Saving for Your Children on a Single Mom's Income

I need to thank my mother and father for what happened next. They are both well-educated about money and always taught me to make wise choices. As a matter of fact, my father spent 25 years as a Certified Financial Planner. My mom applauded me for focusing on taking care of my son, staying level-headed and not letting my emotions get the best of me.

Because they raised me well, I was able to pick up myself up from what had happened and continued taking care of my son. I’ve hit a few bumps in the road along the way, mainly from trying to sell the house I still own with my ex-husband in this terrible real estate market, but I have to say I’m in a better financial position now without him.

The most important thing is I never stopped saving for my son’s future. When times got tough, I still had $5 deducted from my paycheck and automatically deposited into a savings account. I knew it wasn’t much but I knew I wouldn’t miss it from my paycheck either. That’s a happy meal or a cup of Starbuck’s coffee. When I receive a bonus or a raise, I make sure a larger deposit goes in.

There are many accounts out there, from UTMAs to 529s; you just need to decide what’s right for you and open an account when it’s a good time. You can even invite relatives to help you in lieu of gifts at holidays and birthdays. If you’re frustrated that you can’t pay for your child’s entire college tuition, don’t be! Every little bit helps them when it’s time for them to go on their own. Five dollars a week plus interest adds up over 18 years.

I’m not sure whether my son will go to college but I feel good knowing that there is something put away for his future and is there for whatever he wants to do with it. He’ll know that no matter how hard times were, I always thought of him and his happiness first.