Remember To Take Care of Yourself
Prioritizing is an important part of budgeting and money management. There are several choices you have to make and steps you have to take. It’s up to you to decide which step to take first. It’s also up to you to decide whether or not to follow the steps and order laid out by an expert. Hint: Follow the expert. It’s easier to follow someone who has already been there and knows what they are doing.
Since 83% of single parents are women, it is very important for women to focus on their personal finances. But the average annual income for single mother families was $36,780 in 2014 or about one third of what it is for two parent families. Therefore, it can be challenging to focus on budgeting and saving. Nevertheless, this is all the more reason to focus on your financial well being.
Although it can be financially challenging to be a single parent, it is still important to set goals and to make plans. It’s better to start sooner than later, even if you have to take small steps. Of course, being a parent means that you are more concerned about the needs of your children than your own. It’s important to remember that your children will not always be dependent on you. While you are taking care of your children and preparing them to be independent, remember to take care of yourself.
Here are three things you can do to help your children and yourself.
- Make a budget. No matter how much money you make, a budget will help you to see where your money is going.
- Set up an Emergency Fund. Read here to understand the importance of an Emergency Fund and how to set up one.
- Start saving/investing for retirement. Investing might seem intimidating or impossible, but you can read here to understand and take the fear out of investing. Read here to find out how you can start with a little money and possibly get free money from your employer.
Money management can seem complicated, but you can do it. Start with these steps and teach your children the importance of doing the same. There are some good tips here. Remember, it’s not how much money you make but what you do with the money you make that counts. Learning how to manage your money can change your life. You’re worth it! All the best!
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