Most blogs and advisors that cater to single moms get a ton of questions concerning parenting, legal issues, love, dating as a woman with a child, and so on. However, the number one topic for most single mothers is finances and money management—how to make money, how to save it, how to invest it and how to plan for the future. It’s great that women are asking these questions because taking steps towards your money goals is important for your well-being. So here are a few tips that will ensure a comfortable financial future for you and your loved ones.
Create a budget
Developing a budget is the key to financial security. You need to examine your spending and earnings if you want to navigate financial waters like a professional. Luckily, there are many budgeting websites you can work with to create a budget, but you always need to do your homework. Be honest with your spending and start to track your costs of living. Every money, review your budget, make adjustments and ensure everything is under control.
Be smart with spending
Many mothers feel the pressure to join other moms for a night out or organize a glamorous birthday party for their kids. However, most single moms can’t afford such extravagances. Luckily, there’s no need to ditch your friends or isolate your kids—just be honest with what you can afford. Let your close friends and family know that you can’t join their expensive dinner and would prefer a potluck. Or ask friends to bring snacks for kids when organizing a birthday for your little ones at home. Many other parents feel the same as you but are afraid to stand out, so you can even be an influencer!
Pay off your debts
It’s easy to fall into debt due to loss of job, medical expenses and other reasons. However, if that happens, focus all your resources on paying off these debts and replenishing your emergency reserves to avoid the need for going into debt in the future. And not all debt is bad debt—loaning money to buy a car so you can get to work is good debt, and so is taking an appropriate mortgage, just make sure to can handle the overhead.
Insurance can save your life on many occasions. When it comes to financial stability, you might want to consider getting a refund on consumer credit insurance. CCI can be a safety net for you and your kids in case of an accident, sickness or disability that prevents you from working, sudden unemployment and even death.
Reexamine your career
It’s important to love what you do, but when you’re a single mother, you have to have more important priorities. If your job doesn’t pay enough to allow you to take good care of your kids, you need to do something about it and change careers. Meeting with your local career counselor will allow you to consider new career options. Another good resource is staffing firms that can familiarize you with the local job market. You should also embrace websites like LinkedIn and connect with people who can help you find a new and better-paying job.
Teach your kids about money
No matter how young or old your kids are, you should be open about your financial circumstances and teach them about money. This will not only ensure you and your entire family is financially focused, but you will manage to raise kids that are fiscally literate and have great money-earning and money-saving abilities, and give them skills they can use throughout their lives.
Use these tips and turn them into actions. Prioritize, plan, proceed and your resources will ensure great financial stability for your family. Also, don’t be scared to ask for help—you are not alone!