Finance & Insurance

Best Financial Tips For Single Moms

There is no doubt to the fact that single moms are at a bit disadvantage as they have to carry the dual responsibility of bread earner as well as the primary caregiver for their children. This leaves them with inadequate time to carry out both tasks and thus they suffer on every count. But the modern woman is not daunted by this task. She knows what it takes to make life confortable and build a secure future for her children. She has made it possible to believe that raising children without a spouse can be difficult but definitely not impossible. If you are also struggling to stand on your feet after getting through with your relationships, these financial tips might just be the thing that you need:

single-mom

  1. Don’t hesitate to invest in your career: Remember the golden rule of making money. You can’t make money just by spending less. The best way is to spend on your career. Get into some vocational training in a stream that you love. This will not only give you a joyous time but will also allow you to find a new source of income after completion. It should not be very difficult for you to find an employer that values your dedication and flexible work schedule.
  2. Manage your time: If you are still reeling under the sour relationship, you should realize that you are wasting your time as well as money. Your children need you much more than anyone else in the world so spend your time with them. In fact even you deserve your time. Frame some goals for yourself and motivate yourself to achieve them.
  3. Outsource non-important tasks: You can’t escape laundry and house cleaning which takes a considerable part of your weekly schedule. If you have a very small child, you can even consider hiring a nanny for the time you are in the office. Outsourcing such tasks to a professional agency will help you save a lot of time which you can dedicate to your career.
  4. Invest for your children: Try to keep a part of your income (at least 10%) every month for unforeseen circumstances including medical expenses, schooling, tuitions and activities. You can take help from a professional financial advisor and make investments to secure the future of your children.  This will also help you save considerable amount for their higher education.
  5. Start saving: Even small savings can prove to be very helpful in changing the track of your life. By smart shopping, you can easily save almost $100 in your household expenses. Online shopping is one of the easiest ways to shop for basic supplies. You can also shop from thrift shops which are always full of good bargains.

It is also important that you instill good money values in your children right from the beginning. A great way to teach them the importance of money and budgeting is to let them have a say in the money matters of the family. You can ask them to prepare the monthly budget. Elder children can also be consulted in investment decisions. This will not only help you to manage your finances but will also prepare them for their future journeys.