Being a single mom makes you a superhero. There is no question about it: you do it all and your kids will realize just how great you are…later in life. Until they get older, you will do a thankless job that includes carrying the financial weight of your house.
But it doesn’t have to be as difficult as it seems. There are a few different things that you single moms out there can do to get your finances under control. Don’t ever stress about your finances again when you take these tips to heart.
It might suck but you need to be completely honest about your budget. You want to spend like you want to live but try spending like you can actually afford living. This will prevent you from getting into debt or falling behind on your bills.
We have all had to have that conversation with ourselves. You know the one:
Me: I can’t afford that.
Also me: YES YOU CAN GIRL JUST BUY IT ALL.
Me: You’re the boss!
When you lifestyle is more in line with what you earn, you can avoid those pitfalls and live your life more comfortably from a financial aspect, even saving money and paying down your debts. Sacrifice on lifestyle now to avoid heartache later.
This goes with the previous point but people tend to forget that a credit card is not free money, it’s a way to get you into debit that lasts forever. Avoid the purse or the extra outfit even if you have the room on a credit card. It is the kind of thing that will come back to bite you later on.
When you have lesser debt, your credit score will be positively impacted from this and you will have better opportunities if you have outstanding credit. Keep those debts in line and you will keep your lifestyle in line, giving you more flexibility for larger, more important financial decisions than you would have with a ton of debt.