A few tips to help single mothers cope

Single mom-led homes hardest hit by Covid-19 lockdown last year

An international study by Marripedia has found that children raised by single mothers were up to seven times more likely to be financially vulnerable than those raised in married families, and that single mother-headed families had a significantly lower net worth than that of married parents, step-families and even single fathers.

Closer to home, recent research demonstrates the impact of unforeseen events on single moms, with the Momentum/unisa Household Financial Wellness Insights revealing that women were hardest hit by lockdown, with more than a million losing their jobs or unable to work.

Here are a few tips to help single moms take control of their finances:

It all starts with a plan: As a single mom with a lot on your plate, there is probably not much anyone can teach you about multi-tasking, ball-juggling, or planning with military precision. All you need to do is to apply that same focus to your finances.

Draw up a monthly budget with your income and expenses listed. The amount by which your income exceeds your expenses, if any, is the amount you can afford to save.

Next, define your savings in terms of short-, medium- and long-term goals. You might want to take the kids on holiday somewhere, as an example of a short-term goal, while a medium- to longterm goal might be to save for your child’s education.

Focus on time over gifts: As a mom, there’s no doubt that you want to give your child the best in life but it is not always possible to buy that new toy or outfit. Instead, focus on the quality time you spend with your child.

Get to grips with money 101: Take the time to upskill yourself, there are lots of online resources, podcasts and financial courses that will help you understand important financial concepts and get a handle on your finances.