As a single mother you have learned how to survive on a single income. It has been a hard road but you have managed to sacrifice and take control of your financial situation. But, what if you unexpectedly lost your job tomorrow? Would you have enough money in savings to tide you over?
The unexpected happens more often than we would like. You could be faced with a job loss, a huge medical bill, or a major home repair out of the blue. That is why it is crucial for you as a single mother to be prepared for an emergency.
You might not have a lot of extra money to save right now, and that’s perfectly fine. As long as you are saving something you are headed in the right direction.
You can increase your money saving savvy by implementing these tips.
#1 Small is Better Than Nothing
I am a single mother. I know what having a tight budget is like. There are some weeks that I am literally amazed that I was able to make my money stretch so far. Then there are other weeks when I have money left over after paying the bills.
No matter what your financial situation you need to be saving. If you can only save five dollars a week, that’s okay. If you can save fifty dollars a week, that’s great too.
#2 Make Saving Automatic
One of the quickest ways to turn your savings into a habit is by making it automatic. If you have decided to save ten dollars a week then schedule a draft from your savings account to automatically take ten dollars out. The only thing you have to do is remember your check is now ten dollars less.
Those ten dollars a week deposits will add up to $520 over the course of one year. Let that number be your motivation to make your savings automatic. I bet that $520 could really help you out in a time of need.
#3 Have an End Goal in Mind
As a single mother you are relying on one income. If you lose your job you don’t have a spouse to back you up. That is why it’s so important for you to build up an emergency fund that will cover 3 – 6 months’ worth of expenses or more.
Figure out how much money you need to feel safe. Once you have that number in mind work hard until you reach it. Keep your savings automatic, increase your weekly savings amount if you can, and shovel every extra dollar you have into your emergency fund until you meet your goal.
When you have your emergency savings fully funded you will feel such a sense of relief. You will be prepared for life’s emergencies and as a single mother that is a wonderful feeling.
Written by Alexa Mason
About the author:
Alexa is a single mother to two little girl’s ages three and four. She is on a mission to create a happy, fulfilled life for herself and her family. She chronicles her journey as a single mother trying to make it big at singlemomsincome.com