Single mothers (not unmarried mothers!): the ultimate guide to finances and money.
Dear single mothers – or "unmarried mothers" – this video is for you! I'll be sharing tips for dealing with the financial challenges of raising a child alone. Come watch!
Before we begin, a note: we call you a "single mother" or "autonomous mother," not a "unmarried mother," because being a mother doesn't imply your marital status. Motherhood transcends that.
The tips I'll be sharing here are based on several interviews we've conducted on Finanças Femininas (Women's Finances) and also my experience as a financial coach and mother.
1) Seek a support network. This is especially important for low-income single mothers who suffer from a lack of state support, particularly regarding the lack of available spaces in public daycare centers, which often have restricted hours. Count on the support of family, friends, and neighbors to care for your children and help you balance work, childcare, extracurricular activities, etc. There are also many collectives and support groups for women on Facebook. It's worthwhile joining them and asking for help whenever you need it – even if it's just to find a friendly ear. 2) Use a spreadsheet. Some people work better with apps, spreadsheets, or the good old notebook. Check out the Finanças Femininas spreadsheet here to help you control your expenses according to my 50/30/20 method: https://bit.ly/2KcxNS6
The spreadsheet is also useful for legal matters, such as justifying the amount of child support.
3) Set goals, including for yourself. Don't forget about yourself!
4) Have an emergency fund. This is one of the main questions I receive from single mothers. You need one so you're not so vulnerable and can cover unexpected events, such as your health or your children's health. The recommendation is to save 20% of your net income. How? By starting small and adjusting your budget.
If it's difficult to save this money, talk to your family and ask them to help you monthly. Make it clear that it's not an allowance, but a loan, and that you will pay everything back when you manage to get your finances in order.
5) Do everything you can to earn more money. It's easier said than done, but let's be as creative and daring as possible to achieve this. Ask yourself: how can she earn more? Try ways to get extra income, whether with crafts, selling cosmetics, sweets... Get your children to help – that way you can take advantage of the little free time you have with them by your side.
6) Claim your rights FOR REAL! You didn't have children alone, so child support is a right of your children and a duty of the father.
7) Get rid of debt. Being in debt is common among single mothers; after all, it's not easy to deal with so many expenses. To get out of the hole, the ideal is to exchange expensive debts (credit card and overdraft) for cheaper ones (personal loan, via fintechs, etc.). In other words, refinance.
8) Beware of childhood consumerism. There's the issue of guilt, wanting to give everything to compensate for a possible absence. But don't worry: you're not Wonder Woman! Learn to distinguish between wants and needs, and know which items you and your children truly need. Children really like simplicity!
9) And how to deal with the judgment of others? It's difficult, but you need to be at peace with your own decisions. Look at yourself and your children and know that you made the best decisions at that moment, with the resources and abilities you had, and try to be at peace. You don't know if it will work out, but you know it was done with love, so stand firm in your decisions.
Remember that everything I've said here is based on the testimonials I receive daily from single mothers and my experience helping these women.
Do you have any questions? Leave them in the comments and I'll answer everything! And remember to subscribe, leave a like, and watch the next video I've left here for you!