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As a single mom, you probably have lots of things to handle. You may not only need to act as the sole source of emotional support and care for your child but also be the financial provider. Financial matters are especially difficult to stay on top of and may require an investment of time, even professional advisement.

It is vital to have an effective money management plan on hand to stay out of the red which may come more easily to some than others. As a single parent there are multiple factors that come into play when it comes to money management.

Make a Budget

To better manage your finances, it is crucial that you plan on how you will spend your available cash every month. Budgeting not only helps you to keep a regular tracking of your cash flow but also aids you to effectively prevent yourself from spending above your means. You can utilize an online budget planner, create an Excel spreadsheet or form a list of your monthly expenses to monitor how you earn and how much you spend. Spending and debt awareness is the first big step in a proper budget.

Avoid Unnecessary Expenses

Once you are clear about your monthly needs, start cutting out the things that you can probably live without, especially during a financial rut. It is likely that there are quite a few things you can do without, even smaller daily expenditures that can add up. For instance, if you are used to buying coffee every morning, invest in a thermos that you really like and start making it at home to save some money. Another time and money-saving idea is to plan and cook meals at the beginning of the week. This can prevent too many dinners out and free up some of your busy schedule.

Say No To Credit Cards

As you are well aware, credit cards are the easiest way to spend money and it is easy to lose track. Credit cards are as convenient as they are debt-inducing. Therefore, it is recommended to maximally avoid using credit cards when possible. Any existing credit card debt should be paid off as soon as possible and closely monitored moving forward.

Start A Part Time Business

A part time business can be helpful and make some additional side money for your family. There are quite a few things you can do from your home with little investment. Many people tap into their own hobbies or skills such as creating jewelry, writing content, providing advice and more. An initial investment is often needed to start any kind of business. You can consider selling your jewelry online in order to financethe investment and get started. There are a few reliable websites such as Amazon, eBay and Worthy.com that enables you to sell your jewelryat a fair price 

Make A Cash Flow Plan

You may have received a lump sum payment or social security deposit benefits for your children, or you may be receiving alimony payments every month. This payment may be reduced or stopped over the time and it wise is to project your future flow of income. In case of any change to any of accounts, you can either choose to make up the loss of earnings from other sources or consider adjusting​your lifestyle.

Purchase Life and Health Insurance

Life insurance is especially important for single parents. It is recommended to determine what you want in your life insurance policy and calculate where and how you would like the proceeds to be distributed.

Many single mothers lose health insurance after their divorce or in the case of the death of their husbands. Medical costs can be crippling and any foreseeable health costs can put you in the need of anemergency fund. When shopping for your life insurance policy it is recommended to take the time and do your due diligence in shopping around for the right plan.

Make Estate Planning

Since your children dependsolely on you for their needs and requirements, it is critical to make arrangements for them in the case of a serious injury or untimely passing. It is important to write a will and have it signed by a witness to assure that your children are taken care of and their inheritance is secured.

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