Single mothers are an immovable force; they are our home doctors, servants, sisters, and best friends. They take care of you when you are lying sick on the bed, comfort us during our downtimes. They are our front liners in every sense of the word, the full-time workers, and the stay-at-home supermoms. More than 80% of single parents are female, and almost a quarter of them suffer in poverty.
When most people think of a single parent, their common misconception about stay-at-home moms is that they live on the welfare and the benefits of their relatives. However, a study shows that this is not just an outdated way of thinking, it is simply a misconception. According to the National Institute for Child Health and Human Development, more than 70 percent of single moms work part-time and nearly half of them work multiple jobs.
We asked single mothers and various financial experts about their biggest tip for budgeting their money. During an interview with Evie at Mom Solo, “I try not to put too much emotional energy into feeling that I can’t give my son everything. I focus on our beautiful family and how lucky we are to have each other. I try to remind myself that he doesn’t understand my finances nor should he need to know. I act as though we were rich in all ways. Being on a budget doesn’t make me a bad mom, nor do I have less of a great life than a more affluent mom.” says Evie.
Jennifer, Chief Executive Officer of The Life of a Single Mom, says single mothers need to keep track of what’s coming in and going out of their wallet every month. “The biggest mistake you can make with your finances is not knowing where the money has gone. You can’t control what you don’t know. Write everything down for 90 days and give yourself a list of things you will spend, not just on essentials, but on everything else.”
Katie, Community Manager at Moms.com, emphasizes the importance of living within your means and sticking to a set budget. Katie says: “Look at the resale shops and savings banks, what you have bought.”
Lisa from Ixonia Bank, says: ‘First, pay off the debt and then have a savings account. Also, be careful when borrowing.” Too many single mothers are scared to ask for help, but now is the time to overcome and beat that fear. If you or someone you know is a single parent, let them know that there is debt relief and that you and they are there to help. Let them know that there is debt forgiveness – relief for single mothers on a budget, such as a credit card or loan.
Credit counseling could be just what you need if you are struggling financially. Read some valuable advice by visiting CreditGUARD of America’s website at https://www.creditguard.org/. We are here to encourage single mothers to escape their vulnerable state through our proven debt management strategies. Take advantage of your free counseling appointment by calling 800-282-8497.