Being a single mom is definitely not something that you can pull off that easily. From taking care of every detail and need in your children’s lives to keeping everything together at work as a working mother, things can get pretty taxing, especially in terms of finance. As a single mother, planning your finance is crucial, not for yourself, but also for your little ones.
Of course, you may think that money is not everything. However, lack of planning with your finances can ultimately cause more problems for you in the long run, like stress, anxiety and actual monetary problems. These would bog you down and prevent you from being the best version of yourself, not only in the workplace and in society but also to your kids. So, here are some financial tips that you can use as a single mom, to keep all the money in check.
#1 Organize Your Payments & Debts
If you have loans, credit cards and of course, bills, you will need to organize all these payments in a way that each payment does not overlap with each other, and cause a hole in your pocket for a particular month. The best thing to do is to list down all these payments into a notebook, write down the amount that is due and also the date that you need to pay them by.
#2 Find More Income
As a single parent, it can feel like money is flowing out faster than you can say “Stop!”. Consider taking up a second job or doing some freelancing from home, as a side income to help supplement any additional spending you might have, especially for the kids. Go back to school and get that professional degree. With some extra effort and babysitting help, you’ll be able to get a raise and that would help tremendously with your finances as a single mom.
#3 Budget Everything
From loan payments to groceries, right up to tidbits, budget them all. And, budget like your life depended on it, because it does. Having strict control over where the scarce amount of money you have at hand goes can help you manage your income and spending fairly effectively. Try to avoid spending on things you don’t need and go for cheaper options, where you can.
#4 Have Some Savings
You may think that, with the spending that you have to do and whatever menial income you earn, that saving seems like an impossible feat. It actually is not. Lots of single moms believe in this myth, when the truth is, even putting away about $5 away, every single day, without fail can help you whenever you urgently need the cash. So, start saving those dollar bills now!
#5 Check Your Finances Weekly
Schedule to check-in on your finances every week. This is when you review what needs to paid, what are due in the coming week, your current balance and any new payments that you need to add into your new system. This way, you can make sure that you don’t miss out on anything and you keep your payments and income in check to make sure that everything runs like clockwork.
Handling finances alone as a single mom can be difficult and even terrifying, at times. However, with these few simple tips, you can be sure to always have control of your financial rein and manage your expenses wisely, without having to worry about overspending or failing to pay of any repayments you may have.