How can lesbian mothers help themselves to help their children?
Do lesbian mothers have to choose between saving for retirement and sending their children to school, or sending their children to school and not having sex? NO! Read on so you don’t stop having sex.
Note: This is a sponsored article. This means we received compensation for writing this article at no cost to you. However, we only recommend products that we use or that we have thoroughly reviewed and that we would recommend to our mothers, even if our mothers are not lesbian mothers. As always, all opinions are our own.
How can lesbian mothers have it all?
Are you ready to stop having sex for a year? If your children are in college, you can opt for this. Why? Underground nest found that 72% of queer parents and 61% of straight parents would be willing to give up sex for an entire year in exchange for a year of free tuition.
Those are some drastic measures. Fortunately, you don’t have to take them. Don’t you believe us? Let’s talk.
Is it important for your child to go to college?
Probably yes, if you’re like most parents. Especially, yes, if you’re like most LGBTQ parents. 82 percent of LGBTQ parents believe that saving for their children’s college education increases their child’s chances of success.
Our community knows as well as any that, as Horace Mann said, “education is the great equalizer.” Education means freedom.
Education is equality.
All of this is true, but college isn’t free. In fact, it is quite expensive and is getting more expensive every year. It is so expensive that most families, let alone students, cannot pay for college out of their own pockets.
As a result, most families are turning to financing, and LGBTQ mothers are more likely than almost any other group to take out loans for their education. Prudential’s 2018 Financial Wellness Census shows that financing major purchases, such as a college education, is a top priority for lesbian mothers.
Good training is important and a little help can go a long way. You could borrow the money, but too much debt is harmful, especially if you are sacrificing your future for your child’s future.
Did you know that you don’t have to sacrifice your future for your child’s future?
Even if you’re not a tiger mom, you may risk being the sacrificial lamb for your child’s success.
U-Nest also found that parents prioritize saving for their children over saving for their own retirement, paying off their mortgage, taking a vacation or paying off their own student loans.
That’s noble and all when you’re in your 20s, 30s and even 40s, but how will you feel when you’re in your 70s? 80s? or 90s?!
You need someone to care for you, and the more someone else has to pay for your care, the less they may care about the care you want.
Therefore, you may have to leave your home because the home care you want is too expensive. You may be forced to go to a nursing home you don’t like because you can’t afford the one you’re staying in. You may have to retire to get the care you need because the nursing home you can afford is not LGBTQ-friendly.
The good news is that with the right plan and tools, you won’t have to sacrifice more than you already have for your child.
Are you properly planning to send your child to college?
Did you know that almost 40% of parents do not save anything for their children’s education?
Nothing. Nada. Nothing!
We get it! Children are expensive. They can’t believe how much we cost and we can’t forget it because our parents won’t stop telling us.
Plus, saving for college seems so far away until it’s too late. Then it is almost, but not quite, too late.
The best college savings plans have two savings strategies: saving early and saving often. But all too often, families wait too long before they start putting money aside.
Whether your child is still a speck of stardust floating in the universe, being baked (not the college kind, but the pregnancy kind) as you read this, or a walking, talking human being, start saving today .
Then invest a little more into your college savings on a regular basis. Most people who save for college save a small portion of each paycheck.
If you can save $5 per paycheck without sacrificing your future, then do it. If you can save $15 per paycheck, do it. If you can save $25, do it. If you can save more, do it.
The more you can save regularly, the better your college savings plan will be. But saving for college isn’t just a strategy. It’s also about using the right tools.
Did you know there are tools you can use to save for college?
If you didn’t know about 529 college savings plans, you’re in the majority. According to U-Nest, only about 10% of queer parents saving for their child’s education use a tax-free 529 college savings plan. Most use a regular checking or savings account with interest rates so low that savings don’t grow.
And that’s a shame, because 529 college savings plans are great. Here’s why.
- 529 College Savings Plans are government-sponsored plans designed specifically to finance college and have generous benefits. The 529 College Savings Plan maximum annual contribution limit for 2019 is $15,000.
Investments in a 529 College Savings Plan grow tax-free at both the federal and state levels. However, contributions are not tax deductible.
Your friends and family can contribute to your child’s 529 plan. However, keep in mind that 529 College Savings Plans impact a student’s qualifications for financial aid. Another note is that gift tax may apply to donations that exceed $15,000 per donor and recipient in a given year.
The flexibility of 529 College Savings Plans is that they can be transferred to another beneficiary if the original beneficiary – your child, the one you originally had in mind – fails to use all or part of the plan’s money. This means you can pass the leftover money on to other children or grandchildren or even use the money yourself for your own education.
No matter what happens, someone will become wiser.
So what are you doing?
If you’re like us, you like to keep it simple. If this all sounds too difficult, we have even better news.
U-Nest is the first and currently only mobile app to help all families, gay dads and lesbian moms, create, save and optimize a 529 college savings plan for their families.
In five minutes (1, 2, 3, 4, 5 minutes) you can set up a 529 college savings plan through U-Nest, set your recurring monthly contribution mentioned above, easily adjust contributions over time, and track your progress.
Yes, you can do all of this from your phone, and there’s more.
U-Nest’s financial experts will optimize your plan to ensure your money is invested in the smartest way based on the plans available to you (based on your state of residence), your child’s age, and your recurring contribution amount , all for just $3 per month.
This is super cheap!
So what are you waiting for? Your children and your future self will thank you.