Hello!

If you are a single mother and landed with the responsibility of running your home and taking care of your children, there is nothing to panic. There are several women out there who have taken up the challenge and have successfully done their bit. All you need is proper planning and trust your abilities. However here are a few financial tips to help you manage your finances better:

Keep an eye on every spending’s:

It is important to make a note of expenditures. Make a budget and stick to it strictly. You might face various bills every month hence be prepared for emergencies. You have to decide your priorities and should act accordingly. Child care, house rents and electrical bills are unavoidable hence ensure that you pay them immediately and other things such as mobile recharge, connections can wait. Set your priorities and fix yourself targets which you need to achieve. Every penny counts hence spend wisely. 

Have insurance:

Get a life insurance so as to protect your children and your future. Emergencies may spring up at any time hence it is advisable to be prepared for such situations. This is a must especially if you are the bread earner in your family. This protects you from any disability or death. You can be assured as your children would have some sought of financial support to help them grow independent.

Protect your financial future:

This is a very essential step to be considered. It doesn’t matter how much you save but make an effort to secure your finances. This helps you a lot during difficult situations. You can start off with savings and later enter into investments and other forms. Try to save as much as you can. It isn’t necessary to save heavy amounts but remember something is better than nothing. Hence start saving today. You can easily secure your financial future for example; take payment protection insurance along with any loan you apply for. This pays your loan premiums when you are disabled or suddenly find yourself without a job. You can later compensate this amount by making PPI Claims through claiming companies.

Save for college and retirement:

Even if it is a small amount, try to put aside some money for college and retirement. This, as you pile up becomes a composite amount which is very helpful in your later stages of life. Try to draw the amount from the paycheque and put this aside. This helps in your child’s future and even you do not have to depend on your children as you have your retirement funds.

Talk to your children:

It is a good idea to confront your children about the financial situations. This enables them to understand and even might help you to run the house smoothly. This removes a lot of burden from your shoulders and strengthens the family bonds. This enables the child to understand the circumstances in the house and might even lend a hand in saving or curbing financial crisis. 

About the Guest Author: 
My name is Evita.  I am a tech writer from UK.  I am into Finance. Catch me @financeport
  • Really very good knowledge to know! Thanks for sharing this article!

    Reply

  • Thanks for sharing this interesting and important article.

    Reply

  • yeah it would be so tough to be a single mum. hopefully you can have a lot of help from the dad

    Reply

  • Its very hard being a single mum I have 2 sons 11 and 23 months im just lucky I have always been a saver but its scary when I run out of money and have to go into my savings these will be gone one day then what?

    Reply

  • Good article and good advice there! Thank You.

    Reply

  • Its hard but can be done. im living proof. my kids are very involved even tho my ex thinks i tell them too much. it works for us nd he has never had to struggle so i think seeing as its none of his business … he can mind his own. our life single mummys so its our choice.

    Reply

  • Great financial tips anyone can use.

    Reply

  • I couldn’t imagine how hard it is to be a single mum

    Reply

  • thank you sharing this article good read

    Reply

  • That’s some good points there

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  • thanks for sharing was a great read

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  • Single mums are brave women! I agree with many of these tips, insurance and a long term goal is essential!

    Reply

  • Enjoyed reading – thanks for sharing!

    Reply

  • great ideas and tips .thanks

    Reply

  • Important things to do to protect child future.

    Reply

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