Save money by thinking like a single mom
This may sound really funny (especially if you’re not a single mom). But, if you’re like most people you get out of school and go into shock over how hard it is to actually live on your income, let alone save anything. By thinking (and working) like a single mom, you can build a financial nest egg.
What do we mean? Many single moms work weekends, holidays, pick up extra shifts and find part-time jobs to support their families. Think of your savings plan as your child, and find ways to make supporting it happen. How?
- Diversify your income. If you have a full-time job, work another part-time job or do consulting work.
- Have clear goals. The best successes some with planning. Make sure you know what you are saving towards and how you are saving.
- Automate your savings. Set up a savings system and track it periodically. You will be surprised how much you save AND avoid temptation to spend that savings.
- Prep your meals for the week. A lot of money can be wasted on convenience by picking up meals rather than making them. A good option is prepare your weekly meals on Sunday. That way you save money and have great meals for the week!
- Calculate the cost of your time. When you work, figure out what costs you. How much are you making at this given time? Could you be making more using one of your other revenue streams?
- Practice delayed gratification. The best advice is sleep on it. What?!?! Whenever you are making an important buying decision, sleep on it. Make sure it is something you need rather than want.
Here is the game recap. Work hard and smart when saving. Figure out the benefits and drawbacks of saving. If you need any help, our mission is to help you improve your financial life. Please look through our website for any needs and contact us!