While single moms have quite a lot to worry about, finances are one thing that keeps them concerned round the clock. Being a single parent, it is definitely not easy to manage your finances the way a married couple would. Considering the fact that it is easier for a married couple to handle their finances with great stability and consistency, the financial life of single moms can indeed be tough.
While most of us wouldn’t understand the exertion of single parents from the outside, experts have come up with some basic and easy finance tips for single moms that can help them lead their life just the way they want to. Single moms are usually concerned about the absence of financial support, especially from their partners/spouses. Yet, that doesn’t mean that single moms aren’t capable of handling their finances on their own. Instead, innumerable single mothers have led their way to financial success eventually and experience a stable and sound financial condition at home.
These are the real-time confusions that most single moms face.
How to make more money?
Pay off debts?
Planning for the future?
And with the responsibility of kids being on only one person (mom), there are all the more reasons why single moms must get educated on regulating their expenses and learn more about money control for a secure financial future.
#1. Put everything into your job
As a single mom, you will literally need to earn like your life depends on it. Because you are the sole bread earner of the family, there is a tremendous responsibility that might just get you shaken with finances. Focus on your job and go big when it comes to your earnings. Try to find the best job fit for you and also consider your lifestyle and spending habitswhile scouting for that right job.
Being professional all the time would not help. Go for anything that promises you a high pay or a guaranteed raise, because believe me, you will need it!
#2. Come to terms with reality
Again, for single mothers, there is quite a different pressure of maintaining a regular and consistent lifestyle. In other words, take better care and control over your monthly or annual spending. Realize your earning abilities and try leading a life that will make your life easier and not the other way round.
Be realistic about the lifestyle you can follow by considering your earnings, risks, spending habits, and such. It will only help you lead a better life, turning it more fruitful and convenient for you each day.
#3. Pay off debts
While making huge investments, such as on a car or a house, you will have attractive offers in front you. Some of these include mortgages. While these investment options might seem too appealing to resist, make sure you are clear about your financial situation, steer clear of credits, and understand debt management.
Always remember that the lesser debts you have, the easier it will be for you to save and control your finances. Also, staying free of debtsis a huge motivation to earn more, save more, and reach your goals.
#4. Protect everyone in the family
Do not just protect your kids but also yourself. Things like health insurance, homeowners insurance, car insurance, etc. might sound too petty a thing to deal with, but it is this protection that will help you with a secure financial life and keep you financially sound at all times. Even if you are on a tight budget with limited earnings, try your best to save up as little as you can and open a life insurance for you and your kids.
Insurance protection is highly important and financially advantageous for yourself and your family’s well-being.
#5. Be short and long-sighted
While you are busy managing and tracking your current expenses, spending behaviors and the like, try planning for the future as well. While you are pondering about medical coverage and insurance, you can try saving up for your retirement ages by opening a retirement account.
Taking care of the present is highly important. Yet, it is also necessary that you keep any financial burden off the shoulders of you and your kids without neglecting the future.
The biggest motivation that would go out for all the single moms is to set big goals and be ambitious. Being a single mother is a huge and difficult responsibility. Apart from just being calm and composed, try working out your finances right at the start to avoid any issues later. While you are involved in regulating finances, don’t forget to dream big, achieve your goals and don’t hold back.
Article contributed by James Paul, who is a personal finance blogger at Basic Finance Care and contributor to many online financial publications.