The Beginning of Our Financial Planning Journey

In 2021, my spouse and I found ourselves a year into postgraduate life and navigating the new waters of parenthood. Our financial knowledge was in its initial stages, and the added responsibility of a baby made it imperative to think more about our financial future.

As we watched our son grow, the saying, “The days are long, but the years are short,” began to resonate deeply. We realized it was time to start saving for our son’s future.

Why We Chose a 529 Plan

Despite our rudimentary understanding of financial planning, I delved into research, analyzing internet resources, listening to financial podcasts, and experimenting with projection calculators. After months, we decided to initiate a 529 account for our son.

Our decision was influenced by several factors, including tax-free growth, the flexibility of using the fund for trade schools or alternative education paths, and even for his K-12 schooling.

Financial Planning Amidst Daily Expenses

Like many parents, we were juggling various expenses, including mortgage, homeownership costs, vehicle maintenance, and high grocery costs. Despite these pressures, our resolve to invest consistently in our child’s future has become a cornerstone of our family’s financial mindset.

Small Contributions Towards Education Savings Add Up

At first, we could only afford small contributions to the 529 college savings plan. However, we started viewing it as a necessary expense, like utility bills. While we won’t be able to cover all of his future education costs, our intention is to equip him with the values of hard work and financial stewardship.

Building Legacy Through Financial Planning

Beyond being a simple financial decision, saving for our child’s future is linked to our legacy. It requires planning for the future while staying present, setting systems that reflect our values, and maintaining consistency, even in difficult times.

With every monthly contribution to our son’s 529 plan, we move closer to securing his future. Our hope is that our legacy will be one of thoughtful planning and intentional actions, rather than grand gestures.