It’s not easy to be the sole breadwinner and pay for all the bills every month. But if you have a stable and high income earning job, I have some practical tips for you single moms out there.
1. Do not include the child support in your monthly budget. Why? This forces you to live on your income and helps you make better financial decisions. Also, there will be times that it will be difficult to collect child support.
2. If the father continuously gives child support, save it in a passbook savings account or try to invest it in a good financial product.
3. If you have 13th month pay or other bonuses, try to set aside a certain amount for your child’s tuition fee.
4. Encourage your children to learn to make money for their wants. They can sell their old clothes, books or other things that they don’t use. They can take advantage of their social media accounts to sell their stuff.
5. Set a certain amount of fun money for your children every month, especially in their teenage years. They will be socializing more and hanging out with their friends. Once they reach the limit, remind them that they have used their fun money for that period.
It all takes discipline. Living on one income is a challenge but it can be done.