Contrary to what some people might think, financial wellbeing and single motherhood are not mutually exclusive states. In fact, it is very possible to thrive financially as a single mother.
Yes, I did just say that!
If you’re feeling stressed about money, worried about your financial future, or even flat out desperate - you are not alone. Single motherhood puts a real strain on your pocketbook - but that strain does not have to be permanent.
In this three-part series we’re going to look at some measurable ways to make financial hardship temporary, and financial stability a certainty.
Reinventing Your Financial Future
Here are three proven ways to re-approach your finances.
Embrace Independence
“Financial independence gives you freedom and confidence,” says Janis Cowhey, partner at the tax and accounting firm Marcum, and co-leader of the newly named Modern Family and LGBT Services Practice Group.
The first step in effectively managing your finances and experiencing financial success is to own it. Instead of depending on child support or alimony - which are never guarantees - set off a bright financial future that you can depend on. Being financially independent can be scary at first. But, it can also be exciting, exhilarating, and yes, fun.
Track Your Finances
If you’re not sure how much you’ve got coming in and going out - you’re not alone. In fact, did you know that 61% of adults don’t keep track of their money?
As a single mom, knowing how much you’re earning and spending is absolutely essential. Start keeping track using helpful platforms like Tiller or NerdWallet.
Build a Budget
Now that you know where things stand, think about where you want to be with your finances. You may have specific goals you want to tackle - like paying down debt or getting better healthcare. Or, you may want to consider setting income goals that will help to elevate your lifestyle.
Build a budget that tracks what you have coming in, and ensures you’re working towards your goals. NerdWallet has some outstanding articles on building a solid budget, tackling financial ambitions, and tracking your money.
The Opportunities are at Your Fingertips
Step back, look at your finances, and get a feel for where you are with your money. While it may be scary at first, remember that this is an opportunity.
It’s an opportunity to be independent, to make your own choices, to earn what you want to earn, and to live life on your terms. So, step out there, and embrace it.
Summary of Parts II and III: part two of this series talks about the nuts and bolts of finances; like taxes, credit scores, and insurance. Part three looks at creative ways to earn more while leveraging your time.
