As someone without children, I have taken it upon myself to contribute to my nieces’ and nephew’s futures by opening college savings accounts for each of them. While these accounts are designated for education, my intention is not to impose a college path on them; rather, I want to empower them to make choices about their own futures. I hope that they will come to understand the financial implications of pursuing higher education. Alongside this, I cherish the opportunity to spend quality time with them, embarking on new adventures and experiences that strengthen our bond. Whether it’s helping my nephew practice football or assisting my niece with her Halloween costume, I view my role as an aunt as one of support and guidance, complementing the nurturing efforts of their parents.
My approach to being an aunt includes actively supporting my siblings as they navigate the challenges of parenthood. After a long week of caring for their children, I aim to alleviate some of the burdens by engaging in activities that enrich the kids’ lives. For example, I deliberately took the initiative to open college savings accounts for my nieces and nephew eight years ago, ensuring I could contribute to their educational expenses. Given my financial situation—having two incomes and no children of my own—I felt it was a meaningful way to invest in their futures. My goal is to provide for one-third of their college-related expenses, using the average costs associated with tuition and dorming at the University of Minnesota as a benchmark.
Reflecting on my own experiences with student loans, I recognize the challenges many face when it comes to financing their education. I was fortunate to graduate with under $30,000 in debt, thanks to my parents’ support and attending a school that offered a good value. Even so, it took me 15 years to pay off my loans, a process that was often stressful. Hearing stories of others whose debts ballooned despite making payments underscores the importance of strategic financial planning. As such, it’s crucial to me that my nieces and nephew have resources available to them so they can consider college if they choose, without being burdened by overwhelming debt.
My oldest nephew, now 12, is already beginning to grasp the reality of college costs. I do not want him to feel anxious about his future, yet I also wish to avoid imposing traditional paths on him. The savings I’ve accrued for him will remain his to use, regardless of whether he pursues higher education. While I have some uncertainty about how they might access these funds if they opt not to go to college, I see potential for them to use the money for other pursuits, such as starting a business or investing in a home. However, I recognize that any non-educational use of these funds may incur penalties and taxes, so I plan to require approval for such withdrawals to maintain responsible management of the accounts.
Another key aspect of my philosophy regarding their education is the notion of personal responsibility. I believe it’s important for young people to play a role in financing their education. By contributing toward their education, they learn to value it and understand its significance. I want them to experience the full breadth of higher education’s benefits while remaining cognizant of the costs involved. I encourage them to embark on worthwhile educational experiences, such as studying abroad or exploring diverse classes, but I want them to remember that my financial support is an investment in their future, not a means to fund a carefree lifestyle.
Moreover, I want my nieces and nephew to be aware of the cost differences associated with various colleges and universities. By taking advanced placement classes or earning community college credits, they can stretch their savings further. Ultimately, the decision on how to utilize their resources rests with them, and I am here to guide and support them in whatever choices they make. As I look ahead, I am excited about the possibility of being an integral part of their educational journeys while ensuring they are equipped to make informed, responsible decisions about their futures.
