Home Finance Tips for Single Moms
Single parents in the U.S. are becoming more and more common. In particular, one-in-five children across the U.S. (21%) live with a single mother. This translates to around 15 million children, younger than 18. The rise in single parent families in the U.S. is due in part to marriages that don’t last, as well as an increase in births outside of marriage. This includes moms who decide to have children through artificial insemination. 
Recent research shows that single mothers do just as well at raising their children as two-parent families. Even so, earning enough money and managing work schedules, with no sick pay or family leave, can be really tough. Not all single mothers have high-paying jobs or decent savings to fall back on. As their numbers are on the rise, here is an in-depth guide with an infographic on single mother statistics for more details. So, with that in mind, here’s a number of home financing areas that single moms should consider.
Life insurance costs a little, but protects a lot
As a single mom, it can be scary to think about what would happen to your children if they were left without you. If you make sure that he or she is financially protected, at least that’s half of their childhood struggle sorted. It’s impossible to plan for every possible outcome, but tragedy can strike at any time. If the worst should happen and you have a policy in place that can help to pay for things like a college education, healthcare bills, clothing, and other basic expenses, your child (children) would be well looked after and set up for life. What’s more, many people erroneously believe life insurance is expensive. But actually it is really quite affordable. Incidentally, it would also be a good idea to draw up a will so that it’s clear who your money and assets go to and how you want them saved or used before your child turns 21.
Saying “no” is ok
When you say “no” to your child, you’re not depriving them of something that they absolutely can’t live without. You’re teaching them a valuable life lesson about the value of money. Taking your children to the park to play, watching a movie together before bed, playing a game of footy in the afternoon, showing them how to make popcorn at home instead of spending more money and buying it from the shop. The list could go on and on. You don’t have to spend lots of money to make your kids feel loved and you certainly don’t have to spend more money that you have on something just because your child is asking for it. Debts have a way of building themselves up without us realizing. Credit cards should be avoided. If you don’t have the cash, don’t make the purchase. Your child will probably forget about what they were so dying to have within a week anyway.
Be prepared for the unexpected
Even if you can only save $5 a month as a single mommy, do it. You’re the only person your little one has to rely on and there will be times when you have to pay out for something unexpectedly. A dental bill, a school trip, or maybe even the repairs for a leaking bathroom. If you don’t have a small cushion of cash to lean against every now and then, things could get a bit tricky. Move a certain amount of your money over into another account every month so that you don’t run the risk of dipping into your emergency fund without realizing it.
Grants for single mothers
If all else fails and you really need some financial support to help you keep your family safe, well, fed, and clothed, there are a number of grants for single mothers in the U.S., including TANF cash assistance, food stamps, and EITC. Managing your finances might seem a little overwhelming at first, particularly with a tiny person in tow, but things do have a way of settling down. Be consistent and stay focused. You’re not the first single mommy trying to take care of your finances and you certainly won’t be the last.
