As a single mom, the responsibility of the family is on your shoulder. Provision for the family and tax to the utility board is solely settled by you. Get enlightened in SINGLE MOM IN USA BEST WAYS TO LIVE FINANCIALLY
As a single mom, the overall struggle to get well financially and how your tax refunds are spent can have a big influence on your life. Although you might be an expert in childcare and family building, you need to be financially educated and guided. Money plays an important role for a stable family building.
Have a list for your financial goals. This will give you a sense of balance on how your money flows. Set goals on renting or buying a house, how to settle debt that is non-detrimental , how to pay bills according to its importance in the family, engage a legal service and medical service, and escape route from unemployment.
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It is normal for single moms to go through multiple financial stages in life. The first stage is just centered on provision for the kids and food for the family. It is a huge leap for a single mom to take when considering financial exploit. Well, this may be for the fact that many moms did not anticipate that they may eventually become single mom. Most mothers are not well educated in finance when growing up. The result of this makes you lost and confuse when it comes to financial planning.
SINGLE MOM IN USA BEST WAYS TO LIVE FINANCIALLY
Living well financially is the dream of every single mom. The ability to buy things without running into debt is like a dream to single mom. But this dream can become a reality. Below are some of the best ways a single mom can live well financially:
Emergency Fund
Emergency funds are life saving tools when it comes to health, employment and legal issues. Emergency funds can be preserved by saving 75% of all your monthly income. Essentials like food, medical and utilities would belong to this category.
Take your time when setting an emergency fund list. It will guide you from making expenses that will run you to debt. Also, make use of “Emergency Calculator”. Just enter your expenses and see a good safety net would mean for you
Upgrade Your Intellect
Knowledge is important to a single mom as it is one of the best ways to live financially.
Knowledge and skill is the very foundation of financial success in every industry. There are many organizations that offer tutorials to sensitive courses; augment your skills to benefit you.
As a single mom, you might be thinking there is no time to settle down and learn. I bring you good news. There are many free and affordable online courses such as; Coursera & Udemy. It is important that you add more abilities to your list of skills. You can also learn from learning articles at the local library or online resources.
After you gain qualification on these skills, update your resume and apply for a high paid job. Prove that your newly acquired skills are superb and efficient. It will give you chance to a better role and faster promotion.
Never down play the power of the intellect as a single mom.
Settle Debt In Order Of Preference
The issue of debt is a topic of depression for a single mom. It is a hindrance to financial freedom. When it comes to family, debt is inevitable. Although, debt can be minimized by abstaining from unprofitable expenses.
Debt arises from inadequate resources to cover the need of the family, children and single mom in time of sickness, unemployment and house rent. Despite their best effort, debt accumulates faster for single moms and is settles on a very slow and concerning rate. This is because there is hardly financial support for single moms; there do things beyond their ability to cater for the needs of the family.
Don’t blame yourself and be depressed. Debt must be paid gradually and with time.
However, be wise when settling debt. Debt has a cycle: “Be in debt, Settle the debt, Be in debt”. Start by settling debt that won’t put you to a greater debt. Debts that are great, reason with your creditors and convince them you will pay by installment. Surely they will understand.
Don’t be depressed about debt and sleep better.
Be Happy
As a single mom, one of the best ways to live financially is happiness
Happiness as a single mom can be tricky, as you probably would not have too much money left if you spend the tax refund money on paying off debt and building your emergency fund. They come first in the family.
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However, you must get creative with the way you can use less cash to get something that would make you and your kids happier.
Explore your options when buying an item.
Buying a little bit of happiness could mean a staycation (vacation) with your kids, going on a picnic and ordering out a fun meal to share to experience a new culture.
Happiness is the catalyst to financial success. You think better and take precise actions when you are emotionally healthy.
Start A Business
The rule of a successful business: If you want to earn something, you need to spend something.
If you have been thinking about starting your own business but needed some supplies or business registration to make it happen, allocating some tax refund money to this category could also produce great results.
Having your home-based business can provide you with flexibility and security you need. As well as proper attention to your business and to monitor daily transactions. Turn your idea into a system for money making. It is worth your time.
You could open a childcare centre (buy good toys, new essentials, kids furniture), or a catering and decoration business (ingredients, tools). There are many business choices but the most important part is to be true to your business intuition and be comfortable to allocate some money to equip your idea to succeed.
SINGLE MOM IN USA BEST WAYS TO LIVE FINANCIALLY.
Remember, critical thinking & careful action prepares you to success.