Dear Kim,
I’m 45 and raising a 12-year-old and a 14-year-old on my own after my husband’s passing. My husband usually made our financial choices, and we didn’t have any college savings for our kids. I want to start saving for college, but I’m also worried about my own financial future. Is it selfish to put myself first?
Sincerely,
Money Conscious Mom
Dear Money Conscious Mom,
Have you talked with your children about their plans after high school? Do they want to attend college, pursue a trade, or go straight into the workforce? In Tennessee, the first two years of college are covered by Tennessee Promise, which can ease some of the financial pressure. It’s also worth looking into whether they’ll take AP courses in high school, since those can earn college credit and reduce future costs. These are just a few of the options that can help make higher education more affordable for them.
And no, it’s not selfish to put yourself first. It’s responsible. Saving for retirement at this stage of your life needs to be a priority, depending on what you already have saved and when you hope to retire. Taking care of your own financial foundation ultimately helps your children, too.
There are several factors to weigh in making decisions like these, and it may be helpful to sit down with a financial planner to talk through your goals, your resources, and the best way to balance your needs with theirs.
Kim
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