Being a single mom is hard. Enduring domestic violence or emotional abuse is even harder. You’re constantly juggling multiple responsibilities. If you’re like me, it was overwhelming to manage finances on top of all the other stuff your dealing with. It feels like you’ll never get ahead. With this in mind, what helped for me was to simplify the payment process. In addition, this had helped me make sure the bills were paid on time. Given the circumstances I went through, I am passionate about your financial & healing journey. In the event you are like me, here are some strategies for financial success to help you make payments on time, avoid late fees and build credit. I also made a YouTube video on How to Manage you Bills & Simplify the Process.
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Your Bills & Due Dates
First, make a list of all your bills and their due dates. Having a written record of your bills and their due dates will help you stay organized and on top of payments. As a matter of fact, keeping track of every bill also gives you an overview of the payments that need to be paid each month.
It’s important to realize, there are many options to stay organized. A few examples include a payment calendar, budgeting software, budgeting apps, pen & paper or an excel spreadsheet.
Set Up Automatic Payments
Another key point is to make sure all of your bills are paid on time. With this in mind, setting up automatic payments can be very helpful. In order to do this, log into your online bank account and set it up in Bill Pay. For example, I would set the payments to be taken out of my checking account 1-2 days after my paycheck was direct deposited. On the positive side, I did not have to worry about forgetting to make payments .
Reminders for Payments
For this reason, many credit card companies and financial institutions offer payment reminders. As a result, late fees are avoided and payments will be made on time. Furthermore, when payments for loans, credit cards, student loans and mortgages are made on time, this helps build credit. Building excellent credit gives you the BEST opportunities in life. Here’s an article on the best & easiest way to establish credit or check out the guide I created on “5 Fantastic tips to build excellent credit“.
Ultimately, signing up for emails or text reminders will help in making payments on time. If you are in debt, here is 11 motivational ways to get out of debt and enjoy life!
Make a Budget & Stick To It
Another key strategy for managing your finances is creating a budget and sticking to it! Take the time to map out your expenses and income each month. As a result, you will see exactly how much money is coming in and going out each month. Ultimately, this allows you to visually see where your hard-earned money is going. With this in mind, writing down every time I spent money on a daily basis helped me understand where all my hard-earned money was going. Make sure to include some “fun money” too so that you can treat yourself.
“Beware of little expenses; a small leak will sink a great ship”
Create an Emergency Fund
Creating an emergency fund is one of the most important financial strategies you can implement, especially if you’re a single mom. As a result, an emergency fund will give you peace of mind knowing that if something unexpected happens, like an illness or job loss, you have money saved up to help cover those expenses. Start by saving just $10 per week. It may not seem like much, but over time it will add up and give you some wiggle room if life throws a curveball at you.
One last thing…
As a single mom, managing your finances can be tough—but it doesn’t have to be impossible! By setting up automatic payments, creating an emergency fund, and making (and sticking!) to a budget each month, you can simplify the payment process and make sure all of your bills are paid on time without stressing out about it every day. I love the smell of Young Living Essential Oil Lavender that promotes relaxation and my new favorite, Inner Child for those who have endured traumatic experiences.
Take the time now to get organized—you won’t regret it!
Learn More!
I hope you found this information helpful!💕
Hello, my name is Renee, I am a wife, mom and AFC (Accredited financial Counselor). I specialize in helping busy, single moms learn how to be financially independent so they can eliminate the stress and build confidence around money, so they can buy and do the things most important them.💕 If you want to learn more about why I am passionate about helping single moms, learn more about me and my story.
