Single mums have so much to juggle just to get through the day, so the last thing you need is money worries giving you sleepless nights.
With a bit of planning and discipline, it’s possible to take the reins of your financial situation.
Let’s look at some straightforward routes to achieving this.
Put a budget together
Learning how to make a budget is something every responsible adult should do, and it’s also a good way to teach your kids how to manage money well from an early age.
In the most basic terms, a budget will cover a typical month and include facts like your income, your expenses, and what cash is left over, if any.
Only once you’ve got this info to hand can you start to take further steps to improve your circumstances.
Use an app that tracks everything in one place
The latest finance apps are well suited to anyone who wants to attain financial freedom, since they can give you insights into your spending habits and even alert you to potential issues before they get out of hand.
You can combine them with your budget-building process, since you’ll be able to see which of your outgoings are leaving the biggest dent in your bank balance on a monthly basis. You can also spot potentially wasteful habits that you can counteract.
It’s better to use a single app to do this, because having everything viewable within the same interface is easier than having to flip between multiple platforms, or even needing to calculate things on paper by hand.
Set goals & save towards them
We all know we should be saving money wherever possible, but it can be difficult to motivate yourself to set cash aside if you don’t have a particular target in mind.
You can address this easily by setting a goal and working towards it over the weeks, months and even years. Whether you want to buy a car, build your own home, save for a special holiday with your kids, or anything else, knowing what you’re aiming for will make saving a breeze.
Improve your credit score
Bad credit hurts single mums more than most, and as a result you need to both check up on your credit score regularly and do what you can to improve it. With a good score you’ll be more likely to get approved for loans, and also gain access to better rates of interest when borrowing as well.
Paying down debt and sticking to the schedule set by your lender is a good way to build a positive credit history. You should also avoid applying for multiple credit cards or other financial products, because your score will fall if there are a lot of credit checks on your records.
In terms of reducing your debt burden, you could consider a consolidation loan which combines multiple separate loans into a single one, usually with a better interest rate and improved repayment terms.
There are plenty of tools to help you find good financial products online, so comparing different options doesn’t have to take long or be too taxing.
Take advantage of support where available
Don’t forget that as a single parent you may be eligible for life insurance and various forms of financial support, especially if you are at the lower end of the income spectrum.
Most of all, be patient with yourself and don’t feel bad if your financial dreams don’t come true immediately. Time and experience will make money management less stressful in the long run.