Financial Planning for Single Mothers

There are many large expenses that you need to save for, Single Mothers; college for kids, retirement and other key moments like children's future weddings and childbirth. If you are like me, you probably don't want to think about future bills when you are struggling to pay the mountain of present ones.

In my quest for a more secure financial future, I researched advice from financial advisors, motivational speakers, and successful business owners. Out of the advice that I received from them, I devised my own plan for savings. I am going to share with you my secrets, not for you to only do what I am doing, but to also give you ideals to customize your own financial success. You can see this article as an introduction to other financial advice that I will share with you. Be warned, I am not a financial advisor, but a person interested in this area of my life and researches different ways to make my money work for me.

The first step thing I did when deciding to build a portfolio and savings plan was to access my current income and expenses to develop a budget for myself. This is very important. If you don't access your spending habits, you will never be able to properly manage your money. For the next couple of months, keep close track of how you spend your money. Right down to the last penny, account for every cent that you earn and spend, then document it. I use Microsoft Excel; the Microsoft Office website has many pre-made budget templates that you can download and use for free.

After you accurately (I can't stress enough how important it is to be truthful when documenting how you are currently spending your money), look for areas in your budget that needs improving. The goal of devising this budget should be to save money since this is an article on preparing for the future. Go through your expenses with a fine tooth comb and look for weak spots. By this I mean, find areas where you can cut down or cut altogether. When I did this, I learned that I could save about $100 a month if I stopped smoking. That is $1200 a year, not to mention the health benefits tied to quit smoking.