Personal Finance Budget for Single Moms
Having a personal finance budget is very grounding and protective for one’s economic wellbeing. When we are going through rough and tough financial times, it is hard to feel secure and hopeful.
Personal finance educator, Farnoosh Torabi, tells us “Our brain is prompted to find a lasting cure and usually the cure is to make a plan.”
Creating a personal finance budget is the start of the plan!
What makes up a personal finance budget?
Money Savvy Single Mom Financial Wellness Plan Step 01: AssessA personal budget is a finance dashboard that shows your monthly and seasonal income and expenses. There are three basic steps to creating a mom-friendly budget that will help you make the financial moves you need to make to achieve your dreams and goals.
- Identify my sources of income
- Write out my monthly and seasonal expenses
- Create my itemized household budget
Depending on what is currently going on in your life at the moment, the budget process may be overwhelming and can take a lot of emotional energy, especially if there are some pressing financial hurdles to overcome right now.
If you feel stressed, take a deep breath, get a glass of water or a soothing cup of tea, and be confident that each small step you take towards creating your budget is a step in the right direction of financial power. Breathe in this confidence and keep moving forward, one small action at a time.
You do not have to go through this process alone. Feel free to Ask Jasmine if you get stuck, and also feel free to get help from a therapist, YWCA care manager, or legal aid financial advisor to work through any financial blocks that might come up.
The most important thing to remember when you are creating your budget is to not judge yourself or your situation. The process in this first step is to just assess.
Right now you are in the information gathering stage of your personal finance budget. As you gather your information, insights will start flowing to you that will help you see what income and expense areas you need to focus on to improve your economic wellbeing.
Here at Money Savvy Single Mom, you do not have to walk your financial wellness path alone. I have created a Money Savvy Single Mom Personal Finance Budget that will take out the apprehension in the budget creation process.
{Download the Free Money Savvy Single Mom Personal Finance Budget Spreadsheet}
Everything is pretty much laid out for you in this excel file and you will be able to edit as needed to customize it to your situation. This spreadsheet can help you see what you are working with so that you can jumpstart your financial planning endeavors.
The first time I did my budget after post-divorce bankruptcy, I saw that I was spending way too much on housing. My rental expenses were 89% of my income! I barely had enough room to breathe financially and I was struggling to make ends meet. The big, drafty house I was renting had high utility expenses as well. My budget was showing me where the pain points in my financial landscape were occurring. I could now see where I needed to focus my efforts: find affordable housing!
You are in charge of your financial future! Have fun getting started with creating your budget! You will be amazed at what insights that jump out at you. Feel free to contact me if you have any questions as you go through your Money Savvy Single Mom personal finance budget process.
After you have finished your personal finance budget, you can move to {Money Savvy Single Mom Financial Wellness Guide} Step 02 - Establish, where you will start building your financial cushion to protect your finances from emergencies and unexpected life circumstances.
Money Savvy Single Mom Financial Wellness Guide Resources
Financial Planning for Single Moms
Financial planning for single moms can be tough. The Money Savvy Single Mom Financial Wellness Guide can help you start planning your secure financial future.
