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7 Money Moves For Single Moms
As a single mother of two, now adult men, I can recall times when life was not always what I desired it to be. Nonetheless, I persevered and maintained my sanity and here we are today. I have no intention of beating a dead horse into the ground. I do however want to provide my fellow single moms with just a sprinkle of inspiration and know-how. See, when you know better, you can do better.
Motherhood is a beautiful journey filled with moments of joy and challenges. For single mothers, navigating through this path requires an extra layer of resilience and resourcefulness, especially when it comes to managing finances. Single moms wear multiple hats as they strive to provide the best for their children, and mastering the art of financial planning becomes paramount. This blog aims to be a guiding light to all the incredible single mothers out there by presenting seven essential money moves that can pave the way to a secure and prosperous future. Armed with these strategies, single moms can build a solid financial foundation for themselves and their loved ones.
The most important thing is to simply get started. I started my first savings acct at 9 years old with $10.
Self-Check
- Do a self-check of your finances. If you don’t have $1000 in savings, you need to create an emergency fund. (you can do this with Ellevest) Literally you can create an account/get started/and fund it with $1.
- Always try to maintain at least $500 in your checking account after you have paid all monthly bills
- Create a Budget
- Obtain Life Insurance
- Save for emergencies. Please start an emergency fund. Here are a few simple tips for starting an emergency fund
- Set Goals- If you don’t establish goals, then how will you know what you are saving and investing for.
- Build your village aka your Kabila. Contrary to what Chris Brown says about no new friends, networking with other women is important. Women connect their friends with their friends. Having new friends leads to new opportunities in both your personal and professional life.
1. Crafting a Robust Budget
Craft a budget that outlines your monthly income and expenditures. Be meticulous in accounting for all expenses, from monthly bills to groceries and emergency costs. Prioritize needs over wants, and don’t forget to include a category for savings. Utilize budgeting apps or tools that can assist in tracking and managing your expenses effectively.
2. Building an Emergency Fund
Life is unpredictable, and having an emergency fund is crucial. Aim to save enough to cover at least three to six months’ worth of living expenses. Start small if necessary, and gradually increase your savings as your financial situation improves. Keep this fund in an easily accessible account, separate from your regular savings.
3. Investing in Education and Skills
Consider investing in courses or workshops that can enhance your skills and increase your marketability. Whether it’s a professional certification or a hobby that could potentially generate income, continuous learning and improvement can open doors to diverse opportunities.
4. Exploring Passive Income Streams
Look into creating sources of passive income, such as renting a property, dividend stocks, or starting an online business. Passive income streams can provide financial stability and lessen reliance on a single source of income.
5. Implementing a Savings Plan for Your Child’s Education
It’s never too early to start saving for your child’s education. Research various education savings plans, and choose one that aligns with your financial goals. Regular contributions, even in small amounts, can accumulate over time, easing the future financial burden.
6. Reviewing and Improving Credit Score
Your credit score plays a vital role in financial opportunities, such as loan approvals and interest rates. Regularly review your credit report for inaccuracies, and take steps to improve your credit score by paying bills on time and reducing debt.
7. Getting Professional Financial Advice
Consider seeking advice from financial experts or joining support groups where you can learn from others’ experiences. Professional guidance can provide tailored strategies and valuable insights that can optimize your financial planning.
Ellevest gives you 7 solid items to get you on your way.
If you’ve read any of my other blog posts, then you probably know that I purchased my first home at 21, right outside of Ft. Meade, MD in Severn. At the ripe age of 21, I purchased a townhome. What advice can I share with you? Honestly, just get started. Getting started is 90% of the battle. Just get started. Open your Ellevest account today. Matter of fact stop reading this article, and click on the link and set up your acct. One thing that single mothers know without a doubt is that an emergency is going to arise. You can either be prepared for it or you can let it sideswipe you and then everything around you comes crashing down or so it seems.
My folks over at Ellevest have an awesome article on 7 Moves For Single Moms, hence I’ll let them do most of the talking and allow you to continue to read. I’m extremely proud to be working with Ellevest to open up the conversation on money with women. Today is the day that you decide to do something different.
Check out our complete Ellevest Investment Series
***I’m excited to be working with Ellevest to start this conversation about
women and money. Yes, I will receive compensation if you become an Ellevest client. The Melanin Goddess (“Solicitor”) serves as a solicitor for Ellevest, Inc. (“Ellevest”). Solicitor will receive compensation for referring you to Ellevest. Solicitor will be paid $3 per email registration and up to $1,000 when an individual becomes a client. You will not be charged any fee or incur any additional costs for being referred to Ellevest by the Solicitor. The Solicitor may promote and/or may advertise Ellevest’s investment adviser services. Ellevest and the Solicitor are not under common ownership or otherwise related entities.
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