By OGEY UCHEATU
A wise person once said that “although we may not be able to prepare the future for our children, we can at least prepare our children for future” (Franklin Roosevelt). We often hear of children with great potential and strong academic prowess who might have to incur a huge amount of debt in order to achieve their academic aspirations. Therefore, as wise mothers, it is important for us to look ahead and start saving for our children’s future.
A culture of financial prudence is critical for long term success and stability. A family that prepares for the future is better equipped to provide their children with a great education, and a good quality of life. According to proverbs 13 verse 22, “a good man leaves an inheritance to his children’s children” (NKJV).
I am particularly passionate about this topic because my parents were very gracious to me in the area of academic financing. I come from a culture where educating the female child is often seen as a lower priority because she would ultimately be married off to a man. However, my parents decided to give me the highest possible education regardless of gender. They set aside funds for my college education which enabled me to complete my undergraduate and graduate degree. As of today, I have no student loan debt. Their investment enabled me to step into my future with confidence and has inspired me to do the same for my children.
Therefore, I implore us as parents to start thinking ahead about investment plans that can generate income for our children’s future. It could be as simple as setting aside funds in a certificate of Deposit (CD) savings account or opening a 529 college savings plans either online or at your local bank. You could also plan to have a set amount of funds automatically deducted from your bank account into the savings plan. It could even be as little as few dollars a month, but as long as we start somewhere, we will see the compound effect of our investment in years to come. So let’s start today!
Here are a few college saving options that you can explore:
1. Maryland 529 College Savings Plan
2. DC College Savings Plan
3. Virginia 529 College Savings Plan
Saving for the Future
By OGEY UCHEATU