5 WAYS SINGLE MOMS CAN FINANCIALLY THRIVE.
If you’re new to raising your children on your own, been doing it for years or you’re a mom who is feeling some financial overwhelm this is for you.
The multitude of tasks and responsibilities that rest upon us moms can be absolutely overwhelming. The complexities compound when the financial stability of your family is at risk and the only one carrying the responsibility of it is you! To say the pressure of it all is heavy is a gross understatement.
When I was transitioning into single motherhood ensuring the financial security of my family meant braving unknown territory.
I had to navigate prioritizing the requirements of my kids, myself and household bills…this wasn’t easy for a girl who was use to running up her credit cards for whatever she wanted then paying them off within the month.
Budgeting and knowing exactly where all my money was going was completely foreign because the 1 st and the 15 th always came with 2 big deposits from DFAS on behalf of the Navy and Marine Corps. But lucky for me, single motherhood also came with a hefty dose of unemployment.
Yep, those 4 big deposits magically disappeared and became 1 smedium (small-medium) deposit in the form of a retirement pension. Yay Me!!
The challenge of becoming the sole provider in itself is often a huge obstacle for us single mommies. We frequently put in endless hours of work to keep it all together… and if we’ve got teenagers it can seem like we do it in absence of appreciation. (I’m sure they don’t say it as much as you’d like to hear it but behind all the snark and attitude your child loves you and they see what you’re doing for them!)
In the same way there are rainbows after the rain, there are ways to lessen the burden of having to carry the heavy financial obligations alone, even when the pressure can often feel unbearable.
You want to know what it is that’s helped me do that? What’s gotten me from being completely stressed out about money to a place where I don’t have anxiety when it comes to grocery shopping because I no longer have to choose between buying what I want and what I need?
Ok cool here’s the short list, if you want to dive deeper we can definitely do that on a one on one basis.
1. To pave the way for financial security and build a prosperous future for my family I take command over my finances and intentionally work on maintaining a proactive mindset.
2. I set attainable financial goals through creating an extensive budget. This is an important step because it’s not possible to get to where you’re going if you don’t know where you are.
3. I also keep detailed records of my outgoing costs and determine the areas I can reduce unnecessary spending. For instance, Starbucks used to be a daily part of life but it was a time and money suck. Now I have a Keurig and can over caffeinate whenever I want for less than $1 a cup AND I don’t have to wait in ridiculous lines or feel pressure to tip for the barista for window service.
4. I always keep my options open for additional income, I have way too much to offer this world…I’m capable of learning the many ways to monetize my talents, experience and creativity. Good news is, you are too!
5. And of course, I ask for help and create a network of people who keep me accountable to my personal and professional goals. Coaches have coaches too.
Everyone should because while you know what you know and are probably really great at it, there are things you don’t know and those things are hindering your growth and your ability to reach the life you want for yourself. The crazy thing is, you probably are completely blind to them but coaches are there to reveal your blind spots.
What have you been struggling with on your journey as a single mom?
