Single Mother's in need of Financial Guidance
Budgeting is key to being financially stable. A budget is a systematic plan for the expenditure of a usually fixed resource, such as money or time, during a given period. As a single mother you might groan at the thought of putting together a household budget with all your expenses, but its easy to do and will also help you become very financially organized. Many single mothers find themselves facing financial problems every day.
A single mother faces many burdens of everyday costs for her children's well-being, as well as her own, that at times will leave her in need of financial assistance.
Shaping up your finances is particularly important if you are experiencing a life altering experience such as a marriage, divorce, new baby or any other event that changes your finances dramatically. Whatever the state of your financial life, developing a sensible budget will allow you to stay on track.
The core of budgeting is for you as a single mother to see your monthly spending needs and habits. The purpose of a budget allows you to track your personal cash flow, which is how much money comes in and how much goes out, usually recorded on a monthly basis.
Adding up your monthly income is easy, but totaling up all your expenses takes a little more effort. First, collect all your bills, your credit card statements, your checkbook register and all your receipts, even for things you buy with cash.
If you haven't been keeping good records of your spending, you may have to get a receipt of every dollar you spend for a month before you put together an accurate budget.
Track you expenses by making entries in a notebook or learn how to in Microsoft excel which is a great tool to use when creating a budget.
Now divide your spending into fixed costs and variable costs. Your fixed costs will include such things as mortgage payments, rent or loan payments.
Your variable costs will include such things as clothing, food and entertainment.
Once you are managing your spending, you can easily decide which costs as a single mother you can cut and which you cannot. In most cases as soon as you see how much you are spending on your morning latte, snacks in the vending machine or treats for your kids, you will be motivated to cut back. Be sure to stay motivated by setting yourself goals.
Being a single mom is hard enough but it's even harder when you are faced with financial burdens that you cannot cover alone. Living a stable and healthy life is important.
Kathryn Spencer specializes in advising young mums with household budgeting, household budgeting, and household budgeting. Kathryn has long authored educational and support pieces for women and single mothers. Kathryn is a contributing author and editor to a variety of international and domestic web sites, and free newsletters. Kathryn lives in the southeastern United States with her two children Dylan and Kalie.
Chicago limo Skokie ..I thought I was through with exams when I finished... Read More
With a traditional Investment Retirement Account (IRA) you pay taxes... Read More
Many people spend their little income haphazardly without any planning... Read More
Christians are called to be good stewards of God's resources.... Read More
Developing and living by a household budget is by far... Read More
Six Scholarship judges were sitting around an oval table. Forms... Read More
Get Access to Realistic profitable strategies & discover the mindset... Read More
Here are some tips that can help you save money... Read More
The lists of bank and savings accounts that are available... Read More
In this age of information, keeping track of your finances... Read More
Would you be interested in freeing up 10% to 15%... Read More
Between 15 - 20% of people in our country (UK)... Read More
It is widely written that you need 75% of your... Read More
This investment retirement account (IRA) is useful to you as... Read More
If you've developed a household budget to get your spending... Read More
You should thoroughly consider your business needs when selecting a... Read More
For most of us the process of getting out of... Read More
To save on food, be an opportunist. Buy what you... Read More
There is a new bill that is being passes, it... Read More
We live in a crazy world. Someone ought to sell... Read More
Investing is a subject a lot of people don't want... Read More
With interest rates being at an all-time low, I can... Read More
Are you interested in saving money off your grocery bills?... Read More
If you've been to a shopping mall lately, you've probably... Read More
Now there are ways to save money in the grocery... Read More
limo O'Hare Bonfield ..What is finance and what do you need to know?... Read More
I have to admit, I do it too. I complain.... Read More
Reducing the clothing budget was a serious challenge for me.... Read More
Would you be interested in freeing up 10% to 15%... Read More
I think most of us have at some point in... Read More
ID theft is a major consumer concern, though there is... Read More
If you were to ask 100 women "What would you... Read More
If you recently became a single parent and see your... Read More
If you've been to a shopping mall lately, you've probably... Read More
There is a new bill that is being passes, it... Read More
Things are so expensive these days. We seem to be... Read More
I have been a loyal user of Quicken(R) for more... Read More
With the advent of the internet and especially auction services... Read More
Debt levels are at an all time high in the... Read More
Budgeting. It's a word we're all familiar with. Everyone knows... Read More
If you die without making a Will in the UK,... Read More
As a parent you are bound to face a few... Read More
Are your financial muscles well toned and healthy or flabby... Read More
The judge had to ask the question, and we had... Read More
1. Lighting & Light Bulbs Install low energy light... Read More
Many people spend their little income haphazardly without any planning... Read More
Investing is a subject a lot of people don't want... Read More
1. Don't focus on your finances.The reason most people get... Read More
It doesn't take much for you to get behind on... Read More
It is possible to eat a healthy, balanced diet without... Read More
Personal Finance |