Being a single mother is the hardest yet fulfilling job as a person. Most single mom struggle to support their children especially those who supplement their income from child support. Single moms are amazing multi-taskers from juggling a kid, finances, and a career is a tough one. What you really want to achieve is to be the best parent you can be. As many parents had been said whether single or the other way around – having a child changes your outlook on things and that will make you reevaluate your priorities and your perspective.
Among those priorities is to make sure that you can provide your child on whatever they need as long as it is enough.
Here are five (5) financial tips to juggle it all.
- Create a table of expenses
This is the time you have to give to yourself to familiarize or be aware of the current state of your finances. Even with those unusual expenses, like you kids haricuts, should be on the list. Knowing where your money is coming and going in exact details can help you realize where you are going wrong in managing your finances.
- Follow a list to resist temptation
Knowing that your budget is not enough can be easy once you take time to revise your budget. Learning from your mistakes and reducing your spending, can be hard on the other hand. Improve your chance of saying no by making a list of the things that tempt you – and create a list of the things that are essential to you and your kids.
- Take advantage of tax breaks
You can use your taxes to help you make ends meet – that is if you haven’t already start deducting childcare expenses from your file. The potential childcare tax can pay as much as 35% of the cost of keeping your kids in daycare. Do not forget to claim your kids as dependents.
- Get a line of credit
When you have to pay for a series of purchases or on large repair and you do not have enough money, it is easy to get stressed. You cannot really go right way to traditional lenders and ask for money, a good way is to create a credit line that is good enough to get things covered.
- Look for ways to create extra income
There are a lot of ways on how to create some extra cash online that won’t interfere with your current career or with the job you have right now. Be a freelancer, that is a high paying part time, that way you can increase the amount of your savings for you and for your kids.