Wouldn’t it be nice if our deposit statements came with a how-to guide? That would make managing money so much easier because it can be so uncomfortable; especially when you need to get it together. Trust me, I’ve been down that road. But I got tired of that and decided to make it right. These money goals for single moms came in handy when I was learning how to manage my money the right way and reach key money milestones.
Money management is a process that takes consistent effort and time to master. Even though it’s a process, it doesn’t have to be intimidating. Make it simple and start slow. I’m no fancy money person, I’m just trying to get my financial life too. What I do know is, when you set goals, it is much easier to make progress. Simply setting the intention makes you feel like a legit adult and makes the process so much more fulfilling when you accomplish it.
These are some great money goals for single moms. So go ahead and set the goal and finally get your money right.
Multiple Income Streams
Anybody that knows me can tell you I am an advocate for multiple streams of income. I think sometime we hear that term and think it’s only for rich people. No it’s for smart people! Having more than one type of income allows you to have more financial freedom than just having one.
This supplement income has become an essential part of financial success and reaching your goals when money is an issue. As mothers, we try to do so much, juggle so many things, and make a positive impact on our families. Money is the main resource we need to make these things happen. Avoid the trap of experiencing lack by using your skills and expertise to get a part time job and supplement your income. There are many ways this can be done. I created a post with 101 ways to make more money. Read it and find something you like. Do your research and come up with a way that is ideal for you and your lifestyle.
The Ability to Give Freely
Being able to give back to those who are in need has always been the ultimate goal for me. Being able to share my blessings and affect other people’s life is fulfilling to me. Right now I can be better in my financial giving. As a believer, I do give 10% of my earnings as tithe and offerings, so I do that. But I want to be able to give more to my friends, family and community. I think money is a great resource and was created to flow. Think of it as a “stream” because in order for it to come in, it has to go out. It’s created to move. Give and it will be given back to you. How you choose to do that is up to you, but being a giver is the ultimate financial hack.
Pay Yourself Before Paying Bills
Always, always, always pay yourself first. After giving tithe, be sure to set some money aside for you too. Put some money in your savings account. It is imperative to have money set aside for an emergency or a rainy day. When you are the one working hard for your money, why shouldn’t you be the first to reap the reward of that.
I like to live on a 80-10-10 plan. That is the system of tithing 10% of your income, saving 10%, and living on the remaining 80%. This system has worked really great for me and allowed me to no longer spend all of my money on things without paying myself first. It was a mindset shift I am so glad I made.
Increased Credit Worthiness
Your credit can make the difference in you saving thousands in interest; unless you got that cash to drop. It is crucial to pay your bills on time and establish a good relationship with your creditors. If there comes a time when you need to delay a payment, your good history will help you get the time you need. Also, analyzing your credit report on a regular basis to ensure accuracy is important. Take the steps to have discrepancies corrected and updated.
Leave a Legacy for Your Children
In order to live on 80% of your income, you have to budget with intention. Keep track of all your expenses and all of your income and manage it meticulously. Create a spreadsheet so that you can see everything in one place and effectively keep track of it all. Cut luxury expenses, reduce where you can and supplement your income ASAP.
Doing this will allow you to be able to save aggressively and start making long term investments and building wealth for your family. Building wealth is the utlimate goal and the reason I wan to be a better steward over my money. I want to leave a financial inheritance to my children so that they are not having the same struggles I grew up with and had to figure my way out of as an adult.
A part of that was not talking about money with my mother (partly because she was didn’t know herself) and having never been taught about money. I also should’ve taken the initiative to learn about my finances sooner. Nevertheless here I am. I don’t want my children to have to figure it out! I want to be here educating them along the way and leave an inheritance to them so they don’t have to struggle when I’m not there to show them.
Those are my 5 money goals as a single mom. I’m working to get my money right. What are you doing to make your financial life easier? Do you need more assistance?