Handling Finances as a Single Mom

Since I am a single mom, who doesn’t receive any child support, money is really tight for me. I am fine with the fact that I don’t receive child support from my ex-husband.  It just means I have to be a little creative when it comes to spending money and planning my budget. My income can be steady or sporadic, it just depends on what I have going on.  I have learned to save for a rainy day or a rainy month.  It’s really important for me to plan for months that I may not have much money coming in.  I recently explained it to my friend as being a squirrel gathering nuts for the winter. I also use a lot of coupons, shop sales and go to the dollar store. My trips to the dollar store can be risky but I have gotten a lot better about buying random stuff. I can’t take Noah in there though; it is a disaster waiting to happen. Being a single mom is rough when you are the mom and dad. Once you throw in the financial burden it can be difficult without a plan. My good friends at Genworth have all kinds of tools that can help me plan for my present and future financial needs. I really like the Plan Workbook to help me plan long term.


 

I am happy that I am able to be home with my son and not have to worry about who will watch him after school or when he gets sick. I am pretty lucky. I feel that I would rather have this precious time with Noah than make a lot of money where I am working long hours away from him.

Someday, I would love to meet a nice guy and ultimately get married again. Daily Finance has a great article about tips to help protect your finances before you move in with someone.  After talking to some of my older friends, it is common for a husband and a wife to have separate bank accounts.  I know that sounds kind of odd. If you can’t share money, then maybe you shouldn’t get married or live together. I think it is more common when you have been married a couple times. It is extremely important not to share a bank account with the person you are living with, even if it a serious relationship. They could take all your money and be in the wind. You shouldn’t get an animal with the person you are dating.  When you want to just walk away, you are bound by doggie custody agreements and joint vet bills.  You can really lose everything you worked hard for.  Be sure to take a few extra steps to protect your assets before it is too late. Love can be blind and doesn’t always last.

This post was inspired by Genworth and Brandfluential. All thoughts and opinions are my own.