Chronicles of an Inspired Single Mom

Hello lovely people! It’s the end of another week and we’re already midway into a new month. Here’s wishing you every success for the balance of your month especially with your finances.

Yes the “F” word that we all hate to say, heck it took me forever to write this post because I don’t want to talk about it either. It’s a sensitive, sometimes embarrassing area for most. Some understand it, others are confused by it, some don’t know how to manage it, but the thing is, if we don’t get a handle on it, it can either make or break us or worse yet affect the quality of life for our children.

For me I didn’t quite understand the concept of money a part from you save some, pay your bills on time and pay tithes. Having a child at 19 though didn’t give me time to understand money. It has been something that always made me apprehensive; but I’ve learnt to live by the concept “be content with whatever you have” and I teach my children the same thing as well.

So how does the average single mother pay all her bills on time, save, clothe and feed her children and have some left over for the occasional treat? Honestly she doesn’t!

As a single mom of two I try everyday to make 50p do what £5 should…you can call me Houdini because my budget book and I definitely work magic😀. I didn’t always budget I did an automatic savings that came straight out of my salary and basically what was left I paid my bills etc. There were side hustles too that I did to keep me a float. However with now two growing children and the growing prices of EVERYTHING I had to reconsider my strategy and feelings towards money.

When I was in the Caribbean I didn’t have to worry about credit scores and bills such as TV license and council tax and worse yet insurance cover for almost every item you own. Although living in England has its perks if you’re not crafty and knowledgeable concerning money the kick back will be great. I don’t ever want any bailiff come knocking on my door nor do I want to be featured on “can’t pay we’ll take it away!”

We all know the old saying live within your means but now I’m trying to live by the saying live below your means. I’ve made mistakes along the way I still do from time to time but here are some of things I’ve learnt and still currently learning to do.

1. Make a budget and do your best to stick to it. Get a book or if you love software, find one that suits you; so that it can help you manage your bills, the due dates and the amount, so that you do not miss the payment.
2. As far as possible try not to borrow from any one especially if you know you’re already struggling and uncertain how and when you can pay them back. We don’t want to rob Peter to pay Paul! Additionally be careful who you lend your money to!
3. Credit cards! A blessing and a curse. Note that its easy to spend the money not so easy to pay it back. If you know you can’t keep up with the regular payments avoid making charges on your credit card or use low interest cards or my favourite Klarna. Klarna is a God send. It is a payment tool that allows you to pay for your goods in 3 installments or in 30 days, interest free! You can use it for many of your favorite stores when shopping online and it’s even used in stores at some selected stores.
4. Shop around. I have a photographic memory and often can remember prices of items. My advice to you is, keep tabs on the prices and split your shopping into several stores if you can so you can get value for your money. If you have a large familiar buying in bulk can help (for groceries). Additionally make a list and buy only what you need in a particular week. When clothes shopping my favourite word is sale!
5. Manage your bills. For those who live in Europe, America and the like its easy to switch between competitors so that you are getting the lowest price possible. Also go through your bills because there are often times when some bills can be reduced or even eliminated depending on what it is.
6. Save, save, save and now the big word INVEST. You may say I can’t save I don’t have any money left over to do such. My friend it doesn’t have to be a grand amount it can be as little as $1 a day or set up a standing order to a separate account for £5weekly. Every little adds up. Encourage your children to save as well. Give them a piggy bank and teach them how to be financially smart from a young age. Everyone is investing these days that might be something you want to get into. I’ve now started investing(not crypto, not sure about that yet) and I’m seeing positive rewards so far.
7. A side hustle. Some people have mixed feelings about this. My take is, if its something you’re good at, use it to make money. However if its a second job that’s going to take you away from said children that you are providing for and create more problems and worries you may want to weigh your options. Money can’t buy peace.
8. Pray! Yes my dears I pray that God help me to make sound financial decisions, bless my money and keep me from buying things I don’t NEED!

It’s good to establish healthy habits with money so that you are not apprehensive and stressed each month. Ain’t nobody wanna wake up to an alert that your bank account is overdrawn! If you are really in over your head sit down with a financial adviser so that you can navigate those murky waters and have a financial future that secures not just you and your children but your children’s children as well.

Well if you made it through to the end of my chatting wow…Thank you! 🤗Gotta go do my budgeting now. Besos😘