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Money Management for Single Parents

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Money Management for Single Parents

After a separation, single parents often struggle with money. They might even feel like a slave of their funds. In this article, I’ll explain how to get on top of your finances.

As a family doctor in my private medical practice for more than 25 years, I’ve seen a lot of people getting sick just because of an underlying financial problem.

Most people pay other people first, and that is problem number 1.

The usual, unhealthy way of spending your money is paying other people first: your landlord, the supermarket, the gas station, the insurance company, the clothing store. If any money is left over at the end of the month, people usually spend it on knick-knacks and gadgets that they don’t really need. Why do they do this? Because this is the behavior they probably learned from watching their parents and friends.

But if you are a single parent, do you really want to be such a role model for your children?

If not, here’s what you can do. Before you spend a single cent of your total monthly income do this:

  1. Put away 10% of all your income into a savings account.
  2. Put away another 10% for yours and your children’s education. This can be something like a book, an online course or a local college course.
  3. Put 10% into a “Fun Account”. This can be a glass jar in the kitchen. Spend this money every month with your kids for an unusual amusement, like a zoo visit, a very special movie or a trip on the weekend.
  4. And now try to live off the 70% that is still available. That means that you resist buying a coffee at Starbucks, you don’t eat out and you buy you clothing maybe 3 or 6 months later.

All my patients and workshop clients who have learned and applied money management told me months and years later, “I don’t have any money problems anymore”, and if you want to learn this, I invite you to join my private Facebook group “Perfect Relationship Blueprint”. Just post “I want to learn money management” and I will show you how to do this.

Control your finances so that your finances don’t control you.

 

Original Content on Single Parents Hub

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