Wealth building tips for single mothers

Exclusive wealth building tips for single mothers

11:31 30 January 2014

For single mothers, it is important to provide a financially secure future and more than just the basic necessities. If wealth building is so difficult for most people, how much more difficult can it be for a single mother who has to work and provide for herself and her kids all on her own? It might sound impossible but the strategies are no different than they are for any other person. 

 

1.Watch your spending

A single mother's priorities might be her children but there is tendency for mothers to want to splurge £2,000 on things like expensive toys and imported boots. Figure out what your essential expenses are and focus your spending on those and not frivolous purchases. If you have a little money left at the end of the month, put it away. This way you can start adding more money and get on course to real wealth building. 

 

2.Improve yourself to improve your position at work

Being a working mother is hard enough but your job should be more than just a means to a salary. Look at ways to advance your position in the company you work for so that your salary can also increase. Take up a course, find a mentor within the company to teach you the skills you need to get to a higher position. 

 

3.Find ways to create additional income

Find ways to make money outside your normal working hours. A second income stream can come from hobbies or something as simple as offering tutoring services or house sitting. Having two jobs might be hard to juggle but if you can find a second job then you will be able to increase your wealth building savings. 

 

Keep your eye on the goal of securing your family's future, that way all this extra effort will not feel like hard sacrifices.