Identify the Problem Areas

The first step is to identify where the problems lie in your finances. Take the financial assessment to see where you can improve. It’s one page, quick & easy! After taking the financial assessment, decide which area is the most important to work on. The biggest eye opener for my clients is to track their expenses and create a saving and spending plan. Take a look at your monthly expenses and income, and review to see what expenses could you reduce or eliminate? Are there any areas of your spending plan that could use more direction from you? Are there any sources of income that you could tap into? Identifying the problem areas in your finances is the first step towards taking control of them again. It’s like you being the CEO (Chief Executive Officer) of your finances!

Set Financial Goals

Once you’ve identified the problem areas in your finances, it’s time to set goals for yourself. Identifying your values (what motivates you) can help you identify your goals a little easier. Think about what changes you would like to make in order to improve your financial situation. Some examples of goals might include paying off debt, increasing savings, or creating a fund for unexpected expenses. Whatever goals you decide on, make sure they are realistic and achievable within a certain amount of time so that you can track your progress and stay motivated throughout the process.

Create a Plan of Action

Now that you know what needs to be done, it’s time to create a plan of action for achieving those goals. This is going to help you achieve financial well-being as a single mom. Check out 5 Steps to creating a Saving and Spending Plan that actually works. Many of my clients find it useful to use cash only whenever possible; this will help you see the money being spent and it’s helpful so nothing gets out of hand. Try setting aside a fund for unexpected expenses as soon as possible; this way when life happens (like an unexpected car repair or medical bill), you won’t have to resort to using credit cards or going into debt just to cover those costs. Finally, focus on paying down any outstanding debts as quickly as possible; this will free up more money each month so that it can be put towards other things such as savings or something fun instead of going towards interest payments or late fees!

One last thing…

Restarting your financial life may seem like a daunting task but with some planning and commitment it is totally doable! To make lasting financial changes, super small steps matter most. By following these steps – identifying problem areas, setting goals, and creating a plan – single moms that have been through a lot can take control of their finances again and start building wealth for their future. With dedication and perseverance, anyone has the power to turn their financial life around! With the right attitude and determination, anything is possible! So don’t give up – start planning today!