It’s Your Money Now
As a single mother, all the money you earn is now yours. Admittedly, you now have to make your money stretch a lot further than before, as you are the only one bringing in a regular income. But by introducing some basic money management tips, you’ll be surprised just how far your money can go.
Don’t forget, now that you're also single, you're the only one who can access... and spend your money. Once you create a budget based on your income, you should be able to cover your bills and set up a savings plan.
Factors to Consider
As soon as you are officially single, you need to contact your bank, let them know of your situation and discuss your various accounts, credit cards and if relevant, your mortgage. Believe it or not, there may be a number of ways that banks can help you reduce your costs and save money.
We also recommend you talk to a financial planner who can assist you in setting up and managing your superannuation, life insurance and income protection policies and generally help you to invest in your future. Most banks offer an initial consultation for free.
There are also a number of government agencies that you will need to contact to ensure you are getting the maximum benefits as a single parent. You may also want to contact the Child Support Agency (CSA) to set up regular child support payments from your ex.
Getting Out of Debt
Unfortunately, many single mums are left with debt once a marriage breaks up. What is important is not to let this debt overwhelm you. It's never a quick fix, but it is possible to get rid of debt and eventually start living a life without a heavy financial burden. We have many ideas how to move you financially forward and out of debt.
Saving Your Money
Yes, it is possible! Once you are out of debt, saving a little every week or every month is absolutely doable. Depending on what you earn, it may only be a few dollars a week or it may be few hundred. We show you many different strategies and tips to cut your costs and help you save money. The key is to believe you can save and have a dream that you want to achieve. It may be a new dress, something special for the kids, a holiday or your own house. With time and the right attitude you can make it happen. We show you how by helping you cut your costs.