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In a recent Reddit post, Annie, a 28-year-old college student, shared her history of balancing financial obligations at home while working and covering the cost of her tuition. She lives with her mother, Erin, 48, and her two younger brothers, but her earnings are stretched thin to help keep their household afloat.
Recently, Annie got a new job with similar pay but a better bonus structure, though she regrets telling her mom, who has since frequently asked for financial support. The most recent request – a $500 bill to repair a wall damaged by the family’s dog – was one Annie couldn’t fulfill.
“I had to borrow from a financial institution and I have a credit card that is maxed out because she asked me for money to fix her car,” Annie wrote.
Annie gave her mom an early deadline for repayment, hoping it would help her balance her payments. Yet, when she reminded her mom of these dates, her younger brother Eliot argued she should be more lenient with their mom.
With rent prices high and tuition prices soaring, Annie feels caught between her commitment to her education and family’s financial needs.
But is Annie really doing herself any favors jeopardizing her financial stability to help her unemployed mom?
As Annie is trying to support her family, she’s putting her own financial future at risk. By maxing out credit cards and taking on loans, she’s putting her ability to manage her own obligations — including the cost of her education — at stake.
According to the Education Data Initiative, the average cost for in-state tuition is $9,750, while out-of-state tuition is an average of $27,457. If you factor in the average balance for student loan debt of $38,787, based on data from Experian, it’s clear that Annie’s situation is financially overwhelming.
Some Redditers, recognizing the long-term implications, encourage Annie to prioritize her future.
“You need to realize one thing: your college tuition and YOUR bills come first. DO NOT TAKE OUT A LOAN FOR YOUR MOTHER. Mom decided to have several kids and she has to support herself because she’s an adult,” ElmLane62 said.
Successfully managing your finances often means helping yourself before you can help others – and it’s not selfish. Taking on high-interest debt for a loved one can set you back years, especially when you’re on a student budget or starting out with an entry-level salary.