Taking Control of Your Finances as a Single Mom in 10 Easy Steps with Control
Money is one of the biggest issues for single moms. Whether or not you receive financial assistance from the child’s father, it is often not enough. The Control Prepaid Mastercard is a brand that is driven by a greater purpose to see ethnically diverse communities succeed. Studies have shown that single moms of color are more likely to live in poverty and face many challenges when it comes down to creating wealth. Therefore, it is very important for us to become financially secure. Control is all about seeing us take control of our finances and manage our money in a way that is convenient for us by providing tools to help us get ahead. When we are able to control our finances, we are able to control our life, create wealth, and impact the lives of future generations.
I remember working two jobs, robbing Peter to pay Paul just to make ends meet. I worked as an HR Assistant by day and a server by night then I worked as a Credentialing Assistant by day and a Customer Service Representative by night, because I thought working a second job from home would be better for my daughter. I decided that was not the life I wanted to live. It took me a while to realize what I needed to do to pull myself out of the check to check cycle, stop trading time for money, and actually be a present parent because let’s be honest, when you are working two jobs, your energy is very low when it comes to showing up for your kids.
*This is a sponsored post with The Network Niche Influencer Agency and the ControlTM Prepaid Mastercard®. All opinions are my own.
I had to figure out how to work less, earn more, save, and be present for my child. Here’s how I did it:
I decided that I was worthy of earning more. I just needed more skills. I did my research to figure out what skills I needed to earn more to make a certain amount of money. I had to ask myself how much would it take to get to where I needed to be and how much would it take to get to where I wanted to be. Could I do that at my current job or did I need to look for new opportunities? Could I look for a side hustle from home that didn’t require the same amount of time as working an hourly part time job to bring in extra income? You have to increase your earning potential.
I created a budget. I needed to know where my money was going to figure out if my income was really the problem. Creating a budget allows you to tell your money where to go. I had to learn the true meaning of needs and wants. This means I had to let go of the eating out all the time, designer bags, extensions, and manicures and pedicures because I could not afford them at the time. I also had to get the root of “why” I wanted to make the change. It’s easy to create a budget and not stick to it when you don’t have a purpose for doing it.
I got a therapist. I believe it is important to have a conversation around money in an unbiased environment. You can discuss everything else with your therapist. Why not discuss your thoughts and struggles with money? There are also financial coaches that can help with this.
I made sure to sign up for direct deposit. Having your check deposited onto a Prepaid Card is a game changer when you are struggling to stay within your budget because you can only spend what you have to stay in control of your finances - building that discipline muscle. Control Card makes it convenient to track your spending and check your balance with their mobile app (1), plus payday can come up to two days earlier (2) with direct deposit. What mom doesn’t want their check earlier?
I utilized cash back rewards programs such as Rauekten and Ibotta. You are earning money on things you were going to buy anyways. Who doesn’t want to earn extra cash? You can take it and put it in savings or towards paying off debt.
I opened a savings account. What good is budgeting if you are unable to save? You can start with as little as $5-10 every paycheck. Trust me. It adds up. As single moms, things will always come up and we have to be prepared - kids need new clothes, tires need to be replaced, sitters need to be booked when others aren’t dependable, you name it. You can create different savings accounts for specific purposes such as emergencies, car, travel, babysitting, etc.
I committed to spending time consuming financial content. What good is planning to take control of my finances without the knowledge? I listened to podcasts, watched YouTube videos, and read books. I mean I still do this today.
Paying myself first. I had to ask myself: How is it that you are paying extra money towards debt but you aren’t saving for your future? That doesn’t make sense.
Set financial goals and commit to them. This includes building an emergency fund, creating a plan to pay off debt, contributing to retirement, and more.
I made it a priority to have conversations with my daughter around money during early childhood so she doesn’t make the same mistakes. When you talk to your kids about operating on a budget, it’s like having an accountability partner. They get to learn while you are learning so you don’t have to be a financial expert to teach your kids about money. Most lessons are caught and not taught.
I know it seems hard but this is not impossible. You can do it. Start with the Control Prepaid Card so you can get back in control of your spending and come up with a game plan to get back on track or do better. Your kids are watching you, whether you know it or not and how you speak about money will impact them now and in the future. What is one thing you will do today to take control of your finances?
Let me know in the comments!