A new way to become selfish—financially selfish

You’ve probably read about taking care of yourself and making sure you put yourself first.  In fact, writers for Omaha Mom’s Blog have written about it here and here.  I’ve even written a post about putting myself first and getting back into working out.  Mom guilt is a real thing and we as moms need to come together and collectively give each other permission to let go of the guilt!  But even as moms take back their time and do something for themselves, there’s another way we need to put ourselves before our kids—financially!

Millennial moms are likely still paying off student loans (if you aren’t then congrats)!  The Class of 2017 graduated with an average of $39,400 in debt which is at an all time high.  Many moms then, who are recent graduates, are experiencing the woes that can come with high student loans and are trying to make sure their bundles of joy don’t experience the same debt issues.  Many families begin some sort of college savings program such as the NEST 529 plan to help offset the financial burden from their kids.  But focusing on helping your kids take care of college can put you in a worse financial situation later in your life.   

How to become financially selfish

You’ve got to focus on your financial security first.  You cannot put all of your savings into your kids’ lives—like education, activities, cars, etc.—and not focus on your finances.  It’s tough to think about yourself first, but if you aren’t saving for your retirement or your future, what might actually happen in your life? 

I’m not suggesting ignoring your kids and their college education funds. But I am telling you to save for your retirement first and then you can put money towards a NEST 529 plan.

Don’t worry.

Your kids will be able to work and can save up some money for college.  There are also grants, scholarships, and other funds available to help offset costs.  Finally, as of now, there is nothing hindering the ability to take out a loan to pay for school.  But these same options are not available to you—at some point, you will no longer have time on your side to work and save up for retirement.  You cannot get a scholarship to retire (unless you call that the lottery—but I wouldn’t put that as Plan A), and there is no bank that would ever consider a retirement loan a good business decision. 

You’ve got to focus a little on you and take care of yourself financially before worrying about your kids. 

Jamie
Hi I’m Jamie. I’m originally from Aurora, CO. I moved to Nebraska to attend Hastings College to where I ran into my husband while running on the Track Team. I have my Ph.D in Economics and work at the University of Nebraska at Omaha as an Assistant Professor of Economics and Director of the Center for Economic Education. As a professor I teach economics to college students and research economic education and financial literacy education. As the Director of the Center for Economic Education I get to work with the Omaha and surrounding area K-12 teachers and teach them how to teach economics and personal finance in a fun and engaging way. Economics has a bad rep and I’m here to change that! We have two kids--my daughter Vella is 3 1/2 and my son Brook is 9 months old! I have a fur baby puggle named Rodgers (the Wagners are cheeseheads). We are a family that loves the outdoors and being active!