Being a single mom is one of the most difficult yet rewarding jobs out there. You are doing it all, and you deserve all the credit and support in the world! But with everything else on your plate, managing your finances can seem like an overwhelming task. Especially if you have endured emotional abuse. Here is how to stop feeling numb so you can take control of your finances. This is one of the most important things you can do to ensure future financial success. Here are some tips to help you get started.
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Set Financial Goals
The first step to take when managing your finances is to set goals. It’s important to identify what is important to you financially, whether that be saving up to make a down payment on a home or car, paying off credit card debt, or student loans. If you have a lot of bills, here is the system I used to get out of debt. Having clearly-defined goals will help keep you motivated and on track towards achieving them. Additionally, setting super small goals that are attainable right away (like the next day) will motivate you to continue working on the goal. In addition, taking super small steps makes it easier to achieve your long term goal.
Create a Saving and Spending Plan
Creating a spending plan is essential for keeping your finances top of mind and staying on track with your financial goals. Take into account all of your sources of income as well as any fixed monthly expenses such as rent, utilities, groceries, transportation costs, etc., then set aside the money so you can make those monthly payments. Also consider creating an emergency fund in case unexpected expenses arise—this fund should consist of at least 3 months of living expenses so that you’re always prepared if something comes up!
Take Advantage of Resources Available To You
There are many resources available specifically designed for single moms looking to succeed with their finances. For example, government programs such as the Earned Income Tax Credit (EITC) provide eligible families with additional funds each year during tax season that can be used towards savings or expenses like daycare costs and other necessities for children under 18 years old. Additionally, certain organizations provide grants and scholarships for single mothers who are looking to go back to school or re-enter the workforce after taking a break from their careers due to parenting obligations. Looking online and seeing what resources are available to you in your area may open up more opportunities for financial success than you thought possible!
One last thing…
Financial success as a working single mom may seem like an intimidating goal but it’s achievable with the right strategy! Start by setting clear goals and create a saving and spending plan that works best for you; then take advantage of all the resources available specifically designed for single moms looking to succeed financially! With hard work and dedication, anyone can reach their financial goals no matter what life throws at them!
