I am a single mom of an eight month old baby boy and I am learning that being financially prepared for the worst is a necessity. In the last few weeks I had to miss two days for illness and three days due to an injury. I am not well off by far, and I make a little more than minimum wage, but with these incidents I would have been in a horrible situation if I did not have a little money put away.
Start by thinking about what you would do if you had to miss a few days from work, or even lose your job completely. Most of us would be lost and probably lose most of the things we have. Your situation is different from every other single mom, and you have to consider what could happen if you were to lose any of your finances.
Take a look at your finances and decide on an amount to put away every payday. As a single mom you may not have a lot extra, but determine what you can put away without sacrificing anything for your kids. I put away $20 a week into an account that is used strictly for these situations. It does take quite a bit out of my check, but I make up for that amount by finding ways to decrease my spending in other areas. Saving $20 a week adds up to $1040 a year, which is a lot of money for a single mom.
See if you can put together a backup plan to prepare financially for the worst. You may have options that you can use such as working from home, finding a part time job to increase your savings, sell things online, etc. You may be surprised at what you can do. Single moms tend to figure things out, and can make great plans once we are determined.
Ask around your community to find out what assistance single moms have access to. You may not need their help now, but you will know the information if you ever need it. For short term financial loss there are places such as churches that will help with a bill or two and give your family food. For long term financial loss you should apply for state aid and see what else they have to offer single moms in your area. Do not be afraid to ask for help, it is not just benefiting you. We will all humble ourselves so that we can care for our children.
Consider purchasing disability insurance for your family that will help if you have financial struggles due to an injury. There are different insurances available that can help single moms stay financially prepared, but purchasing it will depend on your current financial situation. Some of them are rather pricey.
Staying financially prepared for the worst is important for your family, as well as yourself. If you have to miss work, or lose your job, what would you do in your current situation? Finding ways to stay prepared will help you as a single mom. Single moms seem to be prepared for everything, so why not prepare financially for the worst. My motto is to expect the best in life, but prepare for the worst just in case.
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