Single mothers have to learn a variety of important lessons in order to achieve financial freedom, and you can make life easier on your children by helping them develop good habits from a young age. Kids who are introduced to personal finance early generally find it easier to manage their own money later in life.
This article will cover some of the most critical financial lessons you can teach your child. Make an effort to have regular conversations about money so that they understand the impact a healthy financial mindset will have on their life.
Credit Card Debt Is Bad
Consumer debt has been essentially normalized in the United States, and many people don’t see a problem with credit cards, student loans, or other forms of credit. While going into debt is sometimes the best choice, it’s important for people of all ages to understand the risks involved.
Credit cards, for example, typically come with interest rates of up to or even over 20 percent. Paying back a large credit card debt can be extremely difficult since the balance will continue to accumulate interest over time. It’s generally much better to avoid debt in the first place than to try to pay it back later.
Tip: Start an Emergency Fund
We often feel like debts are unavoidable in unpredictable circumstances, but you can prepare for these situations by contributing to an emergency fund. Your child should understand the importance of consistently saving money and having some cash to fall back on in a worst-case scenario.
Without an emergency fund, people can be forced into debt to pay for unexpected costs. While you can help your child by starting a savings account for them, it’s much more important for them to develop the habit of saving on their own and taking a more proactive approach to personal finance.
Consider Early Retirement
You probably don’t spend much time thinking about your child’s retirement, but it’s never too early to start considering their financial future. Putting off saving for retirement is one of the most common mistakes in personal finance, and it’s difficult to make up for lost time if you don’t start making contributions from a young age.
In contrast, putting extra money away for retirement is a great habit that will help your child reach his or her long-term financial goals. Twenty, for example, might seem too early to begin saving for retirement, but even just a few hundred dollars each year will make a significant difference over time.
Tip: Set up a Roth IRA
Most people assume that 18 is the youngest age at which people can contribute to an Individual Retirement Account, or IRA, but there’s actually no minimum age associated with these accounts. People of all ages can make and contribute to an IRA as long as they have at least some earned income.
While standard IRAs allow you to make contributions with pre-tax income, the money you put in a Roth IRA is not tax-deductible. On the other hand, contributions grow tax-free and aren’t subject to taxation when withdrawn during retirement.
Roth IRAs come with relatively low contribution limits—$6,000 in 2019 and 2020, for example—so you miss out on the tax advantages whenever you fail to make the maximum contribution. In contrast to some other retirement accounts, Roth IRA funds can be withdrawn at any time with no penalty.
In addition to the tax benefits associated with Roth IRAs, the money you contribute will typically grow much more quickly than in a conventional or high-yield savings account. Investment accounts carry more risk than accounts with fixed rates, but short-term fluctuations are generally outweighed by growth over time—especially when investing for a long-term goal like retirement.
The Importance of Budgeting
Many people avoid thinking about their finances because they’re worried about what they’ll find, and financial anxiety is one of the biggest obstacles toward developing a better money mindset. Simply reviewing your statements and understanding where your money is going is arguably the most important step in improving your approach to personal finance.
Without a clear budget, it’s easy to lose track of how you spend your money and end up consistently falling short of your personal and financial goals. You won’t even know what kinds of spending to cut back on if you’re interested in saving more money.
Tip: Start Budgeting Early
Rather than shifting to a budget later on, your children should understand the importance of a budget from a younger age. That way, they won’t have to adjust their financial habits to start working toward long-term financial goals like college and retirement.
Getting started with budgeting can be complicated, but there are more resources than ever before to help novices learn more about creating a budget. While there’s nothing wrong with budgeting in a notebook, your child may adjust more quickly using a website or mobile app.
Most kids aren’t as excited to save as they are to spend, but you should teach good habits by putting some of their allowance away. It’s important for children to see saving as a financial priority rather than something to do with any money that’s left over—people who think of saving as optional often have more trouble sticking to their targets.
Everyone has their own experience with personal finance, but you can get your children off to a good start by teaching them about money from a young age. These are just a few of the most important topics to cover as your child begins to learn more about personal finance.
Every year there are single moms who are stressing about how they will buy Christmas gifts for their kids. It feels like a burden but did you know there are charities that give free Christmas gifts to kids every year?
I’ve faced this dread myself in years past. I know what it’s like to wonder where I’ll get the money to buy Christmas gifts for my kids. Several times I’ve made the decision to only purchase one gift or no more than three (in the spirit of Christ’s birth). As much as I wanted to give my precious little ones everything they wanted I just couldn’t. I didn’t have the money because I needed to pay the rent or car note. I needed to make sure there was food in the house for the days after Christmas.
There are so many moms who face the same struggle out there who need a helping hand this year. So I’ve done some research and came up with a pretty long list of resources. These are organizations that help needy families during the Christmas holidays. They give toys and sometimes clothes to families that need a helping hand during this time of year.
Most of the organizations have local chapters so you will have to contact the one nearest you for more information. Please don’t be shy about calling. They are there to help and often are looking for people to help. The more localized the better for you. Also remember to get a head start on applying for help. Some deadlines have already passed but try anyway. Your persistence will pay off.
Here’s a list of 11 charities, businesses, and organizations that give free Christmas gifts each year.
This organization has many local chapters. Their deadline in some places was in October but they are still taking applications. If they have toys left you will be contacted.
2. Angel Tree
This program is for kids who have parents in prison. There are also chapters run by the Salvation Army. Search Angel Tree and the name of your city to see if they have a program in your area.
3. Salvation Army
Contact your local chapter for information about their program. They don’t collect money in those little red pails for nothing. You just may be one of the families they help this year.
4. Shiners/Lions/Masons
These organizations are famous for the help they give to children. Call your local office and find out when and where they are taking applications.
5. St. Vincent de Paul/Catholic Charities
These Catholic organizations help people year around. They have offices in many locations so call and find out where you can go for help.
6. VFW/American Legion
Your local organization may have a Christmas toy donation program. Be sure to call and find out.
7. County Help Lines
Your county help line may have information about other local organizations that are helping the needy this Christmas. To find your state or county helpline, Google “[your state] + helpline”. It may show up as a crisis hotline but they may also have information that you can use.
8. Local Churches
There are likely churches in your area that are collecting toys to give to needy families. Open the phone book and call the churches near you and ask if they have a program. Find out how to get on the list.
9. Local Businesses
I worked for a large corporation that collected toys every year for needy families. They may work in cooperation with other charitable organizations but many may offer direct help. Look in the newspaper for announcements and call a few to learn about which companies are helping the needy. Also ask your friends if they their companies have programs.
10. Libraries/Banks
The local library and banks often have Angel or Giving Trees. Ask how you can get your kids’ names on the tree to receive Christmas gifts this year.
11. United Way
This organization is the umbrella unit of hundreds of charitable organizations. Call your local office and find out what programs they have to help kids for Christmas. I’m sure they can point you in the right direction.
There are likely many more resources out there you just have to investigate the options. Please do not be put off by the word “needy”. It is not an indication of you as a person but a temporary status. We are living in tough economic times right now so everyone is struggling. Fortunately you now have a few resources now to help give your kids a great Christmas.
Children today have more options than ever when it comes to entertainment. With a swipe of their finger, they can access videos, coloring books and online games. While this isn’t necessarily a negative thing, too much screen time can be addicting.
Unfortunately, parents often feel like they have few alternatives to technology. Family trips and similar experiences can be costly, and it’s often easier to just let a child distract themselves. Fortunately, there’s a long list of low-cost crafts you can make at home.
With that in mind, check out these eight DIY projects that are inexpensive and a joy to share. You may already have the supplies you need, which makes the process even easier. Try these crafts out with your kids to see just how much fun you can have away from the screen.
1. Thumbprint Family Tree
If you have a couple of kids, sit everyone down at the kitchen table and spread out a few sheets of paper. Have everyone use a marker or a crayon to trace a large tree on their piece of paper. Make plenty of branches and a long trunk, but don’t draw leaves.
After they’re done making the trees, give everyone a different color paint to stick their thumbs in. Use their thumbprints as the leaves, decorating each other’s trees.
They can write their names out around the trees and decorate them however they want. You’ll end up with colorful trees and an adorable craft you can hang in frames around your home.
2. DIY Fairy Garden
Do your kids love playing with Legos or imagining elves hiding around the home during Christmas? If they love all things tiny, create a fairy garden with them or have them make their own.
You can get supplies at the store, but all you need is an empty pot and supplies you might find in your yard. Decorate the fairy garden with stones and flowers, or use old dollhouse furniture to make it even more comfortable.
3. Corrugated Paper Bead Necklaces
An old favorite craft is one where kids make their own jewelry. There are entire jewelry sets sold in craft stores that contain shiny beads and different kinds of string, but those are often expensive.
Instead of going over budget, make corrugated paper bead necklaces with corrugated paper and whatever string you have around your home. It only takes a few minutes and your kids will love showing off their new accessories afterward.
4. Homemade Neon Slime
Hands-on activities for kids are sometimes their favorite. Think of how many times your kids have wanted Playdough or modeling clay to make different shapes.
Skip restocking the name brand craft supplies and mix up neon slime at home. Your kids will love all the different colors and how it feels in their hands.
5. Wooden Crayon Holder
Every parent knows the struggle of keeping crayons organized and in one container. Crayon boxes don’t always last as long as they should, which leads to crayons marking up fabric boxes or the carpet they end up on.
Keep crayons in one location that looks cute too after you make a wooden crayon holder and personalize it with your kids’ names. Be sure to read woodworking safety tips so you’re prepared to use the right tools, like wearing safety goggles when cutting wood.
6. Mini Lid Banjos
Kids who love to make some noise will adore this craft. As long as you have a bit of tape, some popsicle sticks, tiny rubber bands and a few lids around your house, you can create mini lid banjos in just a few short minutes.
Use lids from used spaghetti sauce containers as the base of the banjo and have fun taping everything together.
7. Ocean in a Jar
If your family is itching to get to the beach but can’t quite get there this year, capture the ocean in a jar at home with a little water, vegetable oil and food coloring.
Mixing everything together creates a wavy bubble effect that mimics the ocean perfectly. Throw in a tiny plastic toy like a fish or a mermaid figurine so your kids can imagine them living under the sea.
8. Geometric Bubble Shapes
A little dish soap and some straws go a long way. Help your kids fashion straws into shapes like triangles and squares before mixing up some dish soap and water in a bowl.
They’ll be amazed at the 3D bubbles and enjoy waving their wands around.
Try Them All Out
Even if you think a craft might not look interesting to your kids, it could end up being the highlight of their week. These low-cost crafts are easy to try out at home without requiring you to spend a ton of money at a craft store.
Check them out the next time your kids look bored and need something fun to do!
Author Bio:
Dylan Bartlett, aka, “The Regular Guide,” writes about DIY crafts and more on his blog. Check out Just a Regular Guide to read about similar topics, or follow Dylan on Twitter @theregularguidefor frequent updates!
I was looking for information about how single moms can manage on a low income budget. It’s easy to find information for two parent households but rarely for one parent households.
I found something that might be helpful for single moms (with one child) who make less than $25k a year. The following image shows the percentage that could be spent for three income amounts. They are broken up over about 10-15 categories.
If you make more or less you could still take the percentages and apply it to your situation. Amounts shown could increase because of Earned Income Credit, government assistance, child support, or food stamps.
From Crown Financial Ministries
How to Budget on a Low Income
If you are struggling on a low income or think you can’t possibly live on a low income budget, take a look at this video series. I describe exactly how I was able to survive on $12,000 a year when my kids were young. It is totally possible but I encourage you to make a decision and plan to increase your income. It is totally possible to make as much money as you want to make. Living on a low income is a temporary situation if you want it to be.
Budget Worksheet for Single Moms
Be sure to grab my Budget Sanity Worksheet so you can create your own budget. It’s not your typical worksheet that you print out and fill in the blanks. With the Budget Sanity Worksheet you simply enter your paycheck amount in the first field and then your budget is created for you! Here is a video that shows you have it’s done:
Stretch Your Budget with More Income
I believe it is easier to add to your budget than subtract from it. You can only cut things out so much. Depriving yourself only leads to feeling defeated which can lead to depression. Being a single mom on a low income is hard enough without the added pressure of cutting out things you probably need. Choosing between food and diapers or shoes for your kid is a decision no one should have to make.
The best thing to do is add to your income. It might feel challenging at first but with determination and creativity you can add an extra $100 or more to your monthly budget. To add to your income start off babysitting, baking and selling cookies, creating wonderful smelling lotions or soaps, or being a virtual assistant. Sell to family, friends, and co-workers at first then learn marketing so you can attract new customers. Don’t forget about using Facebook Marketplace and other online sources to make sells too.
Making extra money will help relieve any pressure you are feeling. It will also make you feel happier and more in control of your life. Now that you know how to budget on a lower income you will have no problems budgeting your higher income.
If you want to learn how to attract larger amounts of money in shorter periods of time you should check out my book The Magic Money Manifestation Formula. I used money manifestation techniques to attract $10,000 in less than a week. I believe you can to if you follow my steps.
How Taking Care of Yourself Makes You a Better Mom
Mothers sacrifice everything for their kids – their sleep, health and social life. It’s natural for moms to put their kids first and neglect themselves which can have a devastating and long-term impact on the entire family. You want to give your kids the best of everything – so start by giving them the best of you! This will require intentional choices where you have to put your needs first which, let’s face it, is often easier said than done. Life as a mom isn’t about extremes where it’s either all about your kids or it’s all about you – the secret to being a happy mom is in finding a balance that works.
You will have higher energy levels
Stress triggers the production of cortisol which causes your muscles to tense up. This is a natural reaction which is meant to guard against injury and pain. However, if you remain stressed for a long period, your muscles do not release their tension. This is why a lack of energy is one of the most common symptoms of stress. Taking care of yourself will help to reduce your stress levels which will increase your energy levels. Kids have tremendously high energy levels so this simple step will go a long way in helping you keep up with your kids.
A happier mom is a more loving parent
When you’re unhappy or stressed, you’re more likely to snap at your kids. After a while, even small problems seem insurmountable and you stop appreciating the little things. When you are happy, you learn to take the good with the bad and remain calm and loving through it all. A recent study found that a mum’s level of happiness has a direct effect on her child’s mental health. The researchers also found that moms who had a high level of happiness when their baby was 9 months old were more likely to maintain a higher level of happiness when their child became a teenager.
Your kids learn from example
Whether you’re trying to reduce your kid’s screen time orraise money-savvy kids – the golden rule is lead by example. This means that if you want your children to grow up to be happy well-adjusted individuals, you need to show them the way. You can’t avoid irritation and anger and your kids will take their anger management cues from you. Does this mean that you need to bottle your anger or it is healthier to vent your frustrations? Although most of us fall back to these old unhealthy habits every once in a while, the healthy thing to do is to calm down and have a conversation about what’s upsetting you so that it can be resolved.
Self-care strengthens relationships
Self-care is essential for maintaining good mental, emotional and physical health. These aspects are essential for strong and healthy relationships. Without regular self-care, every aspect of your health will start to deteriorate. You are more likely to experience depression and anxiety as well as weight gain and psychosomatic conditions. This is likely to take a toll on all your relationships and even strain family bonds. Taking care of yourself will help you become a stronger person with greater resilience, patience and understanding.
Self-Care Ideas for Busy Moms
The first step towards caring for yourself is to make your diet a priority. Too often, moms spend their time creating gourmet meals for their kids and then just rely on a burger or pizza for their meals. You need to follow a healthy diet so plan ahead.
Meal prep over the weekends so that you can cook healthy meals on a daily basis.
Regular exercise is equally important as it not only helps to improve your physical healthy but also reduces stress and improves your mental health. You require a minimum of 2 hours and 30 minutes of aerobic exercise per week – which amounts to approximately 30 minutes of exercise per day.
You should also put aside at least 15 minutes of “me time” every single day – just to relax and center yourself.
Treat yourself to a spa day every once in a while or hire a babysitter and go out for dinner with your friends. It’s important to have a social support system so keep in touch with your friends.
Being a good mother is not about how much you sacrifice or how much of yourself you lose while raising your kids. Social media might lead you to believe that anything short of perfection is unacceptable which is why you strive to reach unattainable goals. Don’t believe the hype! Focus on what’s important and strive to live a balanced, healthy and happy life.
Thanksgiving week is prime time for receiving financial favor. It is the gateway to unlimited abundance if you know how to take advantage of it.
Thanksgiving is a high vibration time of year for most people, especially in North America. Everyone is giving thanks, feeling grateful, and in general very happy. You are likely feeling that way too. If you are not it wouldn’t be hard to get in the Thanksgiving frame of mind, if for nothing else than to get great shopping deals. Outside of the deals this is the season to set yourself up for prosperity, abundance, and financial blessings.
If you’ve watched the movie, The Secret, you’ve heard the featured experts talk about the law of attraction, manifesting, and getting what you want out of life by simply thinking about it.
Unlimited Abundance Through the Law of Attraction
The law of attraction says you can basically manifest whatever you want, including money, jobs, love, vacations, and much more. Maybe you tried it but didn’t have much success. The truth is, it takes more than thinking to make the things you want to appear in your life. It takes feeling good and it takes being thankful. Those are two ingredients that are often missing when you are trying to use the law of attraction. Fortunately, Thanksgiving is the perfect time to practice manifesting what you want and tap into unlimited abundance.
Think about it for a moment. What happens during Thanksgiving week? You are planning a delicious meal, preparing to visit family, shopping for ingredients, or finishing up projects at work or school before you have a few days off (a.k.a. long weekend) for the holiday. You might be traveling or meeting at family or friends’ homes locally. You laugh, hug, eat, and hang out together and feel really good. Of course there may be some family drama, but overall it’s a wonderful time of year isn’t it?
You are grateful you made it through the year so far and you are looking forward to Christmas/holiday decorations, shopping, and rest. The anticipation is real, the love is real, the gratitude is real. All of these feelings are the secret ingredient to making the law of attraction work for you.
How can you harness all of this power? How can you use these positive feelings and high vibration to get what you want? The answer is simple. Ask.
You might be thinking, “Really? All I have to do is ask? I’ve been asking and nothing has happened for me!” I hear you. Consider this. You were asking but your feelings were probably not what they needed to be.
What Blocks Unlimited Abundance?
If you were skeptical, fearful, disapproving, depressed, nervous, frustrated, resentful or negative in any way then your request could not get past the ceiling. The law of attraction only operates in an atmosphere of hope, love, excitement, gratitude, and anticipation.
If you are feeling anything other than that, the law of attraction will not work. Your request will be overlooked. It’s the sad truth but you have the power to change the results.
What Attracts Unlimited Abundance?
The key is to not let this Thanksgiving feeling of happiness and gratitude fade away once the day is over. Keep living this way 365 days of the year. Make everyday Thanksgiving! You might be saying, “But that’s not realistic” but I beg to differ. You can live a thankful, happy life if you choose. No one can make you feel happy or sad unless you give them that kind of control over you life. You can decide before you step out of bed every morning to be grateful and have a wonderful day.
First, on Thanksgiving morning make list of things you really want to happen in your life deep down. It could be a raise, a promotion, a better job, a new home, improved health, a healed relationship. Whatever it is, write it down on paper.
Next say thank you for each item on your list then put the list in a private place.
Finally, go throughout the day enjoying family, friends, food, and fun scheduled for the day. Really enjoy each moment. Tell everyone how thankful you are to see them and have them in your life or tell everyone what you are thankful for when it’s your turn around the dinner table.
When your list comes up in your mind, see yourself with all the things on the list happening in your life.
When Thanksgiving day is over make a decision to carry the feelings of the day throughout the rest of this year. Then on New Year’s Day look back at the last few weeks and see what has changed and how your life has improved.
Now you see how Thanksgiving is the gateway drug to unlimited abundance through practicing the law of attraction with joy and gratitude. Embrace the feelings and gratitude of the day to ask for what you want then take spirit of the day through the rest of this year, next year, and every day for the rest of your life. You will find that you will attract much more good now that you have shifted your mind by embracing the holiday spirit 24/7/365!
Samantha A. Gregory is a financial freedom evangelist who practices the law of attraction to get what she wants out of life. She is the author of, The Magic Money Formula: Get What You Want Now with Law of Attraction Manifesting. She is also the editor of RichSingleMomma.com, a personal finance, parenting, and personal development magazine for single moms who are ready to thrive not just survive.
Would you like a copy of The Magic Money Formula? Click here to orderit now and start reading instantly.
Taking a family vacation isn’t cheap these days, with the average vacation costing somewhere in the ballpark of $4,500 for a family of four. That’s not chump change, and it is a dollar amount not easily accessible by most American families. If you like to travel but have limited funds, keep reading for five budget-friendly family vacation tips on how to make the most of your time off together while keeping your bank statement safely above zero.
Buy the Gear You Need on the Second-Hand Market
If you have ever used VarageSale or hit the early morning yard sales for kids clothes, then you have already been a part of a very important second-hand economy, which has blossomed into a global multi-billion-dollar sub-industry. Buying used is not only for the things that you use every day, but can help you save money on occasional-use gear like hiking boots, life vests, and other items you’ll need depending on your planned adventures. You can also buy or borrow a few outfits and travel toys for the kids to make sure they look great for your vacation pictures and stay entertained en route respectively.
Don’t Sign Up for That Car Rental Insurance
If you’ve decided to drive instead of fly and you’re renting a car, you know the cost of the daily insurance on a rental is expensive and can quickly add up. If your current auto policy doesn’t cover rentals, consider a short-term weeklong policy to ensure you’ve got the coverage you need. Not only are these rates cheaper, but you might even find a better deal if you go through your current provider.
Take Advantage of Free Attractions
Sure, a trip to a theme park is a ton of fun, but there are plenty of free attractions all throughout the United States that easily trump waiting in line for hours for a 60-second ride. Traveller contributor Marla Jo Fisher list everything from Garden of the Gods in Colorado to the iconic Mount Rushmore carvings in South Dakota in this post. Of course, if your kids absolutely must have bright and colorful entertainment, you can always search for a hotel that has an on-site waterpark included in the price of the room.
Find Easy Ways to Keep the Kids Occupied
Inevitably there will be downtime while you’re on vacation, so plan ahead for your children to have plenty to do. Whether it’s with books, workbooks or electronics, helping them stay occupied can ward off boredom. Many parents find that tablets provide a happy medium in offering educational activities and something to pass the time. With apps for reading, drawing, learning a new language and, of course, gaming, there’s plenty to keep your child busy. If you’re in the market for a new tablet, look to models like the Amazon Kids Fire, which has serious durability at an affordable price. Alternatively, you can look to the newly released iPad, which can be had for as little as $19 a month, plus this could come in handy since this updated version has similar capabilities to a computer.
Know What Discounts Are Available
There is no shame in the discount game, and especially when it comes to your travel expenses. It pays to know what type of discounts are available when it comes to airlines, hotels, and events. For example, kids often fly free on Frontier Airlines with a Discount Den membership. A quick Google search can also help you determine places where kids eat free in most major cities, including Chicago and New York.
Go All-Inclusive (But Be Aware of Extras)
When you have a large family, all-inclusive resorts and cruises can be a smart option to help you stay within your budget. For the most part, all of your food and activities will be included along with your room and, in many cases, daytime childcare. But be cautious and know what’s included and what’s not before you book so that you are not hit with a big bill at the end for activities like the game room or premium menu choices. And don’t forget about coupon books, which you can buy ahead of time and plan your activities according to the best deal.
Traveling means that you are going to spend some money. However, there are ways to be frugal while having fun wherever you may roam.
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Dylan Bartlett, aka, “The Regular Guide,” writes about DIY crafts and more on his blog. Check out 
Samantha A. Gregory is a financial freedom evangelist who practices the law of attraction to get what she wants out of life. She is the author of, The Magic Money Formula: Get What You Want Now with Law of Attraction Manifesting. She is also the editor of 
