Single Mother's in need of Financial Guidance
Budgeting is key to being financially stable. A budget is a systematic plan for the expenditure of a usually fixed resource, such as money or time, during a given period. As a single mother you might groan at the thought of putting together a household budget with all your expenses, but its easy to do and will also help you become very financially organized. Many single mothers find themselves facing financial problems every day.
A single mother faces many burdens of everyday costs for her children's well-being, as well as her own, that at times will leave her in need of financial assistance.
Shaping up your finances is particularly important if you are experiencing a life altering experience such as a marriage, divorce, new baby or any other event that changes your finances dramatically. Whatever the state of your financial life, developing a sensible budget will allow you to stay on track.
The core of budgeting is for you as a single mother to see your monthly spending needs and habits. The purpose of a budget allows you to track your personal cash flow, which is how much money comes in and how much goes out, usually recorded on a monthly basis.
Adding up your monthly income is easy, but totaling up all your expenses takes a little more effort. First, collect all your bills, your credit card statements, your checkbook register and all your receipts, even for things you buy with cash.
If you haven't been keeping good records of your spending, you may have to get a receipt of every dollar you spend for a month before you put together an accurate budget.
Track you expenses by making entries in a notebook or learn how to in Microsoft excel which is a great tool to use when creating a budget.
Now divide your spending into fixed costs and variable costs. Your fixed costs will include such things as mortgage payments, rent or loan payments.
Your variable costs will include such things as clothing, food and entertainment.
Once you are managing your spending, you can easily decide which costs as a single mother you can cut and which you cannot. In most cases as soon as you see how much you are spending on your morning latte, snacks in the vending machine or treats for your kids, you will be motivated to cut back. Be sure to stay motivated by setting yourself goals.
Being a single mom is hard enough but it's even harder when you are faced with financial burdens that you cannot cover alone. Living a stable and healthy life is important.
Kathryn Spencer specializes in advising young mums with household budgeting, household budgeting, and household budgeting. Kathryn has long authored educational and support pieces for women and single mothers. Kathryn is a contributing author and editor to a variety of international and domestic web sites, and free newsletters. Kathryn lives in the southeastern United States with her two children Dylan and Kalie.
executive chauffeured services Bradford .. Madison to Airport carTo save on food, be an opportunist. Buy what you... Read More
Identity theft is a serious crime that continues to grow.... Read More
Things are so expensive these days. We seem to be... Read More
Next to our physical health most of us are primarily... Read More
If you were to ask 100 women "What would you... Read More
People haven't always written checks to buy goods and services.... Read More
The Prudential has dubbed those who refuse to leave home... Read More
The cries are heard from the distance, "I need help... Read More
Here are some tips that can help you save money... Read More
Did you have a piggy bank when you were a... Read More
What is it about being frugal, why do it at... Read More
The first step to financial success lies in knowing your... Read More
While 40% to 50% of us make New Year's resolutions... Read More
Reducing the clothing budget was a serious challenge for me.... Read More
Your boss has just informed you that your department is... Read More
Millions of people have a checking account and many people... Read More
Between 15 - 20% of people in our country (UK)... Read More
On the other hand, there are those people who are... Read More
In this age of information, keeping track of your finances... Read More
Despite how easy it is to balance a checkbook, very... Read More
Most Americans have been brought up to be concerned about... Read More
Your food budget is the most flexible area of your... Read More
ID theft is a major consumer concern, though there is... Read More
Many don't realize that our basic utility bills provide the... Read More
Most consumers are aware of the importance of their credit... Read More
O'Hare Chicago prom limo ..The cries are heard from the distance, "I need help... Read More
Millions of people give a lot of thought to financial... Read More
Good money management needn't be difficult. In fact, there a... Read More
I've been going through and interesting growth period lately that... Read More
Has anyone been to the gas pumps lately? Soon $3... Read More
Saving may seem easier if you were saving for a... Read More
During the last twenty years, banks have offered a number... Read More
It doesn't take much for you to get behind on... Read More
1) HOW TO LOOK FOR A JOBA) The Chronological Curriculum:1.... Read More
If you, like most people, have not seriously considered what... Read More
The Prudential has dubbed those who refuse to leave home... Read More
With the A-level results coming out, the long wait for... Read More
Saving money is not easy and is made more difficult... Read More
Are you having problems with debt? Are you afraid to... Read More
You've analyzed your past expenses, put them into spreadsheets, loaded... Read More
Does it feel like you have to be Sherlock Holmes... Read More
Ben Stein has a book called How to Ruin Your... Read More
Your food budget is the most flexible area of your... Read More
The lists of bank and savings accounts that are available... Read More
While 40% to 50% of us make New Year's resolutions... Read More
With a traditional Investment Retirement Account (IRA) you pay taxes... Read More
**If it's Spam, it's a Scam!- If it sounds too... Read More
Can you really afford a house? If so, how much... Read More
It's the little things in life that make it interesting.... Read More
Budgeting. It's a word we're all familiar with. Everyone knows... Read More
Personal Finance |