The Love of Money

by Matt D.

I realize that I’m in a unique position as a volunteer of the Child Support for College program, but my most rewarding moments with clients have been opening college savings accounts for single mothers.

The first time I met with a client who was inclined to open an account for her child, I was quite conflicted.  I know the importance of a college education, but rationally and numerically, I thought it best to place emphasis on other priorities – like paying off debt and establishing emergency funds. She did have a job but was squeaking by. Just to make a small opening deposit would have been tough on her budget. Not to mention that in my professional practice, I advise prioritizing retirement over college education (there are no loans, grants, or scholarships for retirement). And besides, I knew that Mom’s $100 might only buy one textbook when it came time to use it.

 (Editor’s note: Every dollar counts! According to a recent study, “A low- and moderate-income child who has school savings of $1 to $499 prior to reaching college age is over three times more likely to enroll in college and four times more likely to graduate from college than a child with no savings account.”1).

When she kept pushing for the account, I didn’t exactly stand in her way, but I voiced my reservations. I told her about the plans that were available to her, but also mentioned the possibility of putting this money elsewhere, where it might make a bigger impact down the line. But Mom remained steadfastly committed to a college account, and while the numbers still never convinced me, seeing the commitment she had to giving her daughter a head-start was an eye-opener. Giving her daughter this account, no matter what the amount, meant a lot to her. She didn’t want her daughter to squeak by, but to get the education that Mom hadn’t been able to get.

With my first client, I learned that value isn’t only numerical.  The money might not have been the key to her daughter’s success, but there is an emotional component that often matters just as much, and in this case, more than the numbers.  These moms were eager to do something, anything, to set aside college funds for their children.  So, they did, and I was able to help them.  As I met with more of these single mothers, I changed from being hesitant (even discouraging) to open such accounts to eager. Each of them left the office with smiles on their faces and true senses of satisfaction.  These mothers had given children gifts for their future – small in number, but huge in significance.

1. Elliott, W., Song, Hyun-a, & Nam, I. (2013). Small-dollar children’s saving accounts and children’s college outcomes by income level. Children and Youth Services Review, 35 (3), p. 560-571.