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Today, many homes are run by you – the aspiring woman, working hard to ensure the family’s living expenses are accounted for. Sure, this may be a result of the fact that you are a single mom, or simply the fact that you are the main income earner in the household, but this doesn’t mean that you need to live from hand to mouth.
In fact, taking ownership of your finances is really a matter of identifying priorities and making sure that you don’t end up with financial troubles by trying to appease your husband and children’s needs in the absence of a second salary.
Being financially stable is about taking charge of your finances, and making informed, sustainable decisions. So, we have provided a few key tips to support you – the female bread-winners - in taking charge of your finances, today!
Keep a level headDon’t get convinced by your kids, your partner or your friends to spend money that you don’t have. Identify your triggers for overspending – guilt, peer pressure, FOMO or the fun of living in the moment are often some of them. Try to come up with a self-check so that you don’t give in.
Get real with your moneyYou’ll have to make some real sacrifices like not –spending money on unnecessary items like clothes or shoes or a new hairdo – your sense of style is not going to pay the bills. Educate yourself about using your money effectively, by visiting the Truth About Money and completing their financial education and debt management courses. You will quickly learn how to make your money work for you.
Talk to your family about moneyBe transparent with your loved ones about what you earn, and what your expenses are so that they understand where the money goes every month - and you don’t have to feel guilty. In particular, stop trying to make your kids happy by giving them everything that they want. Give them pocket money and teach them to budget instead. This will make them more careful about their own spending and more conscious about your financial obligations.
Become friends with your salaryYour salary may not be large, but it’s there for you – so learn to live with it and within it. If this means you have to cut your expenses and cut back on your lifestyle, then do it. Stop worrying about what other people say or think – after all, those people aren’t going to help you pay your bills at the end of the month are they?
Develop an attitude of gratitude and contentmentWhen all is said and done, remember one thing: you brought nothing into this world, and you will leave planet Earth with nothing, so stop chasing meaningless stuff. Instead, take stock of the things that you have that matter – your life, your health, your family, their love – and remind yourself that these things are worth working on and investing in. Don’t let money be the root of discontent in all these other areas – especially among those nearest and dearest to you. Get control of your finances so you have the freedom to relax and enjoy the things that really matter in life.