Money Moves Every Single Mom Should Be Making
Secure the bag
We all have a few special skills or talents. I am a firm believer in putting a price tag on those things that we do well as hobbies or “just for fun”. Use it to your advantage and start a side hustle that brings in more money.
Build A Rainy Day Fund With A Penalty savings
For a lot single moms, finding ways to save is quite difficult. Open a savings account that will penalize you each time you dip in. This will help you grow your money and maybe teach a little discipline too. A good rule of thumb is to save for 3-6 months of living expenses.
Use money management apps
Share your financial goals with kids
It is safe to share your financial goals with your children to help them understand why you are not purchasing a toy every time you visit a store. If they know that you are saving for a new home, a family vacation, or just being more financially savvy then they will think twice about asking for unnecessary purchases. Don't expect them to be on-board from the onset but show them better than you tell them that you are committed to your money goals.
Create A Budget You Can Actually Stick To
Setting a budget can be a dreadful task when you are already stretching resources. A budget is not meant to constrain you more. When done well, it can actually empower you to do all the things you dream of and build financial security for your family. Try the 50/20/30 budget as a guide that allows you spend on things you love while growing your net worth.
Ladies, make this the year that you get your money straight!! I know you can do it.