Finance tips for single moms

December 28, 2012

Balancing the books every month, so to speak, can be a trying experience for single moms on a fixed income. Even those that work full-time jobs or carry more than one position to keep the family running may feel stretched thin, and not in just terms of money. Quality of life is important, too, when considering budgets and bank accounts, and many moms choose to get college scholarships so they can get back in the classroom and turn their financial futures around.

The short term
The here and now of daily shopping endeavors reminds moms that they are responsible for all the money matters of the family. This is a big task and can seem overwhelming to those without specific financial experience, so moms need to rely on themselves to get enough income to support basic needs.

The Dallas Morning News wrote that money concerns shouldn't equate to denying kids occasional treats, but overspending won't solve any emotional problems and could only result in causing additional ones. It's important not to feel guilty about going back to school, the source stated, but instead focus on getting financial aid for moms so other income can be devoted to the care of the family instead.

Money management might require talking about the facts with kids, MSNBC recommended. Even young children can be made to understand to some degree that mom can't afford to buy extra candy bars or new shoes this time at the store, but maybe if the family saves up they can do something next time. Hiding things like this from kids can make it hard to validate not spending more money on them and create an unhappy home environment.

Planning for future wealth
Still, there are ways to bridge the distance between wants and needs. Going back to school is a prime way for moms to achieve that, especially with income gaps growing all the time. NBC reported that now may be an ideal opportunity for single moms to seek college scholarships and get back in the classroom, since wage disparity is growing throughout the country. That means the top earners are making more than ever, while low-income families are getting less. In order to keep single parent households out of the latter group, getting a college degree can put moms on the fast track to high-earning careers.

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