Single Mom Money Tips – Document Your Financial Goals

by | Sep 21, 2011


Write down your financial goals (short and long term) and make a plan to reach them.

It has been tested time and time again; writing down your goals is the surest way of seeing them materialize. Writing down your financial goals is no different.

So what should your goals be? Make them specific that’s for sure and give a time-frame.

Your financial goals may include desired salary, savings account goal, paying off a debt, or side business income. You can keep your goal private or you can share it with the world.

One thing that is helpful with this goal as with other goals is to put the list in a place where you can see it daily, weekly, or monthly. You may even decide to just put the list away all together and look at it a year later. You will probably be pleasantly surprised.

Once you’ve made your goals begin to formulate a simple plan to work from. Break down your goal in small bites and jump in.

Just don’t get overwhelmed or frustrated if you don’t meet your deadline or things get behind schedule. A key point to remember is to have a time-frame not necessarily a specific date.

Single Mom Money Tips – Give Some Away

by | Sep 20, 2011


Give some money away. Tithe. Make charitable donations. Trust me; you will get more back than you gave.

The concept of tithing was first introduced by God. I know there are some who don’t believe or have a relationship with Him and that’s okay. He is where this whole tithing and charity donation thing started.

Today, most of the wealthiest people in the world tithe. The truth is it feels good to give, to contribute to a cause or greater good.

When we give away money with a cheerful and grateful heart it comes back, sometimes double or triple what you gave.

Do you ever wonder why the wealthy give so much of their money away? It’s because they know the law of giving to get or reciprocity.

I mentioned before that a closed fist cannot receive anything. So when you hear a call for a donation, give it with as much love and gratefulness as you can muster. Then forget about it, go away with the feeling of joy.

You don’t have to start out big, a couple of dollars to start with, but don’t stay in that range. Increase your giving and watch your bank account grow.

If you don’t have money to give (right now) give away your time or that extra coat, book, or toy. Get in the habit of giving and watch it come back to you in triplicate.

Single Mom Money Tips – Embrace Freedom of Financial Decision-Making

by | Sep 19, 2011


Relish the thought of not having to answer for your financial decisions. As a single mom you have such autonomy! You do not have to answer to anyone for the decisions you make.

If you have ever been in an abusive or controlling relationship you know what that means. Every purchase you make for the benefit of you and your kids is worry free.

If you decide to save or if you decide to spend it is all up to you. If you get into debt or get out of debt it is all up to you.

Take a moment and really think about it. There is no one to question you or blame you if there is no money in the bank and you don’t have to fight with anyone about balancing the checkbook or taking money out without letting you know.

Money is one of the major reasons for divorce so there is something to be said about separate accounts and a house account.

The point is that you don’t have that hassle and are free to resolve any money issue you have and get settled before embarking on a new relationship.

Just promise me that you will check out his financial history and habits first before committing to a long-term relationship or marriage with him.

Single Mom Money Tips – Have a Grateful Heart

by | Sep 17, 2011


Pay your bills with a grateful heart. The services you receive in exchange for your money are essential for living.

I used to hate paying bills until I heard someone say that I should be grateful because I have the benefit of using the services provided by the city, phone company, car finance company, and on and on.

When I thought about it from that perspective my attitude changed. I could be in a homeless shelter, unemployed, or living with my parents (not that any of those circumstances are anything to be ashamed of).

I have lights, water, a car, gasoline, food, and many other necessary services. So I am grateful for the bills and will gladly pay them.

Single Mom Money Tips – Save Your Windfall

by | Sep 16, 2011


Save or invest your windfall (tax returns, student loan refunds, stimulus checks, monetary gifts).

The tax season is a gay old time for many, especially we single moms. The child tax credit and earned income credit is the reason we get a fat tax refund.

I admit that I love this time of year and children are especially a blessing right now. The trouble comes when the money is in my bank and I don’t know what to do!

For years I’ve been hearing about how important it is to save that money but I haven’t so I am committing to saving at least half of it. Ironically my car tag is due every year around this time of year so part of the refund goes to pay for that.

So be like me and save all, some, most of your tax refund for your rainy day fund, vacation fund, or the kids need braces fund.

When you get that stimulus check put it in the pot too along with your student loan refund, and that birthday gift money.

Oh and if you play the lottery put your winnings in their too, 😉

Single Mom Money Tips – Plan Your Purchases

by | Sep 15, 2011


When you see that you need (or want) a new thing it is very important to plan the purchase. For those of use with a spontaneous personality this can be a problem. The sale signs in the stores these days do not help.

The key may be to write down what you need/want, do the research, save the money, and then make the purchase. If you are like me and see something that you really want it takes discipline to say no, to wait, and walk out of the store empty-handed. I am doing better.

You remember that iPod Touch I wanted? Well I’ve decided that I have to sell a certain number of books before I reward myself with it. I delay my gratification of having it now, but I’ll still get it eventually.

In the mean time I can tape a picture to my fridge, go to the Apple store online and look at the features one more time, and plan what software I’m going to use on it. I am planning my purchase and so can you.