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Single Mothers and Budgeting Advice (Part 2)
In a two-part series devoted to single mothers, we asked various mommy bloggers and financial experts to share their unique perspective on finances and how they found ways to save. If you haven’t yet, take a look at part 1 here.
Then check out part 2 below:
CG: Do you use any valuable resources for financial support or assistance? If so, what are they?
Jennifer at The Life of a Single Mom: “The Life of a Single Mom’s website is a great resource for single parents. It’s a hub of information for all things single mom. Not only do we offer weekly advice on everything from money management to parenting alone, we have great books, resources, and tools on effective money management. We even have a financial expert as part of our team to answer those tough money questions.”
Check out The Life of a Single Mom’s Free Stuff page, where you’ll find a number of resources to help get your finances in check!
Evie at Mom Solo: “I’m about to start network marketing sales for extra money! I’m excited—I can work from home and my friend is doing it successfully!”
Take a peek at our Easy Ways to Gain and Lose $100 post for some extra insight on how you can make money from home.
CG: What is the biggest monetary mistake parents make? How do you think parents best approach talking about money with their kids?
Gary at The Dollar Stretcher: “The biggest mistake parents make is not talking to their kids about money and not giving them a chance to learn by doing. As soon as kids can count, parents should begin to teach the value of money. An allowance can be a great tool to teach about saving and spending. As kids get older they should learn how big the electric bill is. They should be given a chance to fail. While in high school they may spend too much for a designer shirt, but when they have to go without something else they’ll learn a lesson that will be valuable as an adult.”
Elena at Moms.com: “Letting money drip away. I use the following approach to talk about money with my son: If your mom has money, [it] doesn’t mean I will buy everything you want to have. He learns how to be patient if he wants to buy something.
“We also discuss all potential shopping and analyze “needs” vs. “wants”. When we’re out shopping, I talk to my son about why I make the purchases I do. Pricing? The quality of a product? How do I choose one product over another? I help my child start thinking carefully about making purchases.”
Katie at Moms.com: “I think the biggest money mistake parents make is buying too many products that they do not really need. Don’t get caught up with what the media and ads say you need. Your kids don’t have to have the latest and greatest products. When talking to your kids about money, it’s best to teach them the value of money and be honest with them. Help them to learn and understand that money is limited and we have to budget, find the best deal and take care of the things we already have.
“Let your children help you create a food budget and shopping list; in the store have them help you find the best deal. This is a great life skill for them to have and it also improves their math skills.”
Jennifer: “Parents often over-extend themselves. It can be hard to say no to Little Johnny when he wants a new bike or wants to join a baseball team. As parents, we want to give our kids the world. We say ‘yes’ to too many things and find ourselves in a tough sport later. Sometimes, the best lesson we can teach our kids is to simply say ‘no.’
“We can have a candid conversation at any age about the importance of money management and the importance of not over-spending when you don’t have it. It’s a lesson many of us learn far too late in life.”
Have a look at common credit mistakes to see if you’re spending savvy or spending sorry.