How Can I Be A Single Mom And Financially Sound?

If you are a newly single parent, this time of year is a good one to get a grip on your financial situation.  Here are a few tips to get you started.

First, know that you can be in charge of your own situation.  Feel free to get help from professionals, but don’t assume that you can’t be financially sound if your co-parent used to handle all the money or even if he made all the money.

Next, figure out what you spend.  Do some detailed listings of what you’ve spent in the past year.  See what you must spend and what you could do without.  Don’t hold on to lots of financial ideas for the wrong reason.  If an expensive coffee every day is how you show your status to your co-workers, be willing to let go of it.  Also, be sure you are saving every month.  Ideally, save 10% of what you make.  If you can’t save that now, start with as much as you can save and build it up over time.

Don’t burden your kids with financial worries, but don’t hesitate to let them have a voice in family finances.  If you need to eat at home more, let them help you plan menus, clip coupons,  and get meals prepared – or at least set the table.  Whatever you do, don’t badmouth their dad about money or any thing else.

In addition to seeing what you need to spend.  Don’t hesitate to look for a better paying job.  There are two ways to approach a budget crunch – spend less or make more.  If you do both, you can really better your situation!

About the author

Linda Y. Leitz, CFP®, EA, CDFA

Linda Y. Leitz is a fee-only Certified Financial Planner™ and has been in the financial industry since 1979. She is also enrolled to practice before the Internal Revenue Service. Before becoming a financial professional, Linda held several executive positions in the banking industry. She began her career as a bank examiner. Linda has a BBA in Business Administration from Principia College and an MBA from Southern Methodist University.
As a fee-only financial planner Linda is a member of the National Association of Personal Financial Advisors, the Financial Planning Association, the National Association of Tax Professionals and the Alliance of Cambridge Advisors. As a leader in the financial planning industry, Linda is the author of the book titled "The Ultimate Parenting Map to Money Smart Kids". She has been quoted in several national publications including the Wall Street Journal, U.S. News and World Report, and Morningstar Advisor and she has appeared on CSNBC. She also works as a volunteer instructor to new financial advisors with the Alliance of Cambridge Advisors.

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