Parent to parent: College, two at a time

The painter gave me his estimate: $880 for the second-story windows, and $2,200 to paint all the peeling trim around the house.

Two weeks later, I was up on an extension ladder, taking care of those sun-ravaged windows myself.

Such are the sacrifices we make with two kids in college.

Like everyone else, we had heard the warnings again and again throughout the years: college costs are rising, and the only way to be ready for them is to sock away a gazillion dollars.

Maybe you actually heeded that warning. If so, permission to gloat is granted.

For us, there just wasn't ever enough to put toward college savings after buying the groceries, making the car payments and writing the mortgage checks.

Financial planners and personal finance columnists would beg to differ. They'd argue that you should put a big hunk of your paycheck into savings before you ever see it. If you don't have the money to buy something, do without.

Life's expenses

They may have a point, but it's just us parents talking here, right?

We know that minivans blow transmissions, and that orthodontia isn't fully covered by the dental plan.

We know that childhood is fleeting, and that maybe once before the kids grow up it's worth taking the family to Yellowstone National Park or Disney World in Florida, even if you do have to stick the bill on plastic.

Then, before you know it, you've got two of them in college and you don't have enough savings. Now what?

Cutting back

A couple years ago, I met an ABC News producer from back East who had a daughter at the University of San Diego and a son at the University of Colorado. He and his wife were paying private tuition for their daughter and out-of-state tuition for their son.

"We sold our nice house in a nice neighborhood, and bought a house that isn't so nice in a neighborhood that isn't so nice," he told me.

That's one solution, and probably one that those frugal advice columnists would applaud.

Personally, I'd rather pursue something less radical. One is to avoid paying out-of-state tuition, something that seems especially wasteful for anyone in California, with its outstanding public universities.

The other is to cut back on expenses -- postponing that kitchen remodel, buying the sensibly priced sedan, brown-bagging your lunch.

A wise investment

When all else fails, borrow. Over time, our three kids did manage to accrue some college savings, thanks mainly to gifts from their grandparents. Still, we've had to rely on federal direct loans and some of our home equity to cover all the bills.

We're not big fans of debt, but we also know the value of a college education -- and the struggles that might be in store for our kids without one.

Maybe we didn't save up enough money over the years, but at least we're trying to be careful when it comes to spending it.

Last week, I was back up on the ladder, painting the cracked and faded trim on the back of the house.

You do what you can.