Added: Mican Kammer - Date: 09.08.2021 07:31 - Views: 37690 - Clicks: 2063
The first step is to convince yourself that your new life will be one that is full, joyous and financially rich. Love it or hate it, your finances are one of the biggest parts of your life. Unfortunately, there are millions and millions of single moms out there that are not giving their finances the attention that the moms deserve. They tell themselves things like:. Keep reading for details on how to build an amazing life, find love and raise happy kids as a single mother, including my own journey to building a business, income, savings, investments and wealth. Learn more about getting rid of credit card debt.
The good news is that there are things you can do to get control over your finances, stop living paycheck to paycheck, and build wealth — and stop stressing over money. Some of these steps are about logistics: Opening a banksimplifying your budget, checking your credit score, consolidating your debt, making more money.
Some are about changing your mindset: Embracing your new reality as a single mom, letting go of past assumptions, setting goals. But all of them will bring you one step closer to living the life that you want for yourself and your family. Because it makes pretty much everything else in this list a whole lot easier to accomplish. Most people should actually have multiple different kinds of bank s.
A note: As ofinterest rates that you can earn on these s are low for all bank s — lower than 1. This trend is bad news for savings, but good news if you are financing a home or car, since the interest rates you will pay in those products will be lower than in years past. A checking gives you a place to put money that you need to spend in the short term, protecting it from loss or theft.
These s typically pay more in interest than a checking does, which can help your money grow a bit while you save. An MMA typically pays a higher interest rate than either savings s or checking s, but also makes it easier for you to access your money. Opening a bank is usually pretty easy and straightforward. Exactly what you need to open an can vary slightly from bank to bank, but usually includes:. You can cash a check in a lot of places, but by far the easiest and cheapest place to do so will be at the bank where you have ansince that is typically free.
Some options include:. Walmart and many other retail stores will cash a check—for a fee. To cash a check at Walmart, you need to physically visit the store with your check and a valid ID. A money transfer, or ACH, is a way to electronically move money from one bank to another. Both of these services charge a fee based on the amount of money being sent and where it is being sent.
If you do have a bankthen transferring money through your bank will usually be the cheaper option. How long it takes for a money transfer to go through will depend. If the is with a different bank, it can take between three and five business days for the money to clear. A money order is a lot like a check. But you also might not want to send a personal check, which carries your personal information that could be stolen and used to steal your identity.
A money order gets around both of those problems. You can get a money order from your bank or credit union, the post office, a check cashing service, a local bodega, or even a major store like Walmart. Of all of these options, your bank is likely to offer the lowest fees; some banks will waive fees entirely depending on the type of you have with them. Whatever you do, try to stay away from kiosks like Coinstar machines, which can claim as much as 12 percent of your haul just to exchange coins for paper cash. According to the Pew Charitable Trustsapproximately 12 million Americans borrow payday loans each year.
The majority of those borrowers are unmarried women between 25 and 44 years old. The problem with this is that payday loans are some of the most expensive forms of debt out there, far surpassing the interest rates charged by credit cards.
If you really need money before you get paid, a payday loan should be your last option. Some alternatives to payday loans include:. Payday loan operations are located disproportionately in low-income neighborhoods with high s of people of color. Leaving your spouse? Divorce checklists. If you are stressed about money, chances are that you are also financially unorganized.
Are your debt and credit scores a mess? This may include failing to open bills, ignoring due dates, missing payments and looking the other way, or humming and tapping your foot when friends bring up investing. First things first: Get real with yourself. This means opening all your bills as they arrive. No ignoring them. This is adulthood! Second, plug all your s into a third-party app like You Need A Budget. YNAB is an app and website that helps you create budgets and meet your financial goals — including paying off debt, saving for an emergency, car, house or education.
Free day trial. Once you understand where your money is going, time to cut the dead wood. Plus: plenty of free ways to work out. One favorite tool is using a bill negotiation service to cut spending. TrueBill monitors spending for free using your bank and credit card s, and highlights recurring subscriptions — then will cancel for you any that you want to stop. These include:. There is no reason to write paper checks to pay your bills. For everything else, go online or call the utility, insurer, bank or service and set up automatic payments.
Many places will give you a buck or two discount each month for making your own life easier! The next step is to set the due date for as many bills as possible to the first of the month. Perhaps your cash flow does not allow for all your bills to clear at once, but that means that you are spending a lot of mental Making it as a single mom and stress worrying that paychecks will clear before bills hit. Easy, affordable meal planning for single moms. If you are broke, shopping is not a hobby you can afford!
Financial stress is not a treat — it is self-punishment! Use up all the cleaning supplies and paper products en lieu of picking some up, blindly, at the market. More about how to make a single-mom budget you will stick to. Sell your house for cash in 24 hours? What you need to know. You can cut costs like Netflix and restaurants, raise the thermostat, cut coupons, and negotiate your insurance, and other tasks that do help your bottom line, but keep you focused on surviving financially as a single mom, and how to afford to live.
Decide today to increase your income, your credit, your bottom line. Recalibrate your energy into a wealth zone. There are hundreds of ways single moms can make money from home, in your spare time without having to wait tables on the weekend. Making it as a single mom is my list of top career-level, work-at-home jobs that can earn you in the six-figures or more. My favorite 57 tools for work-at-home workersincluding social media graphics, business contracts and incorporation, tools to build a website, and more. The fact that you are now financially free to make good, sound money decisions is one of the most positive, powerful changes in your life.
So is your newly encumbered ability to work and Making it as a single mom more money. Do not start to dream and strategize about how the next man will be your meal ticket to a better financial future. Even then, you need to take care of yourself, and your finances, and build a life and wealth as an independent adult woman.
Because you are, and you can. But remember this: That money could go away any time. Plus: It is critical to your ability to move on emotionally in this phase of life if you are not connected to your ex and your former life through bi-weekly payments.
Instead, surround yourself with successful, positive people. Identify successful single moms in your own life, or in the world. Cocoon in messages of what is possible. You absorb it by osmosis. That is not a sentence for your life. You can do whatever you want, but you have to do it through the lens of a person, a professional, a woman. Were you offered a promotion of your dreams, but consider not taking it because the travel will permanently damage your kids?
Has any man ever in the history of mankind ever had that thought?! Take the freaking promotion, hire a wonderful babysitter to help you out, get a housekeeper for crying out loud, and show your kids — and the world! : How to use credit repair to improve your credit score. Are you struggling with debt, or otherwise balancing different credit cards and other bills?
Have a lousy credit score? This is a complicated, time-consuming juggle that you need to deal with ASAP! The answer likely includes a combination of a strict budget, debt pay-off plan, and credit repair. The Credit People is an affordable credit-repair company that ass a single customer service rep to improve your credit score quickly and affordably. How to repair your credit — should you DIY? Compare this to the 64 percent of successful retirees those who claimed to be comfortable in their retirement who saved and invested during their 20s and 30s — prime baby-making and raising years!
Short-term goals might be to pay off a credit card bill, build an emergency savingsor save up for a vacation. The last thing you want is a complicated investment strategy — or a high-fee broker who you may or not trust. Plug in your info and goals, and in 10 minutes this free financial planning tool will outline what it takes to reach your financial goals. Be sure to invest in the stock market, especially robo-advisor managed funds. Betterment is a robo-advisor, which means that sophisticated computers manage and grow your money for you — the benefits of which are very low fees, as well as much higher returns when compared to what you get when humans manage money, studies find.
Benefits of Betterment include:. Learn about investing basics in this post.Making it as a single mom
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How to Survive Financially as a Single Mom: 4 Ways to Make Ends Meet