College Money Account or Retirement Account Which Money Do You Use? - By: Steve Purselle

It can be extremely difficult at times to decide which money to use for paying your kid’s college bills. Some people use their retirement funds which get favorable tax treatment, while others use their special college account funds.

My son had a little money saved up and it was gone within 9 months. Once out of the house he lacked any fiscal sense. Also, as a freshman in college he didn’t care which money he used, his or mine. Also the new found freedom were very good too, so he then ended up in summer school to make up for his bad grades.

So I got a message about four weeks remaining in the summer session and he needed $7,000 just for his stay at summer classes. Should I have to pay for it? Should I make him come home and work for the year to pay it off? It was his own fun that put him in this mess in the first place. Which money should be used to get him out of this mess, mine or his?

To make matters worse, I’ve been out of work for three years during this never ending Great Recession. My state also just raised the income tax so that has created even fewer jobs. Which money were they trying to improve, mine or the theirs? The state is practically broke and I’m on my way too.

Which money should be spent for this summer school extra fee because my son was extremely irresponsible? He finally got a part time job. He has repeatedly told me that he is searching for another job. He keeps telling me he’ll handle it, so why is there a need for the money?

Now here’s a young man that is over $40,000 in debt for college over the last 11 months. He now needs more unexpected cash and which money should pay it? I have only a couple months left of cushion before I can't pay my bills, so I think he’ll just have to find a way to pay it for himself. Jobs are hard to find for everyone, but easier for entry level and there are other incentives that he could take advantage of if he asks enough people.

Which money do you think should pay for this problem? I already have headhunters trying to place me, I have thousands (truly thousands) of resumes out through Career Builder and Monster, I have inquiries out all over the place and only get one interview in six months.

Let me know what you think, which money should pay for my son’s problems. Please be open because we are really at our mind's end right now.

About the Author

Steve Purselle is an independent freelance writer specializing in money, but like everyone else has hit hard times during the Great Recession. The government doesn’t seem to have a plan for people like him. Steve's College Toolbar is helping a little but it is not enough. Comment to this article with your ideas.

Article Directory Source: http://www.articlerich.com/profile/Steve-Purselle/166701

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