Survey Says: Single Moms are the Bomb.com (But Still Need to Save)
The Stats: Being a mom is a tough job – but ladies always make it work. CDC studies show that up to 40% of U.S. children are now born to single moms. That means juggling kids, work, and finances, all without a partner, and all without batting an eye. Now, put your hands up!
Being a single mom is an incredible job, but without that second income, it can also mean riding the #strugglebus when unforeseen expenses arise. Kids love to throw wrenches into carefully laid plans, so when it comes to money, it helps to expect the unexpected.
….You know like broken arms, last-minute field trips, or braces. See also: birthday parties, teacher holiday gifts, and camp.
Why It Matters: When you’re a single mom, you’re not just saving for yourself. You’re probably saving for your kid’s college or their first car, and while it might seem far off now, starting early can give you a huge advantage. Saving smaller amounts over a longer period of time helps to take some of the stress off of monthly finances (phew!) as well as giving you the flexibility to prioritize different savings goals as needed.
And since you’re doing it on a solo income, it may take longer, so it helps to be on point each month.
By setting goals for your kids, you’re keeping your eyes (and theirs!) on the prize.
- Get an emergency savings account for any emergencies in your own life (like job loss or healthcare.)
- Automate your savings.
- Allocate any raises at work or large gifts into a savings account, so you always have that “cushion.”
- Set up a savings account for your child. Goalsetter works perf. Goalsetter, friends, and family can contribute to your goal for birthdays, holidays, or just because.
But why stop there? In the age of social media, sharing is caring. Once you’ve set your savings goals, sharing them with others makes you more likely to reach them! Sharing goals helps keep you accountable and encourages others to cheer you on.
Having everyone work together to reach goals gives a whole new meaning to “it takes a village to raise a child.” So you can spend more time learning the newest memes and ways to embarrass your kids while still preparing for the future.
Sounds like a pretty good setup, huh? Get started today by setting your first goals and sharing on social media!