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Budgeting Is Important For Single Moms
from: Karlie BestlerFinancial independence for single moms starts with making a budget for one income and learning to stick to a budget. The budget should account for every penny of income and every penny spent. Many times, family members, especially children, will spend small amounts of money and not remember spending it. For single moms on a tight budget, these small amounts of money can add up quickly.
Spending a small amount on a soft drink might not seem important but if someone is buying one drink five days a week, the money adds up over time. Suppose you buy one soft drink costing $1 a can every day at work or school. That amounts to $5 a week, $20 a month and $240 a year for just soda. That's $240 that "disappears" over a year because no one remembers spending $1 at the vending machine. Imagine how much more money "disappears" when no one pays attention to how it is spent.
As much as possible, a single moms should think of the future. A single mom should start saving for her children's education the moment they are born. Many single moms will say that they can't afford to do this, but they should remember that $1 drink. Imagine starting a savings account for a child when the child is born. If a single mom put $5 a week into an account, the account would have $240 by the child's first birthday. With interest, there could be over $4,000 in that account by the child's 18th birthday. If the single mom could find an account that had a good interest rate, the child would have a nice education fund by the time he or she was ready for school.
The same advice and budgeting information for single moms is necessary. She should save some money for retirement. She will probably work longer than the 18 years to get a child ready for college, but the same plan would work for the moms single parents. A single mom with two children could save $3 a day (the cost of three cans of a soft drink) and manage to help send both children to school and start a retirement fund. Just get a drink of water instead and save the dollar for the soft drink. It will add up over time.
Hopefully this budgeting information for single moms will help you get started toward better finances. Making a budget for one income and learning to stick to a budget is only the beginning.
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