Breaking Bad Balances with Money Management for Moms

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Written by TeamIdentity

It’s time to master your Money by starting with a few of these tips.

Money management for moms is often glossed over or not even mentioned by experts. There are many single moms or even wives who need assistance with finances. From starting an emergency fund to making sure documents are up to date, here are some valuable suggestions.

Don’t Be Afraid to Seek Help

Before we begin, it needs to be said that asking for help is not a bad thing. In fact, it is the right thing to do when you are struggling. From booking an appointment with a financial planner to using charities such as Christian single moms support groups, there is always a place you can go.

Maybe you just need to know how to make a budget. Or perhaps you are behind on rent and have no money. You won’t improve your situation by burying your head in the sand much longer!

The All Important Emergency Fund

Perhaps you’ve heard this a few times before, but an emergency fund is vital. You never know when the fridge will break, your home will be flooded, or even lose your job!

Of course, an emergency fund is hard to do if you have little income. However, a credit card will help if you can obtain one. Don’t use it, and keep it for genuine emergencies. If you can put money away, it is best to use a quick-access bank account so you can access the funds as soon as possible.

Side Hustle Money Management for Moms

Earning some extra cash on the side isn’t anything new. Today, however, it is becoming more popular because of how easy it is to use the web. Around 45% of people in the US are using side hustles to manage money and cover costs.

Some of the easiest to start include blogging and vlogging, online writing jobs and various other types of remote work. Of course, you can also use your talents to craft and sell homemade items using sites such as Etsy and eBay!

Maybe you have some assets and want to keep them safe. In the event of a separation, what is yours must remain yours. Or perhaps you even want to state what will happen to your estate should the worst happen. Keep a good eye on documentation and update it whenever necessary.

This includes removing a partner from an account and naming beneficiaries such as your kids. Your assets can be lost and given to the wrong people if you don’t keep on top of this.

Make a Plan for Spending

Just think about it for a second. How much unnecessary food do you put in the basket when shopping? It’s probably a lot. With one simple trick, you can reduce your shopping bill and how much you waste!

Planning. Specifically meal planning. With a meal plan, you can make a shopping list based only on the food you need. And this is just one example. Planning helps with anything related to money. This includes short and long-term budgeting for life’s necessities.

Support

Asking for help and support when you need it is a cornerstone of money management for moms, single parents, and anyone who needs it. Taking on a side hustle can help bring in some extra cash. But it all comes down to how well you plan things like meals and budgets.

Photo by Karolina Grabowska: https://www.pexels.com/photo/woman-counting-money-with-calculator-5900160/

About the author

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TeamIdentity

Our mission is to empower women to "Get All A’s in their Game of Life" by discovering their powers and transforming through Self-Acceptance, Appreciation, and Personal Achievement—through all of our content and collaborations.

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