They say it takes a village to raise up a kid, so just imagine how overwhelming it must be to rear a child by your own! This is one of the reasons society is all-praise for single moms who double as a dad in providing for the little ones, all the while managing the household – hopefully by not breaking the bank.
That said, financial aspects are no easy feat to conquer by parents, let alone solo moms. While there are so many things to keep into account, this challenge is not an impossible one to conquer, just like any other problem you’ve managed to solve by yourself.
Ease on the money dilemmas with these six hacks!
1. Plan your plans ahead.
As redundant as this may sound, there is a constant need to keep checking, re-checking, and evaluating the plans you are making for your kids’ future. Being single – no matter what the circumstance behind that may be – leaves more vulnerability to the impulses of life.
There will always be instances that you have to make financial decisions on the dot – choices that you maybe have not even considered as you were planning. The idea is to have a structured financial plan that can brave the waves of uncertainty in spontaneity as well. This way, you can be confident in the budget allocations and savings that you have even when emergencies and surprising setbacks strike.
2. Maintain a budget tracker.
While there is already a lot to do, a running monthly budget tracker can keep your financial life in tiptop shape. Note your earnings, put tabs on your savings, and watch your spending habits carefully. This will help you prioritize, reduce, or eliminate expenses that are not urgent and unnecessary at a given time, making allocations for what’s important.
If you have a steady income, your budget tracker will make it easier for you to determine where to put your money. On the other hand, if you run a business or are self-employed with just a ballpark income figure in mind a month, this tracker can help you adjust your spending to what the projected income can only cover.
3. Be a smart consumer.
Practice comparing prices online or when you visit the mall. Where should you shop that saves you time, parking fee, gasoline, effort, and money? Is it online or through physical stores? Will buying in bulk cost less? This trick may seem trial-and-error, but it is rewarding when you start noticing how much you are saving with every purchase!
This not only goes with price talks. Being a smart buyer entails creativity and hefty planning, too. For instance, you wanted to prep chicken salad for lunch. You’ll have to think of other recipes with the same ingredients that you can cook for dinner, and maybe even freeze for breakfast tomorrow!
4. Control bills and debts.
Paying bills on time saves you from the charges that can be incurred. It also pays to familiarize yourself with the fees you’re being charged with. You can opt to enroll your accounts to auto-debit or auto payment systems to always get the priorities covered. Online banking can also speed up the process and beat the queues! Just make sure you transfer payments within 3 to five days prior to their due dates.
As for the debts you may be having aka credit card swipes, pay them off while you can. Add “being debt-free” to your priorities list. Don’t let them pile up on you – take control!
5. Teach kids financial and emotional literacy.
It won’t hurt to loop the children in on your financial situation, especially when they are at an age when they can differentiate wants from needs. Start them young by teaching them the value of hard-earned money. Go without luxury you can spare. Let them appreciate simple joys.
Emotional literacy when it comes to money matters means giving your kids security that their identity, happiness, and your relationship with each other are based on love and values, not on how much there is to spend. They’ll surely grow up with grateful and content hearts!
6. Find the right financial partner.
There are a lot of institutions that offer guaranteed, competitive rates in the market. Be knowledgeable and updated with the rates as well as the services banks have to offer in terms of taking care of your investments.
Invest only in a bank that you can trust – one that caters to your financial needs end-to-end. With EastWest Bank’s Peso Time Deposit, you can safeguard your child’s education and other family needs in high interest but less risky, flexible terms of 30 days up to 5 years for a minimum initial deposit of 10,000. You still have the flexibility to pre-terminate (with a minimal fee) in case of emergencies. Apply and consult an EastWest Bank expert on which term suits your family’s situation best.
You don’t always have to take on parenting single-handedly. The good news is, all the rewards – the love of your kids, financial freedom, and peace – are yours!
To know more about EastWest Bank’s Peso Time Deposit, visit their site now.
*Published with EastWest Bank.