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.

• I graduated from college with under $9,000 of student debt.
• I'm making sacrifices to set up my five kids for financial success.
• I've opened 529s for them and taught them how to stay within a budget.

Back in 2007, I could tell that the costs of a college education would be astronomical going forward. I earned every scholarship I could, didn't own a cellphone, rode the bus, and worked full or part-time jobs almost the whole time.

It was rough. I escaped with $8,750 in student loan debt and considered myself lucky.

Like many parents, we're trying to help our kids avoid debt and put them on a strong financial path. We're also trying to do this on a moderate income. As a family with five kids, money seems to disappear faster than treats hidden in the pantry. But we've made a lot of sacrifices so that our children can have a fair financial start.

Keeping a rental property near a popular university

Our first home was a small house near two large universities. It was a great, cheap first house. Instead of selling it, we chose to keep it and rent it out. The rent pays the mortgage, and when our kids are old enough, they'll be able to use it if they attend one of the nearby universities.

If they choose another school, the rent will help offset their housing costs wherever they choose to go. I also like the idea that it has the potential to insulate our kids from housing costs that never seem to go down.

Remembering that the house is for them helps me deal with all the hard things that come our way, like repair or tenant issues. And keeping the house remains our greatest sacrifice. It would be so nice to sell the home and put the money toward a bigger, better home.

529 contributions

After each of my children was born, I opened a 529 account for them. I'll be forever grateful to the former Goldman Sachs executive who worked at our school after a career in finance. Her advice was always the same: it's not the timing of the market, it's the time in the market.

Opening a 529 account is easy once you know where to look. My home state of Utah had one of the top-rated 529 plans known for its low fees, high portfolio quality, and comprehensive management. If your state has a decent 529 plan, definitely look into it.

I set up automatic deposits to these accounts each month. It's not a lot — somewhere between $35 and $50 each month for each kid — but it builds up better and faster than you think it will. My 10-year-old's account has earned more interest than I've contributed at this point. They all have more money to go to college than I did, even the 2-year-old.

Budgeting practice

Have you ever told a kid, "We have $25 to spend on your birthday gift — can you find something under that amount?"

They will figure it out. They're up for the challenge.

I stick to my guns — I don't offer to make up the $5 difference for a $30 toy, which I think is cool. It doesn't sound like a big deal to just chip in $5, but a little disciplined spending will go a long way in their lives.

We buy things second-hand

Kids learn more by seeing what you do than by what you say. We keep our own spending habits (and attitudes) in check.

I often buy household goods secondhand. You can save at least 90% off the sticker price, and there's always someone you know giving away baby gear or kid clothes.

Christmas stuff and home decor are the same. Why pay $12.99 for a Christmas wreath from Walmart when you can get it at a yard sale for $1?

I'm also careful not to go too far. We all know someone who got themselves into major debt once they reached adulthood because their childhood may have been a little too strict.

Living in a rural area

Living in a rural area has some financial advantages, which benefit both us and our kids. Housing, child care, extracurricular activities, and some services can be less expensive.

Some programs are also available to everyone in the county. One example is a school lunch grant for the entire school district. Every kid gets a school lunch for free. This helps me save money on our current expenses.

We also live near a community college where my kids will be able to earn college credit. The credit is nearly free because of a local scholarship program. This will go a long way toward keeping them out of debt.

Encouraging careers in the trades

Our kids are still too young to be on this path, but I'm totally supportive if they want to become HVAC contractors, deep-sea welders, machinists, or any other kind of trade.

I see a lot of value in learning skills outside a university. Even if these trade programs are expensive and require years as an apprentice, they're usually worth it. It's smart to earn significant money in a trade in a short amount of time.

I'm hoping that our sacrifices will help our children stay out of debt and build wealth. It's important to me to help where we can without sacrificing our own financial future.

What's even more important than the things we're doing is the attitudes we help cultivate in our children toward money. I hope we can give them healthy (and correct) attitudes toward money so they want to build wealth for themselves.