Ever noticed how some single mothers succeed financially despite their constant life challenges? Even though they are the sole providers for their kids with absolutely no one to turn to for monetary support, some of them are more successful than those who are supported by spouses.
But have you ever wondered why that is so? Here’s the secret. They basically understand that for their children to succeed just like any other complete family, they have to make wise financial decisions. Do you want to know more about these brave financial decisions single mothers make for them to thrive? Read on, and you’ll find out.
1. Budgeting wisely
Some people fail as they don’t keep track of how they spend their money. For instance, some use more than $100 per month while their salary is less than that. However, most single mothers know that the first factor to consider if they want to be successful economically is learning how to budget for their money.
Therefore, with this knowledge of where and how they’re spending their money, they can make wise decisions on what expenses to cut, and this helps them to keep on track.
2. Saving up monthly
Don’t you think it’s crazy to spend all your monthly income without saving a penny? Imagine what it would be like when your kid is sent home for school fees, and you don’t have a spouse to ask for help? For this reason, many single mothers understand that they’ll have to deal with their problems solo if a need arises. Thus, they ensure they save some amount from their monthly income.
What’s more, some have embraced the automated savings plan, where 10% of their monthly income is deposited in their savings account every month. Some don’t even notice the amount being saved per paycheck, and they only find out later when withdrawing for their unexpected emergencies. This takes us to the next point.
3. They have a separate account for an emergency fund
Being a sole provider for your kids can be very challenging, especially during emergencies. Always remember that your home or car may need repair anytime and you don’t have a supporting spouse. Also, your kid might get sick anytime, and you have no one to turn to for financial help.
Therefore, to avoid getting into unnecessary debts, single mums are always advised to have an emergency fund account, where they can save some dollars each month to ensure they’re on the safer side during a crisis.
4. Giving their kids financial lessons
Some single mothers know that it’s vital to make their kids understand that they should be contented with their budget. By teaching their kids on the healthy financial habits such as avoiding debts and saving for future, they’re able to live simply and within their budget.
5. They always keep up with personal loans
Single mothers sometimes pass through various financial challenges. In such times, they may require credits to help them solve the tough situations. For this reason, they always monitor their credit score as well as pay bills on time to ensure they are eligible for personal loans when a need arises. Even better, they are now able to access payday loans online, which helps them get through some tough financial situations easily. Remember that these loans are quick, collateral free and accessible online anytime.
Even though single mothers face so many life challenges, they understand that they don’t have to face financial obstacles when raising their kids. Actually, they know that making wise financial decisions can be the first step to being smart financially. Therefore, they always budget for their income, save for future, set aside some emergency fund, and educate their children on healthy money habits to ensure they are continually stable financially.