Here are a few more tips in the Single Mom Money Tips series. Establishing a rainy day fund is a key to successful money management.
1. Have a savings plan to prepare for emergencies. It is hard to predict when an emergency will happen that requires a large chunk of cash.
2. Putting away money for a rainy day is very empowering (I’m speaking to myself here).
3. If you have money saved, that is specifically for these times, your stress level will go way down.
4. A stash of cash can relieve feelings of desperation and resorting to uncharacteristic behaviors.
5. It is recommended that you have $1k-3k in savings. If you can manage to save at least $500 that is better than nothing.
6. Open up a separate account for your rainy day fund. Use your tax refund, raises, or other windfall of cash to fund this account.
Samantha A. Gregory is an author, consultant, and speaker. She’s a single-mom lifestyle, money, and parenting expert featured in The Washington Post, The New York Times, Essence Magazine, HuffPost, ABC News, and Mint.com.
Samantha founded the award-winning RichSingleMomma.com™, the first online magazine featuring personal finance, parenting, and personal development content and courses for single moms.
She aims to inspire women who are ready to thrive and not just survive in their single motherhood journey. Connect with her on Instagram @richsinglemomma.
