Monday, April 25, 2011

Financial Planning for Expecting Single Moms

I have been trying even harder to get my finances together since I learned about being pregnant. Now that I only have a few weeks for the new baby, I have been focusing even more on the financial future of my baby and I. The one thing that I know for sure is planning is one of the best things you can do for your financial future. Your finances are even more important if you are expecting to be a single mom. These are some things that I have learned about financial planning for a single mom.

Maternity Leave:

One of my biggest current financial concerns has got to be maternity leave. Since I am bringing in the only income, how is it possible to take maternity leave? It is possible if you plan in advance, but you may not be able to take as much time as you would like.

The first thing you should do is talk to your employer about your options. Some companies do offer a short term disability program, or you can use your paid time off that you have coming from the company. Your boss can tell you everything you need to know, if he doesn't know contact your human resources department.

I do not have the benefits of having any paid time off. I started working with the company two weeks before I found out I was pregnant, and we are a small franchise operation so there were no other options either. I had to make financial plans for me, without the help of another income or paid time off. I still have not given up, I have a decent plan that will help me get through a few weeks, just not as long as I would have hoped.

Two to four weeks of maternity leave is going to be all I can do. The reason I had to shorten my leave is due to my reduced hours at work. I have been having a few problems with the pregnancy, so my hours were cut dramatically. If I had not started planning early, I would not have had the money to reduce my hours at work.

This is was what I did:

Financially Preparing for Maternity Leave When Single

Budgeting:

If you are a new mom you may not have had to budget much before, but being a single mom means watching every bit of money that is coming in and out of your home. I think the biggest part of financial planning is your budget. Your budget should include everything that comes in and out, be sure to include even the smallest amounts.

You will want to find every way possible to save money around your home. There are so many ways that you can save money, and you need to incorporate as many money saving options into your life that you can. There are a lot of free resources available to single moms online that can help you budget.

Helpful Articles for Single Moms Trying to Budget:

Financial Tips for Expecting Single Mothers

20 Ways to Save Money on a New Baby


How to Avoid Overspending at the Supermarket

How to Save Money by Stocking Your Pantry Properly


How to be an Organized Coupon Shopper

50 Real Ways to Save Money in Your Home 



Making More Money:

Single moms have a lot of concerns about there finances, and making the money is what is important. Every single moms situations is fairly different, but we can all take advice from each other. There are things that you can do to make more money.

The first thing you may consider is getting a better education. The government is offering great grants and financial aid to help single moms get there education, so why shouldn't we take advantage of it. There is so many different options for schools that you can be a mom and go back to school. Some schools will even help you find child care assistance if you need it.

Another option is to find a better job, ask for a raise, or find a second job. This is hard for single moms to do at times, be we have to do what we have to do. This is a good option for people that have help with childcare. You do not want to work a second job just to cover childcare expenses.

Find ways to make money from home. Making money from home is a lot easier today than it was a few years ago. There is so many different opportunities such as; direct sales, freelance writing, recycling, surveys, other freelance work, and you can even find actual jobs from home that pay fairly well. This is my favorite option for making more money, because I will be able to spend more time with my baby. I will still have to work, but the extra income does help.

Helpful Sites for Making More Money:


Ways to Make Money From Home Fast, or Over Time


How to Successfully Make Money Online

My at Home Income Blog

How to Decide on a Direct Sales Company

How to Earn Money as a Stay at Home Mom



Plan for Yours and Your Child's Future:

Today is not the only important time for you or your child. As a single parent you are the one who has to plan your child's financial future as well as your own. There will be things that you need money put up for such as; school, medical, emergencies, and other things that may come up in the future. Short term and long term future planning is something that you have to consider.

You can begin your future planning by opening a savings account that is strictly for your financial future planning. Set an amount that you will put into this account every month, and continue to do this on a regular basis. It does not matter if it is only a very small amount, that is why you start now instead of when the baby gets older.

Look into different savings options that are available for you and your child. Talking to a financial adviser at your bank or local investment firm would be a great way to learn about your different options. Most of these options are for a longer term investment, so be sure you have the money that you can put away without touching it.

The above is some simple things that all expecting single moms can do to begin financial planning for there future, as well as there new babies. It does not go into details on every thing that is an option for us, but it is a great way to begin financial planning.

3 comments:

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