The Single Mom’s Guide to Financial Freedom

Being a single mom is a tough job. Not only do you have to take care of your children, but you also have to make sure that you’re financially stable. If you’re like me, I found it to be very challenging to make ends meet when you’re living paycheck to paycheck. However, with the right plan and financial strategies, you can achieve the financial freedom you so desire. I did it and I can help you too! Here’s a little information on how I started to build a solid foundation with a budget. Just so you know, I like savings and spending plan much better than the word budget. Let’s get started!

“Believe that you will succeed, and you will!” -Dale Carnegie

Create a saving and spending plan

The first step towards financial freedom is creating a saving and spending plan. The saving and spending plan will help you keep track of your income and expenses so that you can make informed financial decisions. Start by listing all of your monthly income sources and your fixed expenses, such as rent, car payments, and credit card payments. Then, list your variable expenses, such as groceries, entertainment, and clothing. Once you have all your expenses listed, identify which expenses you can cut back on or eliminate entirely.

Set financial goals

Once you have a saving and spending plan in place, it’s essential to set financial goals. Believe something wonderful is about to happen when setting goals. These goals should be (SMART) specific, measurable, achievable, relevant, and time-bound. Here’s a good example of a SMART goal: I will save $500 per month for a down payment on a home within the next two years (add the date). Having financial goals in place will help you stay focused and motivated.

Build an emergency fund

An emergency fund is super important to your overall financial plan. It’s essential to set aside some money every month for unexpected expenses such as car repairs, medical bills, or job loss. A good rule of thumb is to save three to six months’ worth of your living expenses in your emergency fund. Start small by setting aside a portion of your income each month until you reach the amount that’s comfortable for you. This will help you reduce stress when the unexpected arises. Let’s face it, life never goes as planned and the unexpected happens!

Generate additional income

As a single mom, you may find that your income is not enough to make ends meet. Consider exploring other ways to generate additional income, such as starting a side business or selling unused items you don’t use anymore. Every dollar adds up, and earning extra money can help you get closer to achieving your financial goals.

Monitor your progress

It’s essential to monitor your financial progress regularly. Take the time to review your saving and spending plan each month to make sure you’re staying on track. Without the look back you are setting yourself up for failure. Look at the first couple of month as experimental and to get used to this new way of doing things. By celebrating your successes, it makes you feel good! We are not looking for perfection, but growth. Want support? Join me in the private Facebook group: Single Moms and Money: THRIVING after emotional abuse. I would love to have you!

One Last thing…

Achieving financial freedom as a single mom takes time, effort, and commitment. It’s essential to create a saving and spending plan, set financial goals, build an emergency fund, generate some additional income, and monitor your progress. With the right strategies in place, you can build a solid financial foundation that will help you achieve your dreams and provide a stable life for yourself and your children. Remember to stay focused, motivated, and celebrate your successes along the way. You’ve got this!