28
Apr
Articles, Money-Wise

7 Money Tips for Single Moms

Posted on by Mumbox | 64 comments

Keeping your head above water as a single mom is no mean feat. I spent many years in this situation, so I understand it well. Coping with daily challenges, whether it’s parenting or financial issues, is so much tougher when you don’t have a shoulder to cry on, or someone to bounce ideas off.

It can be a very lonely space and I have always said that I am my own plan B, C, and D! As a single mom, there is no financial backstop – no one to bail you out and no other money coming into the household except yours (and perhaps some child support).

It’s not all doom and gloom, though, and millions of single moms not only manage but thrive in their situation.

You can too and I want to share some tips with you that I picked up along the way:

1. Accept your situation and don’t dwell on what could have / should have / might have been.

This can be difficult if you have been through a divorce and had to downsize or alter your lifestyle. Longing for past creature comforts is a waste of energy and will put your mind into a negative spiral. Accept where you are and realise that life is ever-changing and your ability to adapt is one of your greatest survival skills.

2. Be completely honest with your children about your financial situation and lead by example.

I have never liked the idea of telling children that “there is no money”, but believe in rather discussing the budget with them. Show them how the finances are being allocated, so that they understand why perhaps there isn’t money for something that they are requesting. If, as a family, you decide on a big goal such as a holiday, discuss how you will find the money in your household budget and how you will save up for it.

3. Don’t compare your situation to others, or feel guilty because you can’t give your children what other (two-income families) can perhaps afford.

It’s very easy to spend money on children, but time is something that they really value. Focus on spending good quality time with your children, particularly if you’re out working 8 hours or longer a day. They miss you and the old concept of quality time is very real – show them love and a genuine interest in their lives.

Fill that time with experiences which they enjoy. It could even be as simple as cooking a meal together or going for a walk.

4. Keep your debt to the basic minimum and work at reducing it to zero.

Cut back on expenses and live the life you can afford. Always make sure you put some money aside for a “rainy day”. This is Plan B and Plan C which I spoke about earlier. Make sure you have some emergency money as you have no one to bail you out if something happened. Also don’t neglect your long-term investments – remember, in old age, you will be alone in all likelihood so need to provide for your own retirement.

5. As a single mom, your income is crucial to your family’s wellbeing, so make sure that you have sufficient life cover, disability, and severe illness cover which would provide much-needed funds if you died or your income was threatened.

Also, make sure you have an up-to-date will and appoint guardians for your minor children.

6. If money is tight, speak to your school for financial support with school fees, and reach out to community organisations that can perhaps assist you.

7. Make sure that you receive the child support that is due to you by the father of your children. If necessary, enlist the help of the Maintenance Court to ensure that you receive regular payments.

It’s not always an easy road as a single mom. But with a little bit of wisdom and the right financial decisions, you can live a life that is rich beyond comparison.

So keep your head held high, your children close to your heart, and your money under control.

You are a woman. You are a superwoman. There is no equal!

This article was written by Sylvia Walker, financial planner, speaker, and author of smartwoman. www.sylviawalker.co.za

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64 thoughts on “7 Money Tips for Single Moms”

  1. Ayanda S. says:

    No.3 is everything , I have learnt very early on in my motherhood journey is that it’s important to do that fits with mine and my child journey .

    As long as I am creating an enriching, nourishing environment for my daughter and I we are going to be fine.

    It’s not easy go against the grain but it’s important to find your path.

      • debrasejaphala@gmail.com says:

        That’s very true, it is easy to be a silly mum.. I’ve realized that after my divorce that now I am entering a very difficult situation but likely my children are very understanding and supportive even though I sometimes feel disappointed when I needed to do some of things for my children then realizing that I can’t because of affordability.. life goes on no matter what. Thank you mum box for bringing this up.

    • Karen F. says:

      Thank you mumbox this was very informing as a single parent to 3 kids is no walk in the park there are days when I tell myself what now where now but I thank my wonderful support system my sister for helping me through tough times

  4. Jill S. says:

    Very informative, as speaking to our kids about our situation plays a big role of how they also act when you are either going somewhere or they want something in public. I have a teen and have had quite a few chats with her regarding our situation, so that she understand.

  8. Ncebakazi M. says:

    Wawww I keep on repeating it over and over again “7 money tips for single mums”.First tip is my best ,accepting the situation .Thank you so much this will keep me going with my two kids.