all but with no mortgage they will probably not qualify for any aid. 3. Take out an equity loan for $25K and get everything done. Maybe a better chance for some aid?

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