Financial Planning for Single Moms
After I got a divorce in 2017 (freedom from an abusive marriage), my journey to realizing the importance of financial planning for single moms had begun. I had to file for bankruptcy. In marriage, I had combined my finances with his and after my freedom from the marriage, I had to extract myself from his financial retaliation.
The financial retaliation that he cooked up for me was designed to put me in poverty. From that experience, I learned that there are lots of negative consequences to enmeshing one’s finances with a narcissist. I needed a way to give myself a fresh start so I could start building a safe and secure financial future for myself. Filing bankruptcy was the fresh-start answer for me.
I had a great lawyer from Legal Aid to help me navigate the bankruptcy process after my divorce. Through Legal Aid’s financial education services, I received phenomenal support for mapping out a new economic well-being reality that would empower me to sustainably take care of myself financially, and provide for my children given the dynamics of a single-wage-earner household.
Financial Planning for Single Moms is Tough
Planning one’s financial journey can be kind of overwhelming at times, with lots to do and limited capacity to “do all the things” at once.
Imagined by Money Savvy Single Mom on Midjourney @jazzynorthstarAlso, not all the financial planning advice out there applies to the single mom’s particular situation.
A lot of mainstream financial advice is for married couples with both spouses working or single people who do not have children and who make a decent income (above the federal poverty level).
Without financial education websites and books that understand and provide support for the unique financial needs of single moms, it’s challenging to pick and choose the best advice that works for you.
Money Savvy Single Mom Financial Wellness Guide
That’s why I created the Money Savvy Single Mom Financial Wellness Guide. As a single mom, you will be able to focus on one section at a time, one step at a time, and spend as much time as possible on each step so that you can get as much support as you need for whatever particular financial challenges you may be facing.
Financial Planning for Single Moms is Empowering
Imagined by Money Savvy Single Mom on Midjourney @jazzynorthstarChecking off the boxes in your financial plan brings a burst of joy and a big confidence boost. You feel stronger, more powerful, less afraid, and can sleep better at night with less stress weighing you down.
Doing a little bit of financial planning at a time and also scheduling weekly “financial spa dates” where you celebrate your big and small wins and plan your next financial strategy moves, will help you create great momentum toward the fulfillment of your financial planning goals.
Never forget to regularly celebrate yourself and your accomplishments; this helps make financial planning for single moms a little sweeter and easier!
Imagined by Money Savvy Single Mom on Midjourney @jazzynorthstarHere at MoneySavvySingleMom.com you will find resources to help you achieve each step of the Money Savvy Single Mom Financial Wellness Guide so that you can create your own workable and achievable financial plan at your own pace.
No matter where you are on your financial planning journey, I am here to support you! If you have any questions, Ask me!
I will do my best to research the answer for you - I LOVE research! 😀Also, the questions you have will help other single moms who are struggling with the same challenges.
We are in this together, and our combined resourcefulness will help us create a better economic ecosystem that is supportive of single moms and their families.