Money Guide For Single Moms

Being a single parent means relying on one income and being in charge of all your household expenses. This can be a difficult task, but there are ways to reduce the burden.

- Angelique Ruzicka

If you are a single mother and struggling to make ends meet, you’re not alone. According to the 2016 Old Mutual Savings and Investment Monitor, one in two mothers are single. And of these, only 12% of their children’s fathers are regular contributors to their well- being. “Our study revealed that not only is every second mom single, but that there is a 33% probability that she is also supporting one, or both, of her parents. Furthermore, it showed that the poorer the household in terms of income, the higher the likelihood of single motherhood,” says John Manyike, head of financial education at Old Mutual. But, not having a partner doesn’t mean that you have to go into financial freefall. There are several things that you can do to ensure that you take control, and cater to the needs of your children and household. Here are some ways to do this:

Don’t ignore your problems

According to financial planner and author Sylvia Walker, you may be accustomed to not mentioning your money problems to your children. This may be in order to protect them from the harsh realities that you face. But, this is the wrong thing to do. “Face the reality of your current financial situation and live within your means,” Sylvia advises. “Explain the situation to your children. Do not give them too much detail, but ensure that you explain should there be no money for luxuries, outings, etc. Be honest with your children. But, don’t burden them with a feeling of despair or leave them feeling that they are the reason for your money problems,” she adds.

Stick to your budget