As a single mum, you might have many plates to juggle. Between the rent to pay, the kids’ canteen and the piles of bills, it’s not always easy to get by financially and manage a budget.
Struggling to provide essential needs while considering the investments for the future could be a two-fold issue. You are not the only one!
Below you’ll find some good practices for single mums to enhance their financial health. Finally, find some essential tips for investing in your children’s future while reconciling your life as a mother and a woman with complete peace of mind.
Tips for taking control of your finances
1. Keep a monthly budget to lighten your mental load
Take stock of your fixed expenses: those you pay every month without exception. Housing is often a single mum’s most significant expense.
Typically, more than a third of income is spent on it. To this amount must be added the charges as well as all other regular monthly expenses: internet and telephone subscription, insurance, health insurance, housing tax, etc.
2. Think about savings!
Open a dedicated account and pay a fixed amount, even a very small one, every month. Set up a direct debit, which lets you save money without realizing it. Ideal for the wallet (and for morale)!
Are you entitled to certain financial assistance (family allowances, housing assistance, alimony, etc.)?
If so, add them to your fixed monthly income, those drawn from your salary or your unemployment benefit. By knowing the exact amount you have left every month, you will be able to face life’s unforeseen events with more peace of mind!
3. Start investing ASAP
One side of wise money management is saving and budgeting. But how will you achieve the goals related to the future of your family life, education or your retirement?
The compounding effect is especially important here, and for a better result you need to start investing as early as possible.
Besides your pension plan, you might consider investing in penny stocks, cryptocurrencies or in foreign currency trading.
Narrowly speaking, the latter one is not quite an investment but rather earning money from the volatility of currencies’ prices. It’s quite easy to learn, and once you figure out the basics, you can practice on a demo account. In recent years Forex represented the top side hustle choice for people worldwide, especially during pandemics.
If you decide to venture into Forex online investing and trading or you just want to explore the opportunities, make sure to find a reliable Forex broker who offers a demo trading account and minimal deposits.
4. Invest in yourself !
Investing in yourself, in your well-being, and skills should also make part of your financial planning.
The more attention you pay to upgrade and broaden your skills, the more options you will have to find a better-paying job.
Online learning websites such as Udemy or Skillshare offer a variety of skill sets to learn, covering all from foreign language courses to web design and programming. You can completely change your career vocation for a price as low as a few pounds per course.
Skills upgrading is important as is your financial education. Financial literacy is the prerequisite for achieving not only financial but also other life goals. Here again, the internet is your best friend. Reading financial blogs would be a good starting point.
Besides, make sure you take care of exercising regularly and eat healthily. Keeping yourself in good physical shape will consequently enhance your mental health so needed to face everyday challenges. Even if you think that with all the duties you have and money constraints, you are not able to afford a fitness club subscription, there is good news. It shouldn’t hurt your budget at all since you can find free exercise tutorials on Youtube.