How to manage your finances as a single mom

A big challenge that many single moms are facing, is managing their finances to support themselves and their children. However, if you have a fool proof plan in place, you could have a comfortable and solid financial future. We understand that managing your finances can be a little bit difficult especially if you are doing it alone. We have compiled a few tips to help you manage your finances as a single mom:

Create a monthly budget and stick to it. Simply having an idea of how much money, you have and estimating more or less how much you spend each month is not enough to achieve financial stability. You have to put pen to paper so that you know exactly what your income is, how much you spend and on what. From there you can see where you need to cut down. Click here to download our budget template. We also have a short video to help you compile a budget, click here.

Save money on your car repayment. One way of cutting down on your budget is by moving your vehicle finance to Iemas, we could offer you a lower premium, click here to find out what the benefits are of moving to Iemas. You can also consider trading in your vehicle for a more affordable option like a pre-owned vehicle. Speak to us on 0861 043 627 about pre-owned cars or visit https://www.iemaswheels.co.za/.

Look out for special deals. Life is expensive, however, if you take advantage of special offers and deals, you could save big. Iemas is running a special offer this women’s month – just for you. The first 10 women to take up vehicle finance with Iemas during August 2020 will get a spa voucher (ts & cs apply). Speak to us about various vehicle specials on offer: 0861 043 627 or visit our website to apply today: www.iemas.co.za.

Speak to your children about finances. Teach them about the importance of having proper financial planning and encourage them to save money regularly for their goals. Teach them to differentiate between needs and wants so they can spend money wisely. Remember, your financial future depends on how you control your expenses.

Consolidate all your debt into one. Having multiple credit providers is more costly because you will have to pay each credit provider admin fees and different interest rates. The admin fees might seem like a minor expense but it all adds up in the long run. We can help you bring all of your accounts into a single account so that you can have one payment. Contact us on: 0861 043 627.

Buy in bulk. When you are buying groceries, check the expiry date and buy in bulk. Look out for sales so that you can save money. The Iemas Purchase card is a card like no other; it is a convenient shopping aid that rewards you with an annual cashback based on your spend during the year. Get an Iemas Purchase card today by visiting our website: www.iemas.co.za or speak to one of our consultants on 0861 043 627.

Source: https://www.plaidforwomen.com/better-money-management-8-finance-tips-for-single-mothers/

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