5 Money Management Tips Every Single Mother Should Know
- Ebun
- August 31, 2020
- Cover, Living, Moms
- advice for single mothers, financial tips for single moms, how to maange money as a single mom, how to save money as a single mom
- 0 Comments
Managing your finances, generally, can be a challenge. With parenthood, however, the challenge could be overwhelming. Being a single parent doesn’t spare you any expense at all.
Not only do you have to fend for yourself you also have your kids to cater to and doing this alone on a single salary can really be tough. Every single mum is not necessarily struggling financially, yet it is important to plan for a “rainy day”
The following tips come in handy for women who are single mothers and who need help when it comes to managing their finances.
1. Have a budget
The first step to managing your finances is to have a budget. Budgets help you to plan how you spend your money. It also helps you to identify recurring expenses and purchases you can cut down on or totally do away with.
At the end of the month review how much you spent so you can determine the cash flow process. Once you’ve identified your largest recurring expenses, look for ways to reduce spending in those areas to free up more money.
2.Savings
Right from the time we were kids our parents always preached the value of saving. Have a savings account and, where practicable, children’s savings account. You can also explore other hybrid savings facilities like investment accounts and stocks. This helps you to set aside money for future endeavors.
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3. Track your Expenses
It is advisable to get intimately aware of your finances. Even those unusual expenditures, like your children’s haircuts, should be included.
Knowing where your money is coming and going in exacting detail can help you realize where you’re going wrong. It can open your eyes to unusual and infrequent spending habits that put you in the red and which part of your budget can be reduced or eliminated entirely.
You can make use of your bank statements, an expense tracking app or an expenses sheet.
4. Invest! Invest!! Invest!!!
You would not want your loved ones to have a hard time in the future so it is best to acquire investments in the names of your children such that they are provided for when you are no more.
5. Cut down on unnecessary expenses
You might be making enough money to cater for your family and it easy to get carried away and make large purchases at times but always stick to your budget and search for alternatives if possible.
Compare prices of products, shop at budget-friendly stores, teach your kids to save as well.
