Let’s face it – raising children is not easy. That’s a simple truth that no-one can deny. After all, being a mother is not called the most difficult job on the planet for no reason. However, when you have to do it on your own, it gets even harder. And it’s not just about the chores you have to do that are related to your kids. At the end of the day, you also have to worry about earning enough money. Indeed, building wealth as a single mom is no easy business. Don’t worry, though, that’s why we’re here with a couple of helpful tips!
Having the right mindset
When you need to make a change in your financial life as a single mom, there’s really one thing that matters above all else – having the proper mindset.
You need to realize that the way you approach this issue and what you believe will establish the next phase of your life. And perhaps even more importantly, the state of your bank account.
That’s why the most critical step on your road to building wealth as a single mom shouldn’t be anything practical.
Before you can start saving, investing, and reaping the benefits, you need to adjust the way you think about all of it.
Yes, it sounds prosaic; but while you’re broke, you may have some psychological limitations that are keeping you from reaching your full potential.
Specifically for single moms, there are struggles that are going on solely in your mind. And that’s mostly thinking that single moms are, on average, poor and can’t earn a decent living.
That’s something you’ll constantly hear on social networks and the mainstream media. However, that doesn’t mean this is a thing you can’t change.
Striking a balance
So, yes – in reality, single moms are generally poorer than moms with husbands or partners. But while this is the average story, that doesn’t mean that it’ll be your fate as well.
This is far from being set in stone; though decades of media coverage of single moms as struggling and downtrodden may convince you that it’s an unchangeable fact.
But when you take a look at things more closely, you’ll realize something: almost everything in life is susceptible to change.
There are plenty of thriving, wealthy, self-made single mothers who defy this stereotype. And with the right frame of mind, you can be one of them as well!
Just realize that even with kids to take care of, the world is still full of opportunities.
Even if you have to hire a company like smallworldmoving.com and move to a new place, or completely change your line of work if you start working on your goals right away and with diligence, there’s absolutely nothing you can’t do.
Where to start
Make no mistake though, building wealth as a single mom is hugely important.
If you take a look at actual scientific research, you’ll find that financial stability is the basic building block of a happy family. And unfortunately, as a single mom, this is entirely your responsibility.
There’s no reason to feel overwhelmed, though. The most important thing is to know where exactly to start.
Remember when we mentioned that having the right mindset is the crucial component in your efforts to better your financial situation?
Trust us, we weren’t just referring to having a positive attitude. Apart from that, you also need to develop an analytical way of thinking, one that will allow you to see your position more clearly.
The best way to do this, however funny it may seem, is writing things down. First of all, write down all of the presumptions about single mom poverty that are limiting you and holding you back.
Next up, write down where all of these ideas are actually coming from.
Then, eliminate those sources of thought from your life. You need no negativity. And once that’s done, think about what positive influences you have in your life.
Of all the people who love you, and represent your support system. Those are the people you need to focus on the most.
Start slashing expenses
Once you’re psychologically ready to handle building wealth as a single mom, the time has come to focus on the practicalities of having more money.
If you’re struggling with multiple debts and are looking for a simple way to manage your finances, it’s advisable to have debt management done at https://www.moneyexpert.com/debt-management/individual-voluntary-arrangements/.
And while you work on your career the best you can, you will first need to do some serious cost-cutting. If you ask us, start from your car.
Sure, being a single mom, you need to have a quick way of getting around town. But don’t maintain a luxury vehicle that’s costly to maintain. Focus on buying something practical, safe, and realistically priced for your needs.
Next up, if you’ve got cable TV, think about cancelling it. Sure, this may seem like a radical move at first.
But in today’s day and age, you need to realize that most of your stuff comes from Amazon, Netflix and similar streaming services anyway.
And compared to this, a cable subscription is just way too costly. Also, if you’ve got a costly gym membership, think about cancelling it. Certainly, staying fit is important.
But you’ll find that there are tons of ways to do this for free, without paying a small fortune to a gym every single month. Think about yoga, jogging, and similar stuff you can do on your own.
This goes for most of your more expensive subscriptions – you want to get rid of those that cost you the most, but you don’t actually use that much.