Single mothers are amazing beings, doing the work of two parents rather than one, and raising children to the best of their ability whilst also holding down a job or looking after a home (or both).
Financially, however, being a single mom can be a real struggle. With potentially only one income coming into the home, and the same amount of things to pay for as there would be if there were two incomes, it can get tight. If that sounds like you, don’t worry – here are some fantastic financial tips to help you achieve a much more comfortable life.
Get More Qualifications
We all know that the more qualifications you have, the better your chances of getting a great job, starting a successful business, or getting that promotion you’ve been wanting. If you are lacking in certificates, it’s never too late to go back to school and obtain them. It might mean that you need to study at night after working all day, or that you need to enlist the help of family members to take care of the children when necessary. You might even need to spend some money on babysitters. Think of this as an investment; those qualifications you are studying for will enable you to make a lot more money that you are now.
Cut Back
There are some things that it would be crazy not to pay out for: your rent or mortgage, for example, or that great term life insurance policy that will help your kids out should they need it. However, there will also be things that you are paying out for that are not necessary at all.
Take a look at the subscriptions you pay for each month, and then think about what you do with the goods that arrive. Do you read the magazines? Would you miss them if you didn’t have them anymore? Work through each outgoing in this way, and cut back where you can. Use the money that you save to pay off any debts that you have early, giving you more money in the longer term.
Start A Side Hustle
Starting your own business doesn’t have to cost a lot of money (and in some cases, if you’re really savvy, it doesn’t have to cost anything at all), but it does come with risks, and until you know that it can support you financially, it’s best to keep your day job and work on the ‘side hustle’ in the evenings and at weekends. Gradually, this small business will start to grow, and when you feel ready, you can work on it full time. Until then, it’s a great extra income that might really come in useful.
Save
Saving money is important whether you’re a single mom or you’re in a relationship. Having a buffer of money for emergencies or in case you can’t work due to sickness (yours or a child’s, perhaps) means that you don’t have to worry quite so much.
As well as this, having savings means that expensive times of the year such as Christmas and birthdays don’t have to be a concern either.