The issue of finances is something women do not prioritize or take seriously. Single Moms Starting Over Low Income are finding it tough. Every woman needs to have a financial record of the flow in and out of income. How much comes in and how much goes out, and what you are really spending on. And how to manage your resources and be intentional about your spending especially since your income is low.
How Do Low-Income Single Moms Survive Financially?
You can survive financially as a single mom with low-income if you adopt the following ways:
- Draw Up A Budget
- Reduce Your Monthly Expenses
- Smooth Out Your Big Bills
- Get Financial Advice
- Save 25% Off Your Income
- Make More Money
- Start Debt Management
Draw Up A Budget
There is a need for you to draw up a budget to avoid spending unnecessarily or excessively. It should be done regularly such as weekly, on a monthly basis and even yearly you should have a budget for every financial expense you carry out. Also, set aside some amount for savings. This is a good tip for single moms starting over low income.
Reduce Your Monthly Expenses
You need to cut out those things that are not relevant such as wearing the latest clothes, having the latest hairstyle, or even buying expensive attire just to attend a party. You need to learn to cut your coat according to your material. Do not do more than you can afford or what would affect your budget.
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Smooth Out Your Big Bills
There are some months in the year that make us scared, to us those months contain 365 days. In such cases, you need to smooth out your big bills, plan ahead of those months if possible, and have a separate account that is meant for saving up for the month. Such months might include the house rent due date, school fee payment, etc.
Get Financial Advice
Get advice on finances if necessary, and listen to a finance coach. Or read books on finances to help you gain more insight.
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Save 25% Off Your Income
Make it a habit to always save 25% of your income each month. It helps you stay in check with your short and long-term goals and also helps you when unplanned expenses arise. This will help single moms starting over low income.
Make More Money
Don’t rely on your low income alone. Also, try to make more money. Set up side hustles. Or part-time jobs you could do to make money in your leisure time. You can start an online business probably buying and selling home appliances or clothing. Or doing freelancing jobs as a part-time job. single moms starting over low income also need to make more money.
Start Debt Management
If you tend to rely on loans or grants earlier on then there is a need for you to learn how to manage your debts. Try clearing off all the debts you have on the ground. Avoid getting loans at the moment and make do with what you have. Try to avoid situations that would make you spend more or get a loan. Learn to say no.
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Can A Single Mom Survive With No Income?
The answer is NO. A single mom can not survive without income. It doesn’t matter if it’s low income but you have to earn something to be able to support yourself and your child. As a single mom, you need to apply the following ways to help ease your financial stress, you need to:
Change Your Financial Mindset
As a single mom, you need to seek financial opportunities. Network with people of like minds or the same interests. Seek opportunities that would increase you financially. Start a trade. Get innovative.
Take Out Insurance Plans
Take out insurance plans. It is a way of managing risks and reducing financial uncertainty and making accidental loss manageable.
You can take the following insurance plans:
Child Insurance
To help secure an amount to help fund your child’s future tuition or your child’s goals and dreams.
Life Insurance
Having an insurance policy on your life upon any unforeseen circumstances.
Health Insurance
Property Insurance
Fire Insurance
Travel Insurance
You can get these insurance plans to help you manage risks.
Increase Your Earnings
Try asking your boss to increase your income if you have worked there for a long period of time. And if you are not getting a good income, get a new job that would increase your income. Also, start up something for additional income.
Set Financial Goals
As a single mom, you have to set financial goals. Set your goals according to whether they are short or long-term. Your financial goals can be divided into:
Short Term Goals:
Setting your goals on things that can happen in a couple of months. Like setting aside money for your child’s birthday, Christmas celebration, etc.
Mid-Term Goals:
Saving up for a down payment on a house, or home appliances such as a generator, refrigerator, or microwave. Or increasing your net worth to a certain amount.
Long-Term Goals:
This involves saving up for a long-term achievement. Like saving up for your child’s institution fee. Or saving up to buy a car or house.
Make A Single Mom Budget
Make budgets as a single mom. Following the various ways listed like insurance plans, financial goals, etc. Amidst all that you need to have a budget. Set your priorities right. Calculate your income and your expenses or you won’t know when you end up being stranded.
Find Affordable Housing
Aside from looking for a good house. Also, find a house with a modest amount so you don’t have to pay through your teeth when the rent is due for payment. Also get appliances that you can avoid and also maintain.
Seek Help As A Single Mom
As a single mom, appreciate and accept the help that comes your way by all means. And if possible ask for help when necessary and needed.
How Do Single Moms Start Over Again?
When starting over again you must reflect on yourself. Be ready to take the plunge, pick up the broken pieces and start over again. Starting from scratch doesn’t mean you have given up on those things or lost those things, everything you have earned, gained, learned, or experienced so far. Rather, it means those experiences and lessons you have learned have brought you to where you are present. And you feel happy you were able to gain that knowledge in the past.
Make Friends
Keep friends that help you stay positive. Make friends with people that give advice and encourage you to be the best version of yourself.
Lean On Existing Friends/Family
Rely on existing friends and family for support while starting over. Let your family guide you and support you in your newfound self.
Prioritize Your Health
Above all things, take proper care of yourself when starting over. Understand and identify your self-worth and help yourself grow physically, spiritually, socially, and financially. Take care of your personal health. Take care of your body’s fitness. Prioritize mental and physical health above all things and stay away from things that bring negativity.
Manage One Hour At A Time
As a single mom starting over, you need to learn to take one step at a time. Manage one hour at a time. Solve one issue at a time. Do not give room for depression. Or excessive stress while starting over.
Be Kind To Yourself
Learn to love yourself for who you are. Appreciate yourself for the hurdles you have solved. And for the solutions, you have thought of. Loving yourself would help you worry less about your past mistakes and regrets and help you see yourself in a new light.
Think Positively About The Future
Learn to think positively about what the future holds. Make plans for the future and be optimistic about it.
Conclusion
In order to enjoy motherhood successfully or survive single parenting try:
Working as a team with your child. Map out plans of things that are important and that are not important. Things you would avoid spending on and you won’t. The Dos and Don’ts you would or won’t tolerate. Making these plans with your child makes parenting easier and less stressful.
Giving yourself time and grace. Don’t be too hard on yourself. We tend to be hard on ourselves when we set self-goals and we couldn’t achieve it at a specific time. You need to learn to give yourself more time. Give yourself grace and breaks. You can definitely achieve it but you need time to let it work out.
Focus on quality time with your child. Let’s take time out for ourselves and our child. Build a relationship with your child that helps you understand what your child needs just by staring at him or her. Or telling what challenges they are facing in the world of their own. Aside from providing financially for your child, they also provide moral support and parental guidance. Children tend to do well academically when they have the support and guidance of their parents.
Say yes to support. You won’t always be available. Accept support from family, friends or neighbors to help provide care for the child while away. Accept financial help from relatives but don’t depend on it. You should know when to say no and when to say yes to support.
– Ilufoye Ibukun