Single Mom Finances

     I am well aware that everyone has finances to balance- not just single moms. However, "finance" has been a large issue that I've noted within single mom circles & discussions, along with my own personal experience. What causes the struggle for single parents?  Perhaps, like myself, their annual income suddenly decreased post- divorce by about $12,000 a year (comparing to pre-divorce, joint income). Yes- my income decreased that much, even with being paid monthly support from my ex-spouse. Not only do single parents "lose" their former way of life, but the change in finance triggers fear in many.
 A single parent may hesitate asking for advice from family or friends during these financial changes, because they feel terribly embarrassed by the numbers. Sharing with a stranger may be more comfortable.   :)   My personal suggestion for single moms (or for anyone), is to meet with a financial adviser, like an Edward Jones professional. Financial advisers do more than investing in IRA's... they help one to consider personal life goals and set a present-time, realistic budget.
As I'm typing this, I realize I haven't been able to stick with one "pre-determined" budget, due to expenses constantly changing each month. As long as there's money to cover the bills, that's what's important, right?  lol!

Balancing my own finances .... I received student grants so that I could enter my third year of college, but this semester I still owed over $800 even after grants were applied to my account. I had had surgery to remove a benign ovarian tumor one month before school started, and wondered how I would pay for both school and medical bills. Thankfully, my Edward Jones adviser had previously set up a Money Market account, called an emergency fund. I was able to pay my college tuition this semester, as well as a medical & credit card bill. I requested a 12 month payment plan for paying my hospital bill, and am attempting to factor that into my monthly expenses so I won't use up ALL my emergency fund. lol! Putting $100/month back into the emergency fund sounds like it'll take forever, but I believe I have a working plan. :)
July & August were enormous months for the kids' school & medical, besides my own (with joint custody, I pay the first 60% of the kids' medical things, and I share other kids' costs 50/50)... and then there was one medical bill of my own that surprised me. I have definitely discovered the great importance of having an emergency fund, and encourage everyone to build one!

How am I keeping track of everything? Well, you know good and well that spreadsheets and/or written-out budgets don't always work.  Basically, I added all my expenses into my bank account for automatic monthly withdraw. Anything can be edited, and I love that I can see all expenses at a glance. The only thing NOT automatically withdrawn from my bank, is my credit card bills. I keep track of my credit card purchases, and then stop charging when I come to a certain amount. I know this sounds much more simplistic than offering a spreadsheet solution.... but it's what works for me.  :)  There may come a day when I'll need to make the minimum payment on my credit cards, but I am trying very hard to remain debt free. We'll see how long this lasts?  :)

Like other single moms, my biggest worry is the months when the 1st of the month lands on a weekend or holiday.  Mortgage is due and automatically withdrawn from the bank the first of the month .... but .... the Government Family Support thing... (my ex is required to pay support through it and not pay me directly)... is often delayed because of weekends or holidays.  So, sometimes it's a challenge making sure the mortgage money is in my bank at the end of any given month. lol!! I have met single parents with MUCH worse stories, so I am counting my blessings!!

Oh, the struggles and joys of making my own financial decisions!!  I am SO extremely grateful for how God stretches & rearranges money, and have so far been successful.  Though I was careful with money prior to my divorce, I never considered myself to be a "number cruncher"/financial expert. I'm hopeful that sharing my experience is an encouragement for those in similar situations. You may not see yourself  as "good with money", and I agree that spreadsheet formula's aren't always the key.  ;)  For me, I needed the support of a financial adviser. Do what YOU need to be a success, and refuse to get under the mentally that you're somehow  "$1,200/yr less than". Sure, your income may have significantly decreased, but that doesn't reflect what's inside your heart.  You are very capable ... because you're God's beloved!   :)  And... best of all... He is an amazing provider. Simply count the ways ....