4 Financial Tips Every Single Mom Should Know

           

Well, the holiday season is approaching sooner than we'd like to think. Kids are navigating a new school year and believe it or not, the end of 2018 is fast-approaching. What many of us are left with is approaching New Year's Resolutions and the hopes that 2019 will be our best year ever. And many of those hopes may involve our finances. As with any goal, financial improvement is going to come with a little work, so we've put together some of our hottest tips for single moms who are looking to make some changes in their finances.

  1. Take a look at your credit report. Many of us know that our credit report is important, but did you know it can be used not only for mortgages and car loans, but future employment, credit card rates, and terms on insurance policies? Our credit is important, but often the busyness of life prevents us from keeping up with what our report says. Perhaps you've had a set-back with your credit due to some poor decisions or a divorce or medical issue, and it is overwhelming to even look at it. Order a free credit report online and begin somewhere. There may be errors on the report that once rectified, can immediately boost your score. There are also ways to begin the discussions with old creditors on payment arrangements or reduced payoffs.
  2. Create a budget and stick to it. When we attempt to lose weight, what do we do? We watch what we eat and exercise. It's pretty simple, right? The problem with many of us is that we get excited for about 32 seconds, then the real work begins! The same is true for your budget. Once you've created a budget on what you can spend and what you owe, stick to it!
  3. Save. Save. Save. There are hundreds of ways to save. Consider couponing, skipping the local coffee shop, or the daily work lunch out – just to name a few.  Even putting a small amount of money away, each pay period can bring a huge sense of satisfaction and comfort.
  4. Plan for Christmas now. Christmas may seem like light-years away, but it will be upon us before we know it. And many lose the joy of the Christmas season because we've stressed ourselves out about what we'll buy and how we'll pay for it. Let's begin now with a small Christmas budget that can be used this coming season and alleviate that stress early.

Well, the holiday season is approaching sooner than we'd like to think. Kids are navigating a new school year and believe it or not, the end of 2018 is fast-approaching. What many of us are left with is approaching New Year's Resolutions and the hopes that 2019 will be our best year ever. And many of those hopes may involve our finances. As with any goal, financial improvement is going to come with a little work, so we've put together some of our hottest tips for single moms who are looking to make some changes in their finances.

  1. Take a look at your credit report. Many of us know that our credit report is important, but did you know it can be used not only for mortgages and car loans, but future employment, credit card rates, and terms on insurance policies? Our credit is important, but often the busyness of life prevents us from keeping up with what our report says. Perhaps you've had a set-back with your credit due to some poor decisions or a divorce or medical issue, and it is overwhelming to even look at it. Order a free credit report online and begin somewhere. There may be errors on the report that, once rectified, can immediately boost your score. There are also ways to begin the discussions with old creditors on payment arrangements or reduced payoffs.
  2. Create a budget and stick to it. When we attempt to lose weight, what do we do? We watch what we eat and exercise. It's pretty simple, right? The problem with many of us is that we get excited for about 32 seconds, then the real work begins! The same is true for your budget. Once you've created a budget on what you can spend and what you owe, stick to it!
  3. Save. Save. Save. There are hundreds of ways to save. Consider couponing, skipping the local coffee shop, or the daily work lunch out – just to name a few.  Even putting a small amount of money away, each pay period can bring a huge sense of satisfaction and comfort.
  4. Plan for Christmas now. Christmas may seem like light-years away, but it will be upon us before we know it. And many lose the joy of the Christmas season because we've stressed ourselves out about what we'll buy and how we'll pay for it. Let's begin now with a small Christmas budget that can be used this coming season and alleviate that stress early.

 Jennifer Maggio is an award-winning author and speaker, whose personal journey through homelessness, abuse, and multiple teen pregnancies is leaving audiences around the globe riveted. At 19, Maggio was pregnant for the fourth time, living in government housing on food stamps and welfare. She shares with great openness, her pain, mistakes, and journey to find hope in Christ. She ultimately became an 11-time Circle of Excellence winner in Corporate America. While a vocal advocate for abstinence, and sustaining today's marriages,  Maggio recognizes that single parenthood exists and is passionate about seeing these parents thrive. She left her corporate successes behind to launch a global initiative to see single moms living a life of total freedom from financial failures, parenting woes, and emotional issues.  Her passion is contagious, and her story has been used to inspire thousands around the globe. Today, Jennifer works to ensure that no single mom walks alone as the founder of the national profit, The Life of a Single Mom. For more information and resources, visit the website HERE

Photo courtesy: ©Thinkstock/andriano_cz

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