Vid: No. 1 mistake single moms make when planning for their kids’ college

 

 

At #FinCon15, I spoke with the good people at Good Call, a resource for college planning data and resources. This is what we created:

 

Source: GoodCall

My Advice:

My name’s Emma Johnson, and I’m a financial journalist and I blog at WealthySingleMommy.com. And I’m here today with GoodCall to help single moms plan for their kids’ college educations.

Studies show that the number one mistake that parents make when planning for their kids’ college educations is putting the savings for the college ahead of their retirement. And single moms are especially guilty of this. This is what studies show. There’s a lot of guilt involved. We feel that our kids are short changed already because they don’t have these perfect nuclear families. Biggest mistake you can make. So women, this is what I want you to do.

Make sure that you are okay first. Pay down that debt. Start investing for your retirement. Have that emergency fund. Own a home, if that’s your goal, and then you can start saving for your kids’ education. There are scholarships available. There are student loans available, and guess what? Your kids can work and help put themselves through school. But there are no loans, there are no scholarships for retirees. That is not an option.

Ultimately, you want to be a great financial role model for your kids, and feel really proud of what you’ve accomplished, so that they don’t have to worry in the future about taking care of you.

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2 thoughts on “Vid: No. 1 mistake single moms make when planning for their kids’ college

  1. Great advice! From the single moms we talk with, this is hard to do. It’s important, though, for moms to not sabotage their own futures. To not put their retirement ahead of their kid’s education, moms may create problems for themselves and even their kids many years down the road. I’m glad Emma’s taking the lead on this.

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