Working as a single mom, I have had a lot of questions from people about how I do the things that I do. Let me begin by saying that it gets easier. It doesn’t matter what you are feeling right now; if you are committed to changing your life, you will see that it gets easier.
But you have to stick to a certain plan, and that is the hard part. There are a lot of concerns like dating, sex, legal issues that I get thrown at. But on top of all, a question that is most often asked is the one related to money.
To all of the strong, independent, single moms out there, I suggest they stick to a financial plan and make calculated decisions that are critical for your well-being and the well-being of your family.
Here are three fundamental tips for single moms that are imperative for their financial success.
#1 Earn Like Your Life Depends on It
The first thing that you are going to need to do is to be ruthless. A vast majority of single moms who are raising their kids are doing so without the help of any financial figure in their life.
It gets pretty hard to provide everything to your kids in this economy, but it is not impossible. You need to create a streamlined influx of cash so that you can provide for your kids.
If one job is not enough, don’t be afraid to take up a second job as long as it doesn’t interfere with the child’s schedule, and you can give him equal attention. A good way to do that is to invest in something, so you have a chance of a better future.
I know investments can sometimes be a risk, but if they work, they are worth it. You can also go for private personal loan lenders in Melbourne if you are looking for quick cash to invest.
#2 Set Your Priorities
Because you are the sole earner in your family, you need to take extra precautions when it comes to expenditure. Rest assured that these are just temporary sacrifices that you have to make for the greater good.
You need to find a budget that suits you and stick to it. You should save some money for emergencies or any crisis in the future and set aside money if you have to pay off any debt.
Successful single moms do get attracted by shiny things as they make calculated decisions.
#3 Set Big Goals
If you are always comparing yourself with your neighbors or friends that earn more than you do or have a better life than you, you might fall into the pit of setting small and short-term goals that will only benefit you temporarily.
Instead, you need to set bigger goals in life and be diligent when it comes to achieving them. Dream of the perfect job, the perfect house, the perfect life, etc. and work your ass off to achieve all that.
I have seen countless single moms do that, and this can be you too.