Single Moms learn and mastered in the most stringent way their money management skills. Single Moms rarely get any help from anyone, but they know how to get ahead, achieve their goals, and save as much as possible.
Those who live on a paycheck feel as if they were in a rat trap, running on a road getting nowhere, only paying bills, debts, and food without being able to save money or getting any progress. . Here are 5 silly money management hacks for single moms.
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For those brave single moms out there, I would like to recommend a book I read recently and brought lots of smiles and memories. I felt connected to a variety of situations and emotions that implied to be a single mom. Strong girl, Brave Girl by Kelsey Baldwin
Silly Money Management Hacks for Single Moms
There are options to pay your monthly utilities:
- Pay as soon as they arrive
- Pay on date due.
- After the date & pay late fees
- Paying every week
I found that paying every week was better than the other three options above.
Let’s say electric you have an average of $100 a month. That was my case in Florida, and I divided it into four weeks. That came to four more manageable payments of $25 a week, and I paid them religiously online.
You might think is a silly money management hack but give it a second thought; It is easier to pay today $25 every week than wait and come up with $100 at once. Especially when you are a single mom, and multiple things can happen at any time.
Funds for Emergencies
You are living from a paycheck, you have been paying for health insurance, still, it’s crucial to take aside some money that covers extras eventualities during or after emergencies. Grow a solid fund only to pay those extras expenses. I know! In most cases, it can be almost impossible to do this, but it is totally worth to have especially when mastering your money management skills.
Get aside small amounts of money per week. It can make a great difference in the long run, manage money and commit to the future.
Funds for College
The younger your kids, the faster you should start saving money for their future. Opening an account for that purpose and commit to take small amounts from every paycheck and add it to the college account.
Avoid Impulsive Purchases
When you have to manage money efficiently, this is one of the most important rules and the harder to follow. However, avoiding shopping places could help you to avoid impulsive purchases.
We all want our privacy, but sometimes we have to do whatever it takes to save money. If you ask me right now, what would I have done better in those years raising my daughter? My only answer is, “I would have joined efforts with other single moms.” I had the chance to meet awesome women trying to get ahead on their own. We could have done better together.
So if you have found an amazing single woman out there, join or pair efforts together. Share rent expenses, save money, and build a friendly home. Not only your kids will feel living in a more prominent family, but you will also have the support of a great friend to face the multiples challenges of being a single mom.
Make sure to put the lines and rules clear before getting together.
Mastering your skills and develop extra sources of income
Living from a paycheck is not enough. The energy invested in performing the job doesn’t go equally with the money you get. So it is essential to master any skill you may have and develop additional sources of income.
Mom’s job is 24/7, but when we are the only parent available to raise our kids, the situation becomes daunting. We have to deal between the kids and their crisis, money crisis, job crisis, personal crisis, and all the crises together until finding solutions and then go to sleep.
This is the era of information, there are a huge variety of things you can do to get extra income, whether is selling, teaching, blogging, etc. Check what you can sell to get extra money here. Find out how to make one hundred dollars a day here
- Manage your money and bills with week payments, and avoid impulsive purchases.
- College degrees, training, courses all are valid. It’s an investment for you and your kids. Grow funds for it.
- Get together. If you find a nice single mom like you, share efforts and rent.
- If one business adventure fails, learn the right lessons. Go for the next adventure. Never ever give up.
- Pursue your happiness and goals, avoid negative feelings, waste of energy, and mastered your management money skills.