Are you a single mom, looking to take steps to build your bright financial future?
You’re in the right place. In this article, we’re taking a look at some real ways you can lay the foundation for your personal financial success.
You probably already know that the world of money is filled with myths.
Yes, being a single mom is incredibly hard. You have major responsibilities. You have countless tasks to accomplish every single day. And that’s not to mention a deeply ingrained cultural stereotype to battle against.
And research shows that being a single mom actually can affect your earning power.
However, if you make smart, strategic money choices today, you can be a single mom and harness financial security and build real wealth.
Yes, it’s true.
Let’s take a look at some of the steps you can take to lay the foundation for your personal financial health.
Update Everything
Update the name on your bank accounts, retirement accounts, and other financial assets. Next, update your will and power of attorney.
Protect Your Family
Make sure you have current health insurance for you and your children. Then, get a quality life insurance plan.
Get in the Know
Take a close look at how much you have coming in and how much is going out. Simply becoming aware of these numbers is the first step in creating an effective budget.
Create a Spending Plan
Make a practical, accurate spending plan. Aim for covering your needs, wants, and also putting 20% away toward future, long-term savings goals.
Set Short & Long-Term Goals
Think big, but your first savings goal should be retirement. Tempted to put college savings first?, remember that there are loans for tuition, but there are no loans to cover your retirement.
Save for Emergencies
Financial emergencies happen. Aim to put away three to six month’s worth of take-home pay that you can depend on – just in case.
Pay Off High Interest Debt
If you have loans or credit cards with high interest rates, prioritize making payments on those cards and loans first.
Understand Your New Tax Situation
Get comprehensive insights into your tax situation, and make sure you are getting the maximum returns – every time you file.
Tune Into Your Credit Score
Credit scores are important for everything from getting approved for a home loan, to getting a better credit card. Luckily, today, you can easily check your credit scores online for free.
Gather Your Community
Join a professional network and gather a circle of friends that you trust. Having both professional and personal support is integral to your financial future.
Speak About Money
Research shows kids start developing money habits as early as age seven. And talking to your children about money is healthy for their long-term development.
Embrace Your Independence
Yes, there may be Child Support or Alimony, but those can disappear at any time. Step up and embrace the fact that you are now financially independent.
Know Your Incredible Potential
Being a single mom is hard work. And, you can make amazing things happen. Let go of stereotypes, and embrace your incredible potential.
Choose to Make More
The first step in building wealth is to decide. Change your mindset today by choosing to be financially successful.
Celebrate Your Successes
Every milestone, achievement, and success should go acknowledged. You are a superhero. Make sure you remind yourself of that. Every day.
Your Financial Success Starts Today
As the NY Times puts it, “Financial health – just like the physical or mental kind – takes time and effort.”
And by investing – even a little – time and effort into your financial wellbeing today, you can enjoy real, measurable returns in the future.
Need a helping hand making smart financial decisions? Our team is eager to be at your side, advocating for you every step of the way.