We have a super special treat for you today. It’s our first ever official follow-up from an Ask the Bitches letter writer!
I’m a single mom and have spent the last 7 out of my son’s 10 years of life struggling HARD. I’ve climbed my way up my professional ladder with no formal education or degree. I accrued $20K in debt during these hard years, but I have a plan to pay it off over the next two years, and overall my prospects are good.
My problem is this: I’ve always dreamed of putting away money for a down payment on a house my son can grow up in. But my son will be 12 by the time I’m ready to start saving. By the time I can afford a house, we’d have little time to enjoy it together. I can’t see myself being stuck with a house at 40 years old and my son gone off to school or whatever he ends up doing.
I know it sounds like this isn’t a problem, but I’m afraid that without a plan or goal, I’ll end up squandering anything I’m able to save once I get this paid off. I’m afraid of having money and not struggling and wasting money. I’m thinking of starting a college fund, a travel fund, I have no idea fund, but other than the small-scale budgeting I can do, I have no idea how money works.
How can I “get riches” and be smart and not lose them for lack of a plan? is it too late to set my son up for success in other ways? Should I just be talking to an accountant?
Any advice you could give would be great. I know how to struggle and fight, but I don’t know how to succeed.
That was last February. And what a difference a year can make! Because last week she sent us an update, and it’s a freaking doozy.