10 financial tips for single moms

In addition to ensuring the economic future of your children, it is important to start planning your retirement, to meet this goal it is necessary to organize to save 10% of your monthly income.

Habits such as saving and financial planning can be great allies of single mothers who head families, as well as build a future for their children should also start working for their own future, said the director of Human Capital Skandia’s investment funds, Maria Eugenia Castillo.

In Mexico there are 4.5 million single mothers (single, widowed or divorced), of which 71.8% work, while the third lives in poverty, according to the National Population Council (CONAPO), and for this reason it is important start thinking about how to prepare for a sound financial future, he said.

“The economic risk of single mothers is that they focus all their financial efforts to provide their children with education, health, clothing, housing and entertainment, neglecting a very important aspect of life, that is their retirement,” said the expert.

While the financial priority in these cases is focused on children and supports themselves, if not start a savings plan for retirement, it is possible that in adulthood does not have the money to sustain themselves.

To avoid economic pressure for the children in the future and have a financially peaceful old age, the challenge is to start a savings plan with that objective.

Begins to identify what are the actual vanishing points of money and start a spending plan that goes hand in hand with your financial means and without increasing your debt, said the board of Skandia.

“We have seen that women in general, including single mothers, whose priority is the education of their children and when saving, seeking to have the capital for their children’s college, but not think about how they want their old age,” Castillo explained.

The recommendation to start saving for retirement is to spend at least 10% of your monthly income to meet this financial goal.

To organize your finances so that you can to hold your child and in turn allows you to plan your future, follow the 10 rules for being a single mom and economically stable.

1. Be wise with money management
2. Have clear goals and objectives and be consistent to achieve
3. Avoid buying impulse
4. Make sacrifices to make your financial dreams
5. Make intelligent use of credit card
6. There is no better investment than pay off debt
7. Fully meets your budget
8. Indebtedness only to create a heritage
9. Put your savings to work
10. Diversify your investments

Share and Enjoy: These icons link to social bookmarking sites where readers can share and discover new web pages.
  • Digg
  • del.icio.us
  • StumbleUpon
  • Facebook
  • Folkd
  • Technorati
  • YahooBuzz

One Response to “10 financial tips for single moms”

  1.  Bread today, hunger for tomorrow | The Uglycow Finance Says:

    [...] to seek mortgages, with the guarantee of own home or other real estate assets, in order to meet the cash requirements of their businesses or even the salaries of their [...]

Leave a Reply