Listen up, moms! You need a savings account. This is nothing you haven’t heard a million time before, I’m sure. If this is you and you’re thinking to yourself, “Psh, literally everyone knows that,” KEEP READING! Sure, it’s a no-brainer that we should prioritize saving, and be working towards financial independence, but actually making that happen is easier said than done, right? We’ve got bills, emergencies, the cost of taking care of ourselves once in awhile. But it CAN be done! If you’re a mom, ‘specially a single mom, then YOU - yes YOU, my friend! - need to have one and know how to USE it more than anyone else!
Statistically, we are more likely to be fully responsible for the care and expenses of our children and less likely to benefit from a spouse or a big check later in life, so here are some tips to make the most of your savings NOW:
First of all, you should pick a bank or credit union that is not as easy for you to access at the spur of the moment. That way, it’s harder for you to take money out, and you’ll be less likely to think about this money as your spending money.
Next, you should open a new, separate savings account and designate a certain percentage of your income to be deposited into this account automatically. Doing this will make it easier on you, because there’s nothing extra for you to do every payday, AND make it harder to give into random temptation because let's be real- that necklace is way too cute to pass up.
That brings me to how you should be using this money- this is not to pay your bills, your “treat yo’ self” shopping spree or your groceries. This is the money that will be used strictly in case of an emergency. I know it sounds lame, and it will suck getting a smaller paycheck at first, but it will quickly become addicting to watch your money grow! And trust me, the more you have in there the less you’ll even WANT to take any money out.
Becoming financially independent is my number one goal for this year. No matter what life throws my way, I want to be debt-free and start investing in myself and my future by building the career that will provide me the lifestyle I want & deserve. What are your financial goals for this year, moms?