‘We grew up poor and financially ignorant’: My children are 14 and 16. Is it too late to save for their college education?

Dear Quentin, 

My husband, 51, and I, 48, are wracked with guilt over our lack of saving for our children’s college educations. Our kids are aged 14 and 16. We have never been extravagant spenders, always spending frugally (used car, eating in, careful budgeting, delaying buying a house).

However,…