How Do Single Moms Manage Money?

It is hard for parents to provide for their families. It is even tougher when it is a single parent who happens to be the breadwinner, especially moms. Ask any single mother around, and she will confirm that the journey is not easy. You can imagine having six children, and you have to raise them alone. All their needs are on you, and that requires a lot of effort.

Nonetheless, it may not be harder as you think. Your children can still enjoy the life that you want them to have despite the sad fact that you have only yourself. This blog discusses some of the ways single moms can use to manage money.

Getting rid of the joint debt

As a couple, you had done things together. You and your husband considered yourselves as one. You had outstanding plans together. Maybe buying that big mansion, setting up a joint business, or even buying an expensive car was your dream. Those dreams were so real, and probably you two took a loan to achieve your goal. Unfortunately, something went wrong, and you ended up getting separated. Things don’t always turn out the way you plan. Not everything happens as we want. At this moment, you have to think straight and accept that it’s over.

Eliminate the joint debt you had. Ideally, you would prefer your ex-husband or boyfriend to pay the whole debt. If he does so, well and good. If not, take the initiative of discussing the issue with him. Agree and share the debt equally. If you had already spent the money on items, then share them. Don’t forget that the account name also has your name. So if you are not careful, you will carry the burden alone. The creditors and lenders will be after you.

  • Budget your monthly expenses

At this time, you already know your financial status. It is clear which things you can afford and what you cannot. Now is the time to make adjustments. Simplify your lifestyle. With the father of your child around, you used to spend less. He probably paid the rent, school fees, food, and other expenses. Your cash was only used as a bonus. And you had all the money to spend in the pedicure, manicure, boutiques and other luxuries. This is no longer the case. It is now your responsibility to pay for the essential expenses. You have to budget and plan how you will make ends meet. Cut off unnecessary costs. Avoid buying things that you don’t really need.

Unsubscribe your favorite YouTube subscriptions. Unroll from the gym programs you had. Discontinue the monthly girls out you used to go with your friends. While this might be hard, the sacrifice is worth it. Get your spending under control. Learn to live according to your means. Instead of buying that expensive dress, go for a cheaper one and save some coins. Consider budgeting programs available on the internet. Mint. Com can help you to budget your outlays.

  • Apply for other jobs

Look for side jobs. Balancing between work and family is not easy. It is even worse when you have two jobs. But you really need this extra cash. You want to maintain the comfortable life that you have, right? Get into online business and add extra bucks in your account every month. Online businesses are flexible; hence it will be a perfect choice for you. Take the one that will not require so much of your time. Employ a baby sitter if your child is still young. Don’t think that you are negligent of your child. It is understandable. After all, you are doing it to offer a comfortable life to your baby. Just make sure that you are there for them when they need you.

  • Having a financial goal

Setting financial goals will force you to be on track. You will be motivated to follow your strict budget, thus managing your cash. This is the time to ask yourself if you need another job. Before, you thought that whatever you had was enough. But now you realize that you need to make more than what you get.

Make goals that will take your financial state to another level. Think about your child’s future. It will be wise to file for child support. This is a goal that you should achieve!

  • Set up a saving account

You can never go wrong with opening an account. Having an emergency saving plan is essential. Remember, you are the one in control. In case of anything, it is you to solve it. Savings will help you during desperate times. If your child suddenly gets sick when you have nothing, you will have something in the savings account to turn to. Creating an account is easy, but discipline is needed to maintain it. Avoid pulling out money unnecessarily. The account is meant for emergencies!

  • Schedule your weekly financial plan

You need to keep your expenses in check. Update your economic plan weekly. Use a calendar to do so. The weekly arrangement will help you to

  • Pay bills that are pending
  • Writing down and Calculating food shopping list
  • Checking your accounts
  • Planning for the approaching expenses that you need to sort

The schedule will help you manage how you spend. It updates you and alerts you when you go beyond your means.

The Bottom Line

As a single mum, understand your situation. Accept that everything is now in your control. Do your best to give your child a good future. Be independent so that you keep the child in your custody. If you are a divorcee, being irresponsible may result in losing your child. Manage your money well so that you don’t end up broke and what you treasure is not taken away from you. How can you do that? Follow the tips discussed in this blog, and your financing will never be at stake. In case you need some cash urgently, you may go here to borrow money online. Thank you!

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