Coping with Financial Realities as A Single Mother

By Erick Babin posted 04-22-2020 08:23

  

Being a single mother is tough in anyone’s book, except if you’ve been born into wealth. Typically, the single mother will struggle to make ends meet. She is often reliant on child support payments that don’t always realize, and her energy levels are frequently challenged with all the hats she must wear to get through a day. 

Knowing how to respond to financial challenges as a single mother, is one of the factors that can help to cope in difficult circumstances.

Life versus financial reality

Sure, it’s easy to say that you should keep your finances in check as a single mother. The problem is, you probably got your finances in a bit of a bind before becoming a mother – while you were single. 

Life was fun, you only had yourself to worry about, and there was lots of consumer temptation around you. Then life changed. You fell pregnant and now have a beautiful child to support. 

When your money has run out in preparing for this joyful event, you can turn to online installment loans as a single mother to help you out of a tough financial situation. 

Lending Bear installment loan/pawn loan business has helped many single mothers to get ahead of unplanned circumstances and relieve their financial pressures until their status has improved. 

Develop new financial self-serving habits

Society has become very lax in terms of developing positive financial habits. Our grandparents often used to work on the premise that if you cannot afford an item, you need to go without it. 

Some parents taught their children that they should save up for an item and purchase it with cash rather than on credit. Unfortunately, credit has become a standard in most of our lives, leading many to fall into unhealthy debt traps

While making changes as a single mother, consider also changing your attitude toward money. Use this time to develop a healthy relationship with money, just as you do with yourself and your child. Begin to see money as a close friend. When you treat it with respect, it will return the gesture. 

Living within your budget

Counting your pennies means living within your means. As a single mother, this is one of the most important survival skills you can learn and teach your child. 

Better still, learn to be the boss of your money instead of allowing your money to be your master. Practice discipline, self-restraint and respect when it comes to consumerism and what it costs you on so many levels other than money alone.

Create a budget that works for you. Learn how to manage money properly and live within your budget. Take pride in sticking to your budget, no matter how challenging it is. This also means paying off your debt slowly but surely. 

The personal growth and self-respect that will come from this exercise well done will definitely add to your self-worth, confidence and personal growth.

Building long-term sustainable relationships

Make a decision to create financial milestones for you and your young son or daughter for every year. Work these milestones into your budget. They may be as small as saving $100 in change in a bottle and depositing this into a savings account for him or her every year. 

You may decide that you have enough to purchase insurance for a college education. The goals are as limitless as you want them to be within your budget and growing ambitions for yourself and your young child. 

You can get through this trying time and come out on the other side with a resilience that will be your gift to your child, along with the potential to build healthy long-term sustainable relationships with people and money.  

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