4 Financial Tips Every Single Mom Should Know
- 2018 Aug 01
Well, the holiday season is approaching sooner that 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 are 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.
- 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.
- 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!
- 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.
- 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 a national author and speaker, mom to three, wife of Jeff, and CEO/Founder of The Life of a Single Mom Ministries. She is chauffeur, chief dishwasher, carpool queen, and duct tape aficionado. But more importantly, she is passionate about teaching women how to find complete freedom in Christ. For more information, visit www.jennifermaggio.com.
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