Put On Your Own Oxygen Mask First

If you have ever flown, I’m sure you have heard the saying “Be sure to put your own oxygen mask on first, before helping your children or neighbors”. This saying can also be applied to your finances too.

So many people I talk to say things like:

• I feel guilty when I spend money on something for myself.

• I want to save for my kids’ college because I don’t want them to graduate with student loans.

• I need to help my family members because they don’t have enough money to get something they want.

• I must donate to church or other charities because someone out there needs it more than I do.

• I feel guilty if I have something while my extended family members/friends are struggling.

The great news is that if you save your money and invest regularly in things that grow, you may be able to help your friends, family members and charities when the time is right. Making sure you and your immediate family members are taken care of is your first priority. If you don’t have an emergency fund and a good start towards your retirement, or if you owe credit card debt, car loans or student loans, paying for someone else’s expenses may make you feel better in the short term, but could be financially harmful to you in the long term. By ensuring your financial health, you'll be better equipped to support your loved ones, contribute to your community, and pursue your dreams.

By taking care of your own finances first you will be able to:

1. Reduce Stress: Financial stress can have a profound impact on your mental and physical well-being. By establishing a solid financial foundation, you'll experience reduced stress levels and an improved overall quality of life.

2. Be Prepared for Emergencies: Life is full of unexpected twists and turns. By prioritizing your finances, you'll be better prepared to handle emergencies, such as medical bills, car repairs, or sudden job loss.

3. Reach your Long-Term Goals: Whether it's buying a home, funding your children's education, or retiring comfortably, your financial goals require careful planning and consistent effort. By securing your own financial stability, you can actively work towards achieving these milestones.

4. Be Empowered: Taking control of your finances empowers you to make informed decisions that align with your values and aspirations. Financial independence allows you to pursue opportunities and experiences that resonate with your personal goals.

Putting your own oxygen mask first when it comes to your finances isn't a selfish act; it's a necessary one. By prioritizing your financial well-being, you're ensuring that you have the resources, stability, and peace of mind to effectively support yourself, your loved ones, and your aspirations. Just like the oxygen mask on an airplane, taking care of yourself first empowers you to be a source of strength and assistance to those around you. So, embrace the journey of financial self-care, setting boundaries and set yourself on a path to a more secure and fulfilling future.