SINGLE MOMMIES AND MONEY-TAX REFUND EDITION

Tax season is upon us and that makes many tight budgeted single moms very happy because – well, you get to splurge on things you may not have been able to purchase throughout the year. Some shoes, a bag, that fresh cranberry colored car you and your children need. PLEASE DON’T!! The reality of money is, it matters not how much you make but how you spend it. Think about your grandmother and how she saved a little from the little she made to have some extra. If your grandma was a spender—this won’t apply. But managing your money well still matters. My mother, a single mother, kept all her bills paid and four children raised but was never paid more than $12 an hour. To me this means wealth is a mindset. So first, you must get the idea that you’re broke, unable to purchase this or that so that you can play YOUR position well. Ask yourself these questions to assess how you can cut your expenses and build your savings:
➢ Do I have a budget and stick to it?
➢ What can I do something to make extra $$ to bring into the household?
➢ Do I have an emergency savings in case of any emergency? If not, how can I cut expenses to start building that now?
➢ Do I talk with my children candidly yet positively about finances?
In order to make smart money moves you must first look at your expenses and your income, placing it on paper and facing it like the bold, intelligent, well-rounded woman you are! I started doing this 3 months ago because of a program in my town that helps their clients save and one way to stay accountable is through creating a budget every month. This has been an eye opener. I realized I squandered a small fortune on trinkets I thought were cheap, clothes I thought were “sale” items I thought were really needed, and food that I could make at home. While I am still a work in progress, the sheer awareness that I CAN control my finances has had a powerful impact on how I spend my money and has built up a savings I did not previously have.
I know. Making extra money is time consuming because you’re a single mom and childcare, etc can be an issue. However, in the Internet age, a side hustle can be marketed online very easily and there are a plethora of online jobs. Check out http://www.workplacelikehome.com for part-time or per-diem online job leads.

When considering money use watch your triggers such as:
➢ Emotional use
➢ Grocery Shopping without a list or after work when you are hungry
Ask yourself: is it necessary?, is it true that I need this? Will this purchase be kind to my bank account? How much interest can I get on this if I put it into a savings account?
I want to point out that not all single mothers are on a tight budget. Some have very high salaries, but still fall into the traps of emotional spending or neglecting the finances convo with their children. This blog is dedicated to a generational improvement in all aspects. We know that improvements are likely to come through the mother since in most cases she is the childrens’ primary teacher. These simple tips are ways that I have used to secure my child’s future and mine. Start where you are, but start AND NEVER GIVE UP. So….use that tax refund to start saving because those things you buy will lose its value immediately while they may feel secure, a financial cushion is more secure.
MomEvolve wants to continue to share tips about couponing, secret shopping opportunities, high yield savings accounts and the resources I’ve spent hours gathering information on and used to further improve my money habits. Follow me via email list to enjoy them by subscribing here: http://http://eepurl.com/baXgOj
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