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Financial Tips For Single Income Mothers

Written by David Jones on May 5, 2017

You’re on the clock 24/7, you’re expected to work without breaks, and in some of the messiest conditions. Wondering what this job is only so that you don’t accidentally apply for it? It’s only the summary of the toughest job in the world: motherhood. Unfortunately, it’s made all the more difficult by the fact that it’s a career choice that doesn’t pay — which means many single mothers in Canada are struggling to make ends meet. If you’re tired of living paycheque to paycheque while raising your children, take a look at this guide to see how you can save money.

Make a Budget

A budget is your most important weapon in the fight against wasted money. As an essential tool that lets you see where each and every loonie goes in the month, it brings to light some of your worst spending habits. Set aside the time to table a functioning budget using these guides to direct your efforts, and remember to include everything — including infrequent purchases or trips like new school shoes or a cavity filling. You might be surprised to see which unusual or irregular purchases are putting your household finances into jeopardy. If you’re able to, eliminate these from your budget entirely.

Use a List

While you can cut out your trip to Second Cup or unnecessary ATM fees quite easily, you may have trouble resisting temptation as you shop for unavoidable household purchases. It can be hard to say ‘no’ in the heat of the moment, especially if your kids are involved. To help you avoid picking up something you don’t need while you buy groceries and other necessities, equip yourself with a list and don’t deviate from it. Turn it into a game with your kids so they can help, too.

Sleep on it

Inevitably, you’ll find something that you, your kids, or everyone in the house wants. Financial advisors suggest putting distance between you and this item, allowing for anywhere between 2 and 30 days to think about the purchase. If, after 30 days, you still think it’s worth the price tag, then buy it; but the chances are you’ll realize the splurge for what it is: an unnecessary drain on your wallet.

Choose Your Lender Wisely

When you have to pay for an unexpected repair or purchase, but your paycheque is tied up with other necessities, it’s easy to start worrying about the future. Depending on your financial profile, you might not be able to rely on conventional lenders. They prevent those with poor credit from qualifying and often issue loans too slow for any immediate concerns. Luckily payday lenders like GoDay understand the difficulties of raising children on a single income. In addition to fast-acting payday loans, they offer helpful tips for saving money in life that are designed to complement your financial assistance.

Though relatively small gestures, these steps can lead you towards financial stability. Take the time to explore your options, and don’t hesitate to seek assistance when creating a budget or securing a personal loan. With a little bit of help and a lot of effort, you can run a financially healthy and supportive home.