Wednesday, January 24, 2018

Managing Your Money As A Mommy

If you are a new mother or even a single parent, it can feel impossible to look after your children and still have any money left for feeding yourself and paying the bills. Many of us become incredibly stressed and this can make a huge impact on your quality of life. To learn how to manage your money as a single parent or a new Mom, take a look at some of these tips.

1) Save emergency cash

The first thing you need to ensure you have as a mother is an emergency fund to make sure that you have a back up plan should anything ever go wrong. Imagine what would happen if tomorrow your company went under and you were out of a job. Would you be able to support the kids for any length of time? If not, you should start saving it now.

Another option is to take out a loan such as the paypal.com working capital to support your family for a while as you get your affairs in order and get a job back, but as soon as you do get a job you will need to pay it off. Every month try to put aside some money for your family in a separate account with high interest, this way you will have a fund if an emergency occurs.

2) Have a life insurance plan

Think about what would happen in the worst case scenario. If you died tomorrow, what would happen to your children? By taking out a life insurance plan you will be able to support them for their lives until they are old enough to start working for themselves. It is an important investment and one which will help hugely with your family.

3) Think about long-term

Always think about things in the future. It is important to always keep one foot in the present and one in the future when thinking about your family. This means making plans to make life easier for you and your loved ones in the future. A good way of doing this is by opening a cash ISA. An ISA will allow you to deposit money and accrue high interest for a certain period of time before you are allowed to withdraw it.

4) Have a luxury budget

Remember that life is all about being happy and enjoying every moment you have on this earth. Although most of the time it is crucial for you to save up and budget your way through life with kids, you also need to allow yourself a treat every now and again. If there is something which makes you happy, don’t hesitate to fit it into your budget. This could be a monthly meal out with the family. A family holiday every year in the summer or even a weekly yoga class which helps you relax. Remember that you are allowed to have fun and be happy in your life, so use your money to do this too.

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