Helpful Financial Tips for Single Moms

Single moms don’t have it easy when it comes to finances.  It’s a cold hard fact that we provide for our kids out of our own pockets.  Well, if you’re lucky enough to have been blessed with deep pockets, or if you regularly get a fat sum of money deposited from your ex-husband’s to your bank account, then putting food-and more- on the table should not be so much of a problem.

For the most part, it’s us and us alone when it comes to dealing with financial matters- from the heart-pounding task of filing a tax extension to clearing up credit card debt.  Dealing with finances is merely a chunk in the whole single-parenting pie, but we do have to straight-facedly take a bite of it.  Here are some things we can do to sort out our finances and save money:

Cut down on luxuries.  Whether you’re a mom who can’t last a day without a tall Starbucks latte or you find it extremely difficult to say no to your friend who keeps selling you fine jewelry, you have to try to cut down on unnecessary expenses.  Sure, we all need to reward ourselves, but that can be done once in a while.  Let’s face it, they’re called luxuries because they are things which we can do without.

Make it a habit to save.  That old piggy bank which has been gathering dust in the deepest recesses of your kid’s toy chest may have to once and for all see the light of day.  Try to put aside some money each day, and before you know it, it’ll amount to something big enough to pay for something really important.

Sort out those taxes.  Even if you happen to be a work at home mom, you still can’t escape paying taxes.  Try to avail of a good type of tax preparation software to help you take the guesswork out of tax-paying.  With all the intricacies of paying taxes, you may need some help.

Clear out debt.  If you can help it, don’t loan money from any entity, living or otherwise, unless it’s for something worthwhile such as a house.  If you still have a huge credit card bill staring you in the face, try to pay it off all at once with whatever money you’ve already saved.  Nothing can make you breathe more freely than being debt-free.

If we didn’t have our kid’s future to think about, splurging on shoes would be ok to add to our daily to-do list.   But the thing is, we single moms must save up for their future while having to cut corners today.  In the end, giving up dreams of having that gorgeous Louis Vuitton bag will pay off.