I have been pretty fortunate as a single mother. Most of the time I’ve been single I’ve had a good job that has allowed me not to worry about how I was going to pay the bills. It wasn’t like that at first, when I first got divorced I didn’t even have a car, but things got better.
Now, due to some pay cuts I’ve taken at work, things are looking a little scarier. Add to that a few emergencies, a major vet bill and an emergency car repair, and my savings account is non existent. Not having that cushion really makes me nervous. Now I find myself reading financial wellness books trying to figure out how to get back to where I was, but with less money this time.
As a single mother the thing that lets me sleep at night is knowing I have a little money set aside for an emergency. So that has to be the first thing I do, get some money in a savings account.
I’m really bad at budgeting but I have to do it. I need to write everything down so I can see where all my money goes, where I need to cut back and what I can afford to save.
Every book I’ve read says you have to have a budget, otherwise you are just guessing. Yes you know how much your bills are, but what about everything else. Is money leaking away from you without you being aware of it? I’m going to start today, writing down everything I spend so I can see where I waste money.
Another thing I’m going to do is look for a way to make some extra money. I don’t want a second job so I need to look at other areas. One idea I read was to do date night babysitting one night a month. Tell everyone that you will be providing this service, arrange a drop off time and a pick up time. Your life will be a little hectic once a month but it will allow your savings to grow or pay off some bills.
As a single mother it’s important to be on top of your finances, kids are the masters of unexpected expenses.