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Home » For Moms » Five Tips on how to evaluate your monthly income | #SingleMoms

Five Tips on how to evaluate your monthly income | #SingleMoms

By: Landra Glover 

I was recently inspired to address a particular money topic that gets plenty attention especially with single moms. “not having enough money to make it through the month.” It is a growing concern for many parents especially, single parents with limited income. Forty percent of American children are born to unmarried mothers and when I engage in single mommy groups the subject of money is real.

One of the many things I’ve learned from personal experience and working in financial capabilities is many people fall into the trap of believing that everyone else is doing better than them in regards to money when in fact 73% percent of Americans name money as the number one factor that affects their stress level. Yet, Many believe that if they just had more money that their financial woes would be solved, but perhaps there is a way to make what you do have stretch without the stress. Here are five tips on how to tackle your financial battles.

Evaluate your situation
Write out your two to four challenges to staying on top of your financial obligations. For example, perhaps your hours have been reduced at work, are you loaning money to family and friends? It could even be as simple as not knowing how to budget your money properly.

Identify what is important

Did you know that your spending habits reflect your attitude and values about money? Take the time to evaluate what you spend your money on during the week. You can do this by taking a look at your online bank statement. You can do this exercise alone or with a friend. Take a look at the items that you are purchasing and evaluate on whether or not the items are needs or wants and be sure to count the one-time items or ( I should not spend money on this, but I cannot help myself items) the items that bring about some form of guilt.

Know your monthly financial obligations

Do you know when your bills are due? Most importantly, do you know what will happen if you don’t pay them on time? Understanding the details of your bills could very well be your saving grace. Having an in-depth knowledge of your bills is a great way to know whether you are on track, need to rearrange payment dates or seek out other alternative services that may meet your financial income to insure that you don’t fall behind.

Time is of the Essence

Are you rushing to get bills paid every month? This would be a great indicator that you should really take a hard look at your paychecks. If you get paid twice a month, but all your bills are due at the end of the month or the beginning, make sure that the amount of your paychecks aligns with your bills and the dates that they are due.

Get Busy and accept your situation

Take a look at the things you listed as financial challenges and ask yourself, is there anything that can be implemented that will make a difference for the months to come and try them out. You will be surprised at what you may find if you take action. Once you have sincerely evaluated your financial situation and done all that you can do focus your energy on to others things. Do not constantly beat yourself up about what you don’t have and instead be proud that you have an exceptional grasp on what you do have.
Please share with other moms you know!