Being a mother is hard when you have a bunch of support from many different directions. And when you’re a single mother raising your kids on your own, motherhood can become a true mission impossible, especially if you add financial issues to the mix. No matter how hard, motherhood is always a blessing, but it can be a more enjoyable experience when your finances are in order. So here are a few tips for all single mothers on how to achieve financial stability:
Earn like a boss
Statistically, single mothers are poor. However, you do not have to be included in this statistic. In order to achieve better financial stability, make sure to earn like your life depends on it, because it does. Don’t make career decisions as a mother, but as a career woman, and go for that promotion.
Or take a plunge and start your small business. Getting a raise or becoming an entrepreneur might require you to work a few extra hours a week, but you can hire a sitter for the time being and push forward with your career. Don’t worry, your kids won’t be neglected, and you’ll get to spoil them with your extra money.
Pay your debts
Sometimes, we all need some hand with our finances so we opt for loans and use credit cards. While these are necessary for some situations, they put a lot of strain on your wallet in the long run. One of your first goals toward financial stability should be to pay off your debts. Probably the easiest way to do so is to opt for refinancing. This allows you to take out a loan to pay off several smaller debts and have only one monthly payment to think about. Also, try to minimize your use of credit cards which allows you to spend money that you don’t even have. Paying off your debts is not a quick process, but once you’re in the green, you’ll feel a giant weight fall from your shoulders.
Financial scams are the most widespread form of fraud in the world, and they lurk on every corner. For instance, in Australia, even some insurance companies, car lots and banks have been found guilty of fraud by selling so-called junk insurance.
These unnecessary and worthless insurance products can easily be added to your policy, costing you thousands of dollars over the years so it is important to know precisely what is junk insurance and what it can do to you. Take a look at your policies and keep an eye on things like consumer credit insurance, extended warranty, tire and rim insurance, etc. If you notice them, it’s good to know that you can hire professionals to refund junk insurance and get you your money back. These pros will go over your policies, create a case and defend your interests. For a small fee, you can put some nice money back into your wallet.
In general, financial safety includes having at least three months of living expenses at your disposal. You never know what kind of unplanned expense can come your way, so it’s nice to be prepared. There’s losing a job, having a medical emergency, paying for car repairs, or having to plan a trip for your family. Saving money also includes retirement planning, which you’re never too young to start doing. If your employer has any investment benefits, make sure to use them smartly. You can even seek advice from investment strategists and reach your financial goals. Since you’re on your own, saving is more important for you than ever, and you don’t want to cause any struggle for your children now or in the future.
Single mothers don’t have to struggle with finances by default. No matter if you have a lot of support from your loved ones or none, use the financial tips mentioned above and stand firmly on your two feet with your kids in tow.