Being a single mom is like a full-time job on its own as it involves serious planning on how to run the house. A single mom is the busiest person you can find in a room.
For a smooth running of the house especially for financial needs appropriate measures need to be taken place if not, it will not only affect the day-to-day running of the house but the children as well.
As single mums, our priorities revolve around not just us but our children hence it is advisable to draft out how to keep the house going in other to avoid running into a financial crisis.
Running the household of course requires money, managing money to keep the house running is another. Knowing how to keep up with a chosen standard of living around the house is not just cumbersome but challenging too.
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Most single moms prioritize their children hence they surround themselves while life planning for their kids while also trying to look out for themselves.
However, when you don’t know how to go about planning your life and that of your children it becomes worrisome for some others whereas, it can lead others to depression.
But when you plan the financial aspect of your life as a single mom, it becomes easy for you to run the household without much difficulty to face.
There are some single parents who are doing absolutely great with their home especially with the kids because they have their lives and that if their kids are all figured out and under control.
As a single mom to attain a level of less financial burden, there are things you need to put in place, some you need to make sacrifices for a greater future for yourself and the kids. While some things work for others some may not work for some moms.
However, choose your strength and identity your weakness in other to achieve desirable goals. I know that most single moms can’t really figure out what to do to be on top of their financial game.
Here are 15 amazing financial tips for single moms:
For starters, there is no financial success without a budget. A budget says; here is how my money goes. It helps you to know what exactly to buy and why you need them. It helps you with the total budget of what you need to run the house at least for a month.
You know how much goes for food, mortgage, school fees, utility bills, and others, this way you know exactly what you are spending and how much you’ve kept for it.
With this, you will be conscious of your finance that you don’t spend way above your budget. You include those things you think the kids for the time being so you don’t run about of your financial capability, especially for a single mom who lives on the paycheck.
2. Set Clear Financial Goals:
These goals should include your kids, of course, because they’ve become the center of your life. You may want to draft out your goals into short or long-term goals, that way you have an idea of what you are working with.
Your family goals keep your focus on what you want to achieve. You should be able to identify which one comes first in other of their importance or urgency.
When your goals are drafted out, you have a clear idea of what you want and how you intend to achieve them. Your goals remember should include your kids.
Some single moms take the suffering of planning what high school or college their kids will attend so, when they get to that point it won’t be difficult for them since they already mapped out a plan for it years ago or depending on the time the goal was set.
3. Spend intentionally by prioritizing your kids:
when you are spending on things with your kids in mind, it keeps you abrasive. You spend rationally knowing that you’ve got kids to look after who are your priorities.
Knowing fully when that any financial mistake you make will one way or the other affect your kids.
Look at it this way, when you’ve spent a lot of money on nails, medicare services, or some other spa treatments knowing that you can’t really afford such luxury, it’s your kids who get to suffer the outcome of it especially if their basic needs are not met before such irrational spending.
I’m not saying you shouldn’t look after yourself, No! You’ve got the right to look pretty, you deserve that too for being a great mom but don’t do it at the expense of your kids’ needs since they are yet to have their own stand in life. You have to spend intentionally for your kid’s sake.
4. Eliminate debts:
As a single mom, going into debt sometimes is not avoidable however, clear to clear it. Piling up your debts doesn’t really make sense because it will one way or the other affect your plans.
In fact, include your debts in your budget that way, you have it easier to clear. With debts out of the way, you have room for other things including savings.
You don’t want to run the risk of constantly working and paying off debts. So, while you clear off your debts try as much as possible not to run into too many debts.
This tip is very important. Engage yourself in an insurance policy. Learn how it works, what you will like to insure. This policy is a future saving grace that may come through for you in a moment you least expect it.
For instance, some moms insure their house, cars, or health just in case, and have help to rebuild stuff when eventualities take place. Imagine you have health insurance, you don’t need to worry so much when you or your kids need medical attention.
6. Establish multiple streams of income:
You can never go wrong or be financially bankrupt because you don’t depend on a particular means of income.
Spread your opportunities into small-scale businesses, real estate businesses, invest, just have more than one way to earn cash, so you can totally take care of yourself and your children without any difficulty.
With multiple streams of income, your choices are more, your financial problems lessen.
7. Go for what you can afford:
Most single moms are torn between buying what they think they want against going for what they really need and can afford.
Living above your means doesn’t affect your financial status alone, it also affects your kids especially if you have a plan for them but you can’t meet up because you are going for what you can’t afford.
Going for what you can’t afford as a single mom is a major financial setback.
However, when you spend your money or go for that food, entertainment, house in a particular neighborhood you can afford, give you financial freedom because you are not worried about maintaining a lifestyle way above you.
8. Maximize your opportunities on social media:
It’s a good thing that lots of people are making money through social media by displaying either their products, talent as a means of entertainment for people. Whichever one it is, with consistency you start earning.
Now, instead of just uploading nice pictures of you and your family, you can actually explore this opportunity to make extra money for your family.
Don’t just post pictures or videos, maximize whatever opportunity that comes with social media which will benefit your family one way or the other.
9. Have an emergency fund that includes your children:
After all, it is your children who are your major focus now hence, establishing an emergency fund that will help you solve some quick family problems is very paramount.
This emergency fund is set aside for things that may likely come up in the house. However, when you don’t have an emergency fund, this is when you run into a financial crisis because you wouldn’t know how to handle it and might even run into debts.
Your emergency funds should be a part of your budget if possible. Plan to keep something for a rainy day. This way, your finance or budget for the household will not be affected.
10. Have long-term goals that include your children:
This goal could be a retirement plan, college plan, or anything. However, draft your long-term goal including your kids in it.
For instance, a single mom who plans to retire at age 40, should have her kids’ lives already planned out that way, her retirement plan won’t be affected too.
Having a retirement goal at 40 should entail the fact that you’ve your kids’ future all planned out before that time so you won’t be disappointed.
11. Automate your finance:
Automating your savings can turn your savings deposits into another monthly income. you prioritize your savings when you automate your savings.
It is as a contribution, reducing the temptation to spend those funds without planning ahead for it or them.
Automating your savings helps you as a single mom to avoid unnecessary spending or running into a procrastination of saving.
12. Adopt a frugal lifestyle:
Live your life as single money by living a simple life. A simple way of entertainment, a simple way of spending. Know if you want to eat out or at home with your kids, which obviously eating at home saves you lots of money.
Identify exactly what to buy and what not to. A simple standard of living helps you and the family to be financially stable because you rarely have most things to worry about as your living is quite simple.
Find your happiness and that of your kids in the simple things of life, watch your movie together in the house, your dinner at home, a simple but fun way of keeping your kids entertained. Read stories together without your kids instead of visiting the library always.
13. Track your expenses:
Always try to check what you’ve spent on as a mother. Try to keep a check on where, how, and why you spent your money. Does the price want the commodity bought?
Was it necessary to buy such? When you are able to keep a tab and identity the difference between needs and wants, you will be ahead of your financial game.
You could use a tracking app to know how you spent your money, with this you can be able to tell where you are spending much and the need to curtail excessive expenses
14. Set up a small business:
I really do believe that a single mom should have that one small-scale business that she could easily fall back on when things may not be ok.
It make not be just you. You could partner with someone on a business project. Do not limit yourself as a single mom just to a paycheck. Your finance may not really grow with this as you have so much responsibility to deal with.
Come on who doesn’t find investment as a means of being on top of your financial games? Investment is a lifetime opportunity when you go into one that provides you with long-lasting benefits.
People go into this, securing the lives and future of their kids. You could check up for investment opportunities and see the one that suits you.
Your investment makes not be growing so fast, it’s however, a stepping stone in your financial world. Just like plants are nurtured but the owner that to eat from it so does investment.
Don’t just invest and forget about it. Monitor your progress when you invest to know if you are doing great or not.
Every single mom needs financial tips to keep her family running. The step you adopt into ensuring your finances affect the running of your family.
Of course, you can’t run your family as a single mom on a bankrupt account because you will not just be devastated but your children too. Adequate planning saves you from unnecessary financial stress.
Florence is a personal finance writer, who is passionate about helping others attain financial freedom. She covers topics from side hustles and debt payoff to investment and retirement.