Looking for FREE Financial Advice For Single Mothers?
Single moms have the most challenging life, especially those who have more than 1 kid. The priorities of life change when you have kids. But these responsibilities are a major concern for mothers than dads. All moms tend to keep their child’s present as well as the future secure. They form the most important part of child’s growth, lifestyle, habits, shaping their future. But, not all mothers are lucky to have their spouse in life where they share these high valued responsibilities. This is why the single moms have to struggle more in their life. They are not only concerned to secure their child’s future, but also their own as they can not depend on anyone once their kids start living an independent life.
The best way to understand what you are going to do and plan ahead for in life, is to start with saving pennies. “A Penny Saved is A Penny Earned”. The fact that you know how much your existing income is, makes it even more important to know your spends. Tracking monthly expenses can really be a good start of planning. Once you know where your money is going and analyze if your existing income is sufficient to manage your needs, that’s the time you can be confident to move on with your plans.
You can start this by installing an application in your phone where you can regularly maintain all your expenses and income(s) from one or more sources. Once you maintain this for a period of minimum 4 to 6 months. I personally have maintained this routine and to my surprise, this practice gave me the real insights to where my funds go by the end of month and how much I can avoid overspending by planning in the right way. At the start, I did not even know if I will be able to sustain with the income and responsibilities balance. This track of my money, helped me to realize my over-spending habit and gave me an insight to where I can save and start accumulating that money.
After tracking your details, I would like to offer a simple, yet, strong financial advise. The simple way is to start by setting aside a minimum of 10% of your monthly earnings and handle your finances with the rest that is there. No matter what, before you take away the first dollar, make sure you get aside this 10% as soon as you get your funds in your account.
Start by smartly investing this 10% into long term investments where it is advisable to fund your finances in the right place via right financial advise. Best would be to start managing this set-aside funds, as soon as you start to analyze your fund management using the app in your phone. Even better if you can add at-least a dollar to it every month as the time goes by. I practically implemented the same and by the time, my kid was ready to go to the college, all funds were in place and I had no reason to worry about the funding of education. I was even able to slightly set aside 50% of my performance increments, bonuses, over-time earnings and other sources of income. Each time I had a chance to earn an extra dollar, half of it was set-aside as it never existed. That half part helped me accumulate the funds which will help me later in life. The time when I will be earning no more. The time when I can be financially independent and not depend on my kids to help me just because I was there all the time as a single parent. It was my duty to get them to their level of life to move on, but I don’t think it’s theirs. Even if they want to help me, it would be an option and not as an obligation to compulsively fund my needs.
Not every single mother is able to start off as planned when things suddenly they have this responsibility added to their life. In such cases, just look for “Grants for Single Moms” and you will be able to get atleast an initial help to start off and then plan as advised above.
I would love to hear from you about your experiences and suggestions as this would help the community of “single moms” to get independent and try to make a perfect life for themselves and their lovable kids.