Career & Finance

Steps To Financial Freedom For Single Moms

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Becoming a single parent all of a sudden but being a financially struggling single mom is another level of pain altogether.  Normally there are all these big changes expected but how do you cope when you are also looking for ways to make ends meet?  First of all, you need to know that even though it might feel as if the odds are stacked against you, God hasn’t forgotten you. Secondly believe that you can make it on one income. In addition to prayer, take these steps to create financial freedom in the home.

Get another source of income

It was all well and good when daddy was around to supplement or take over the big bills, but now that you are all on your own, your salary won’t be enough. You have to diversify your income, which means, you need to receive money from multiple sources, not just your day job.  There are plenty of things that you can do on the side to ensure your financial comfort. Offer your services (catering, babysitting, writing, cleaning, or other expertise). Work evenings at home on the computer as a freelance writer or virtual assistant.

Move to a cheaper neighborhood

This is the next biggest thing that you need to consider if you want to seriously change your life. Who doesn’t want to live in the best neighborhood but it’s just not very feasible with only one income. You may have to move to another neighborhood that is more affordable for you. Rent is our biggest expense; saving hundreds of thousands of shillings per month is a huge step to financial freedom.

Word to the wise: Your rent should be only 1/3 of your total monthly income.

 

Cut out all of the extras

Only you know how much you make, and only you can apply that number to work with your spending habits and enforce it. Do whatever you have to do to stay on track, you can even balance your money the old school way, just make sure you keep a budget and stick to it. When you keep your budget tight, you can see where you’re spending money, and where you shouldn’t. Do you go out to eat twice per week? Make it once. Do you get your hair and nails done weekly? Cut it out. Do you realize how much money you could be saving? Create a budget and you’ll see.

Reevaluate your attitude

All of these factors goals, attitude and involvement play an integral part in single parents’ financial freedom. The key, however, is to remember that our Lord is impartial and will supply every need according to his riches in glory in Christ Jesus.  Many single parents think that their financial struggles are a result of something they did wrong. If you did sin, repent and move on. Forgive yourself. Isaiah 43:25 reads, “I am he who blots out your transgressions, for my own sake, and remembers your sins no more.”  Current financial struggles are what they are—an opportunity to regroup and reorganize the budget. Yes, the weight of carrying the burden for the family can be overwhelming, but you can still make things fun.  Involve the kids in creative ways to cut back and save money. Give them a real visual of saving money by having movie nights at home instead of going to the cinema halls.

It will get better

Being a single parent is not easy, but the situation does not have to be grim. Life isn’t all about finances.  The first step is to convince yourself that your new life will be one that is full, joyous and financially rich. It might take a while getting back on your feet after a divorce, loss or separation. The process to financial freedom can be a long and full of setbacks. But this can also be one of the most exciting and empowering times of your life. All you have to do is believe that things will get better which might look like you are deluding yourself right now. Maybe you’ll have to fake it till you make it (as they say). But nothing is possible unless you can see the end goal.

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