To listen to the blog post “Become A Wealthy Single Mommy 11 Tips On How To NOT Be Broke” over reading it just click the play button below.
Are you tired of struggling financially as a single mom? What if I told you that you can be a wealthy single mommy. That as a single mom your life does not have to be full of struggle. Then welcome, today you are going to learn how to NOT be broke. As a single mother, it can be hard not living paycheck to paycheck and which is why you may be in a situation where you have had to borrow from Peter to pay Paul.
Meaning that you are always in debt, there is never enough money, you are using credit cards, payday loans to pay off debt which basically keeps you in a life of never having enough money. Sucks don’t it. As a single mom myself, I get it. I was tired of struggling financially and I did these same exact steps so that I would not be broke.
You can check out my single mother story here, (or you can just watch the video below) so that you can truly know that the struggle was real for me. Although I hated my struggle one thing that my struggle taught me that I did not like that feeling of being broke and having no money. I did not like feeling like I was robbing myself and juggling money around taking it from one place in order to pay another person, debt, rent, bills, or whatever the case may be and at some point you can choose to make a way to make money or continue to be broke.
What I will say that learning how to always have money, is always a progression. As a single mom, I know that you are tired and some of you do not want to hear that. BUT listen to me now, as you do these tips, remember that in life you are always evolving, yes it may suck to have to go above and beyond as a single mom to get your money but it is not forever, it is just for a little while until you come up with a long term sustainable plan. Because that is always the goal, the goal is not to live paycheck to paycheck. You can see my journey on how I did it in my video below. (Click here to subscribe to my YouTube channel).
Become A Wealthy Single Mom ~ The Easiest Way On How To Not Be Broke Is To Just Make More Money
To become a wealthy single mom the easiest way is to just have more money. I know that this is easier said than done and that is why you came to this blog post. BUT hear me out. Because making more money can be done in a way that takes days, weeks, or even months, or sometimes years. There are always ways to get money if you need it, and the fact of the matter is that the easier way on how not to be broke, is to get money because that is what you need to not be broke. Making more money can come in many ways shapes or forms, so I am going to give you a few options that you may be able to work with. Some you can even start doing today if you want to. Which is why in this post I will give you 11 tips on:
- How to not be broke as a single mom.
- And how to become a wealthy single mom.
1. Become A Wealthy Single Mommy & Get a higher paying job.
I REALLY want you to check out my blog on the ultimate job search and you can watch my video down below. It can be intense but it will get you another job and ideally get you making more money. Even if you do not have a lot of work experience the way you write your resume can make a huge difference. You can check out my blog here on how to make your resume sound more professional with limited job experience.
The fact of the matter is that the best way that I became UN-BROKE was that I got a job that made me more money. I mean think about, if you are going to work 40 hours a week would you rather work 40 hours a week making minimum wage or 40 hours a week making $25 an hour. The same amount of time spent but you are getting more money for your time.
This is more of a long term plan, so even as you implement the other strategies always have money in your pocket you should always be thinking of a higher goal and a higher purpose to sustain you and not just quick ways of making money. Remember to plan out your life.
If you are in a poverty mindset, thinking that this is how it will always be then that is how it will be. Because you are just sitting there, you are not doing anything, and you do not have a long term plan. If you are saying to yourself that you do not have any education then know that I went back to get my Master’s and my Ph.D. as a single mom and it is possible, and you can click here for more tips on how to do that.
2. Become a Wealthy Single Mommy & Get a Side Hustle.
I am a single mother, I have had a full-time job, and I have this blog. This blog is my side hustle and it makes me some additional income. And the great thing about a side hustle is that it can turn into a full-time hustle. And the wonderful thing about a hustle that is yours, is that it is something that you can control. Which is what I about I spoke about this in a previous blog about how to survive as a single mom when you are financially strapped when one of my side hustle was answering questions online for money and made over $900 a month where I was just answering questions online as an expert.
The wonderful thing about the internet is that where there is a will there is a way. I think that any talent that you have can to make you some money. You really need to check out my blogs on other single moms that made their hustle into their talent, making six figures, one single mom went from being in a domestic violence shelter to making over 6 figures in a month. NOT A YEAR BUT A MONTH. You can check out that blog here. A side hustle can come in the form of a second job or even a work from home job.
AND I know what you are saying as a single mom that you barely have time as it is. And I so get that. But remember what I said, you have to come up with a long term plan. Meaning that even if you do work two jobs ideally it will not be forever just like I knew ideally I would not work a full-time job forever and work on building my brand forever. But doing both I did work over 70 hours a week on average and it was some long nights and working every day all the time.
But if in the end, my goal consisted of working less than 40 hours a week and for most of my income to be passive and for me to make more money. So, yes, short term suffering for long term success. Learning how to not be broke is to be learning how not EVER to be broke. This is a lesson that I learned when I lost my job, I learned that this was the source of me being broke, that I never wanted to be broke again, and so, therefore, that is when I started my business so that no one could take my job from me. You can watch my video down below on how I made money from my side hustles as a single mom.
3. How To Become A Wealthy Single Mommy ~ Donate Blood or Plasma
Yes, this is a real thing. Not only are you making money but you are also giving to a great cause. Donating blood is probably the easiest way you can get more money. There is a plasma or blood center nearly everywhere. All you have to do is to get there, qualify, and donate. When you choose to do it on a regular basis you can probably make a good $300 a month.
This could be some bills or car note and the great thing about it is that you can actually go out and do it right now provided you find a blood or a plasma center to donate to that day and plus you should feel good in the fact that you are also saving another person’s life. As an additional tidbit, this is may or may not apply to you but I have participated in a medical study (not in a way that they experimented on me in a bad way). But the study was to test black women and how they react to a high carb diet to study diabetes.
I got 3 months worth of food (granted it was not the best food but it saved in grocery bills) and I got $450 for the study once it was complete. Normally studies like these can be found out medical colleges or even hospitals and they have them for all sorts of criteria, so if you need money this is an option.
4. How To be A Wealthy Single Mom ~ Ask for a raise
If you are already working at a job and you know that you need money, then why not just ask for a raise outright. It shocks me how many people are afraid to do this, I mean think about it, the worst that can happen is that they say no. But, I have to say that you need to put yourself in a good position to get a raise.
Check out my ways to get a promotion blog for more tips on that. And even if they say no you can always inquire about any upcoming positions that are coming open in the company so that you can try to put yourself in a position for a promotion. You never know until you ask.
5. How To Be A Wealthy Single Mommy ~ Sell Something
When I was broke as a joke I looked for anything and everything around my house that I could sell. I started to feel like a crackhead that character in the Jungle Fever, that was played by Samuel L. Jackson, wandering around the house looking for stuff to sell. A broken TV ( I really did do that) an old TV. And one of my most profitable things my old textbooks and gift cards that had money on them.
Almost $1,000 for textbooks. Isn’t that crazy. You can have a garage sale to sale your clothes or I have taken my son’s old clothes and toys to places like Plato’s Closet. Not only are you making money, but it is a really good way to be motivated to clutter-free your home like the Marie Kondo Method. So really you are killing to birds with one stone.
6. How To Not Be Broke ~ Check Your Spending Habits
You would be shocked by how not broke you already are but that you are probably spending it on the wrong things. As a single mom, I am very aware of my budget. I am very frugal for the most part but I will admit that even my weakness was and still sometimes is that I love eating. I do not need to go out and buy my son $200 pair of shoes and hundreds of dollars of back to school clothes. For myself, I am able to curve those habits and if you are a reader of my blog then you know I will go to the thrift store in a minute and still look fly.
I have seen single mothers spend so much money on their children that they do not have enough money to pay their rent. And then you have to ask yourself do you really have to borrow money from Peter to pay Paul or are you not spending your money wisely? Do you really have to take on another job to try to bring more money in or do you need to just need to use the money that you do have coming in more wisely?
As I said before, my weakness is eating out and I realized that even if you spent just $10 a day on eating out that is $70 a week. And oftentimes Starbucks coffees can be $10 if you get one of that everyday then just think of how much you are spending. So if you are spending more then you may be spending more than that a week and spending more a month. Therefore, it is important to look at your spending habits and to make sure that you are not living beyond your means.
7. How To Be A Wealthy Single Mommy ~ Get A Budget
You need to know and understand how much money is coming into your house every month on a regular basis. And then you need to come up with a budget every month and you NEED to stick to that budget. No exceptions. Always make it your goal to come under your budget and not go over. When it comes to your budget you need to always try to have something leftover as well. And if you don’t find ways to adjust your lifestyle so that you do.
8. How To Be A Wealthy Single Mom ~ Save money
No matter if it is $10 per paycheck or $25 per paycheck. Try to put something away in a savings account on a regular basis and NOT touch the savings account. When you start to save money, then you will always feel like you have a reserve to dip into in the case of an emergency. For me, I have something through my bank that every time I swipe my card a dollar goes into savings.
That way, it makes me more aware of my spending knowing that more money will go out and also knowing that I am saving money. Many large banks have something similar, you can set up a dollar or even $5 knowing that the higher you set (every time you swipe your card) you are saving money. And it will make you more aware that if an additional $5 or $10 is coming out of your account it would make you more mindful of how you are spending.
9. How To Be A Wealthy Single Mommy ~ Learn How You Are Spending Your Money
Small amounts can add up. You may spend $10 on eating out to lunch at work every day Mon-Friday and that is $50 a week and over $200 a month. That is money that could be saved and put away, but instead, you are spending money on food for lunch. That is money that within 5 months can be $1,000. When you look at your daily spending habits think to yourself if you are buying too many clothes, buying coffee every day, or if there is something that you really do not need that you are spending money on every week that is adding up at the end of the month.
And stop doing it. Try to find a way to save on the things that you are doing. If you are broke and buying everything organic is causing you to be broker then maybe you just need to either find a more affordable store or stop buying organic. Maybe you can buy frozen vegetables instead. Instead of buying junk food perhaps spend money on food that would last you throughout the month. Buy the store-bought brand instead of the name brand (which I do all the time).
I find that people can get very funny about wanting the higher quality items thinking that because they cost more they are better quality. But a lot of that is in their head and even if it is not would you rather be broke and have “higher-priced/quality” or have money, come up with a long term plan, and then when you are making more money then you can have a higher price items and not go broke while doing it. That is the biggest lesson on how NOT to be broke is to not feed into the mentalities that are keeping you broke.
10. How To Be A Wealthy Single Mom ~ Learn How Not To Go Broke By Learning How To Save
Speaking of a savings account, I feel I need to reiterate the benefit of one. The above way that I mention was a quick way to save and it was also a way to detour you from spending money that you do not need to spend. But you also need to have a saving account that you do not touch EVER and if you do touch it, it is because you have to. And by have to I mean that your heat is going to be turned off and you and your children are going to freeze in the winter. HAVE to is not because you to buy the Chanel bag.
There are a few ways to do a savings account the easy way. One way is to have the money deducted from your paycheck or checking account every month and put in a savings account. That way you do not see it and you do not think about it and it is something to be done on a regular basis. Other ways include collecting change around your house or taking the money you spend on lunch or coffee and choosing to put that money in a savings account each month. I suggest doing both.
The other key is not just to save BUT to actually get interest and to invest in some way shape or form. This can be very easy if you are not a stock person, you can go to your bank and ask them if they have something where you can invest the savings into something safe as in you don’t lose money. You can also do this through online banking. Also, try setting up things like an IRA which is a retirement thing offered through the bank and also a 401K through your job AND put money in there AND have the money that is garnished from your check invested.
This helps you because this is less money that your paycheck is taxed. First, when you are too old to work then you will have money. And second, if you really need the money then it came come in handy. Legit, my 401k I had to take out when I lost my jobs to help me survive and I was thankful for it.
One of the things about NOT being broke is having money random places that are hard for you to get out. That means that you will only get it out when you really need it and not just get it out for superficial reasons. And when you have money stashed away at a place then you are never broke because you can always reach somewhere to get money.
11. How To Not Be Broke ~ Don’t Go Broke By Getting Your Child Support & Other Benefits
I am not one of those people who think you should not get child support from the father of your children. If he helped make them then he needs to help provide from them, there is no reason why you should be going broke raising your children that you created with him without his help.
Do not struggle in the name of pride saying that you do not need child support when really you do. But I also know that just because you file for child support does not mean you are going to get it. I have had an order out forever and I rarely get any child support as in $65 and most years I did not even get that but it did not keep me from filing. (Sidebar: Check out my blog on how not getting child support helped me get where I am today).
And one really good year when my son’s father decided to file taxes (which has not happened since by the way) I got $1000 in back child support from his taxes. It is like I said above, it is one of those investments that you put out there that you may get a return, one way you will not get a return is if you don’t file. If by chance your child’s father is deceased then you can look into things such as his social security benefits or if they were in the military survivor’s benefits, in those cases, there are times where surviving children can get money.
And if you have a child that their father is not helping out do not get upset about it just allow that to be your motivator. Like I said before there is nothing else that motivated me more to make money because I wanted to be in control of my own money and my money not be controlled by child support or anything else. So instead of getting mad, just let that be a motivator for you to work even hard. Check out my video below for tips on how to get over being abondoned by your child’s father don’t forget to subscribe to my channel by clicking here.
So these are pretty much all the tips that I have to give you on how NOT to be broke and how to become a wealthy single mom and to put an end to you struggling financially BUT most importantly like I said plan, plan, plan. Always plan to make more money, always plan to get a better salary, always plan to put yourself in a position where you are not wanting money. That should always be the goal. If you know a fellow single mom that is tired of the struggle and she is tired of being broke then go ahead and share this post with her.
Did you know that I have a book specifically for single moms? And it is an Amazon bestseller in the single parenting category. You can click here to buy my No-Nonsense Single Mom’s Devotional. Or if you are not sure I want to give you a few chapters for free which you can click here or the picture below to get it.