We have received many reports of the financial difficulties that single mothers (please, without this “ single mother ”) face in raising their children. They bargain at every opportunity and do their best to give children a better life, even without being able to count on their parents. That’s why we call Carol Sandler, founder of Women’s Finance and financial coach, to give her best money tips to self-employed moms across USA.
Before we begin, a warning: We call it a “single mother” or “self-employed mother,” not a “single mother,” because being a mother does not imply your marital status. Motherhood is above that. In addition, “single mother” is a term fraught with prejudice and stigma that these women suffer from having children outside a relationship considered standard by society.
1) Search for a support network
Count on the support of family, friends, and neighbors to look after your children and help you reconcile employment, care, extra activities, etc. There are also several women’s groups and support groups on Facebook. It’s worth going into them and asking for help whenever you need it – even if it’s to look for a friendly shoulder.
This tip is especially important for low-income solo mothers, who suffer from the lack of state support, especially when it comes to the lack of openings in public daycare centers – which operate at restricted hours.
2) Have an organized spreadsheet and budget
Organization is critical when dealing with many expenses, but there is little disposable income. The spreadsheet is also useful in legal matters such as justifying the amount of the pension. Some work best with an app, an Excel spreadsheet, or the good old notebook.
3) Create an emergency reserve
You need a financial cushion not to be so vulnerable and to be able to cope with unforeseen issues such as your health or that of children. It is recommended to save 20% of net income. As? Starting slowly and adjusting the budget.
If it is difficult to collect this money, talk to your family and ask them to help you monthly. Make it clear that it is not an allowance, but a loan and that you will pay everything right when you can get your financial life straight.
Want to see more tips? About Free emergency cash for single mothers