I'm a mom of 5. We are making a lot of sacrifices as a family to keep them out of debt as they get older.

In preparation for their futures, I opened 529 accounts for my children and taught them budgeting skills, understanding that college costs would only rise. My own experience in 2007, where I managed to graduate with only $8,750 in student debt despite making personal sacrifices, fueled my desire to help them avoid a similar fate. With five kids and a modest income, we have made sacrifices to ensure they start off on the right financial foot.

To facilitate this, we decided to keep and rent out our first home near two large universities instead of selling it. The rental income helps pay the mortgage, and when our children are ready for college, they can use it for housing. This approach also offers a hedge against rising housing costs, which can be a significant burden for college students.

Each month, I make automatic deposits into their 529 plans, modest amounts between $35 and $50 that accumulate surprising amounts of interest over time. My children's accounts already exceed what I had saved for myself, setting them up for a less burdensome financial future. Encouraging them to understand budgeting, I give them limits for gifts and refrain from adjusting those limits, teaching them disciplined spending.

We emphasize mindful financial habits by buying second-hand goods to save money for necessities and decorations, as well as taking advantage of local community programs that provide financial support features like free school lunches. Living in a rural area has its benefits, from decreased living costs to opportunities for my kids, including earning college credit through a community college that offers scholarships.

Ultimately, my hope is that our sacrifices will lead to our children building wealth while staying debt-free. We are focused on fostering healthy attitudes toward money, encouraging them to consider various career paths, including skilled trades, that can provide financial stability. By instilling these values early on, I believe we are laying down a strong foundation for their financial futures.