Single Mothers And Financial Management
by Abdul Aziz Mondal Financial Planning Published on: 18 February 2019 Last Updated on: 19 August 2023
There’s nothing remotely easy about being a single mother. Not only do you have the pressure of taking care of yourself, but you now endure the pressure involved in taking care of someone else. If you didn’t want to be a single mother and ended up in this circumstance because your partner left you, recognize that you don’t have to struggle. You don’t have to buy into the narrative of being a struggling single mother. Instead, there are ways that you can financially prosper and thrive. While it will take a lot of discipline and effort, you can do it. Consider the following tips.
1. Find ways to lower your expenses
If you have a cable and internet package, do your research to find an inexpensive option. If your electric bill is really high each month, be mindful of how much energy you’re using. Find grocery stores that offer discounted prices on food. Use coupons and always cook food at home. If you tend to go into places like Walmart and overspend, start using online options to discipline yourself to stay within your budget. As you lower your expenses, you’ll be able to create more financial margins for yourself.
2. Create incentivizing experiences
When your back is against the wall and you don’t have a lot of disposable income, it can be hard to dream again. This is why it’s so important to set aside a small portion of your income for incentives. Whether it’s an inexpensive new purse or a coupon you can use at a local spa for a massage, find ways to treat yourself well during the interim. Each experience will motivate you to dream bigger and want more for yourself and your children.
3. Take advantage of free services
If you don’t make over a certain amount, you can qualify for various programs that will cover everything from groceries to health insurance. When tax time rolls around, you can get help from various companies that offer free tax preparation. They’ll help you walk through the process of filling out your w4 and more. If your children are really young and you want them to enjoy life, know that there are plenty of free activities. Take them to the local library for storytime. If the local zoo or museum is free, plan a trip. Take your children to different parks so that they can release some energy. Join different mailing lists to find out about free events and activities in the area.
4. Develop numerous streams of income
If you’d like to build momentum, you’ll want to create numerous income streams. While it might feel difficult in the beginning, you have to allow your money to work for you. If you know how to bake cookies, write articles or create interesting YouTube videos, get creative with product creation. If you have a +
friend or two who need a babysitter for the weekend, offer babysitting services. You have to watch your children anyway. If you’re excellent with meal preparation, promote your meal preparation services online. As you develop more clients, you can charge accordingly. Then, begin to invest certain portions of your profits into building passive streams of income. Invest in the stock market. Put your money into an account that will facilitate compound interest. As you set up these income streams, you’ll put yourself in a position to grow.
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