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Financial Planning Steps From a Single Mom

Updated on November 4, 2019
My son and I 2013
My son and I 2013
My son, myself and our new addition to the family, my daughter.
My son, myself and our new addition to the family, my daughter.

Why You Should Consider My Financial Advice

I am not classified as a finance professional in any way, but you may be surprised about how much I have discovered about financial planning as a business major, business manager, and a single mom on a very tight budget. I have taken the time to learn details about saving money on my own. I read financial books, discover financial websites, and pay attention to the financial professionals. Here is a little about my story and why you should consider what I say.

I am a single mom of a 3 year old, and due to the death of my sister in October my disabled mom and I are now raising her three kids. Talking about a very tight budget, and some extreme financial planning.

In addition to this I have been going to school full time for the last three years majoring in business management. With this as my major I have taken several finance classes and one was specifically a personal finance class. Other classes included business finance, accounting, and payroll accounting.

With all of this I have learned to save money in many areas of my life and in business, and the biggest thing I have learned is that the planning process is the most important part to a successful financial plan. Even though I am struggling at times financially and emotionally, without a plan of action I would have already failed.


I am now the proud mother of two. My sisters children are doing great. One of them is attending Baylor University and wants to become a Doctor to help people like her mom. Her other daughter is working full time and is certified in several different animal areas, and her son is now a Jr in high school making great grades. My finances has came a long ways since originally writing this article. I have purchased a home, a new car, and have very minimal debt. Even with ups and downs I am staying focused on the goals that I have set, even it they change from time to time.



Budgeting is the key factor in succeeding with your financial planning. Sites such as have a variety of things that will help you make your budget, and make it work for you. I personally have looked at numerous sites that help with budgets just to get tips on finances and reaching goals through financial planning.

The simplest way for me to make a budget is to add up all of your monthly fixed expenses, then add an estimate of all of your fluctuating expenses, and finally subtract both from your income. This will show you where you are standing each month.


Creating a Savings

Another key factor in financial planning is saving money. For myself this has been difficult. As a single mom making less than $25000 a year, I have to find ways to save small amounts of money. You may be able to save the typical 10% that is recommended by a most financial planners, but I have not reached that point. These are things that I do to help me have some savings.

  • Use a cash only system and put the change into jars at home. I have to say this has saved me quite a bit, approximately $300 in the last few months. No this method does not receive interest, but it is money I am able to save without feeling a tighter crunch on my budget.
  • Set up a 401K contribution at your job. This method is working well for me so far. I signed up to put 1% from each paycheck into my 401K. I tried a larger amount, but had to consider the necessities in my life, and the few dollars less that I am contributing goes to my family. Even though it is only 1% I have contributed more than $1000 in the last year
  • Start a savings at your bank that has keep the change. This is something like putting your change in a jar, and it works the same way. If you spend $5.50 at the local grocery store the bank rounds it to $6 and puts the extra .50 into your savings. I have been surprised at how much this adds up, just be sure you watch your balance on those weeks you are close to a zero balance on your account, you do not want to bounce your account trying to save money.
  • When you receive extra money, put it away. I know we all want to buy extras when we receive our income tax return or a bonus from work, but it would help you quite a bit more if some of it is put into some kind of savings account or even a CD. If you are willing to make big purchases every time you receive extra money, remember that moment when you are broke a month later and have nothing to fall back on.
  • Find something that will work with you that will help you start a savings plan. As a single mom of now four kids, I understand not having much to put away, but you will need it when things come up such as repairs to your vehicle or when something comes up and your kids need a few dollars for a school function.
  • Remember that one savings plan does not work for everyone, find something that works for you and your family.

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Visualize your Goals

As a single mom it is hard for me to save money because of so many expenses. To help myself and my family find motivation we use visualization as motivation. We find something that we want to save money for, right now it is a home, and we put up pictures to help us focus on that goal.

Make a list of goals that you want to reach with the money you save. No matter how small the goal is, put a picture up to help you stay focused. Use a board that will be used strictly as your visualization board. When you feel like you are going to stray from your plan, look at the board. I have found it better to keep this board where everyone that is working for this goal can see it.

Do not let anyone say you cannot accomplish your goals.

I was reading through some old blog posts of mine and I read one that still hits my heart to this day. It is a breakdown of the struggles I had, especially that year. I updated it today and wanted to share it with any single mom, or anyone in general, that needs some motivation. Life has so many ups and downs, but if you want something you need to go for it even if life slaps you in the face.

Do not let anyone say it can't be done

Today I have been reading about the struggles of single moms, and believe me I know the struggles. One site I was reading the advice a girl was getting was that she needs to quit school and focus on raising her child and earning what little income she had coming in. This upset me because as a single mom I do not believe we should settle. Life is hard but we can get through it. I want to share my experiences of being a single mom. This is not a sympathy post, it is a motivational post. We all go through struggles in life, it is how we get through these struggles that make us who we are.

Suze Orman is one financial adviser that I listen to.

The Money Book for the Young, Fabulous & Broke
The Money Book for the Young, Fabulous & Broke
I have this book and follow it. It has great advice for finances and as a single mom, it was extremely helpful. I truly love this woman's advice.

Never Give Up on Your Financial Goals!

Each of us will have different circumstances when it comes to our finances. Yes we need a savings, but things happen all the time which may have an affect on our savings. This is especially true when you are living paycheck to paycheck. Even if something happens that distracts you from your goal, find a way to get back on financial track. Never give up on your financial goals. It will benefit you and your children in the future.

I was homeless with three kids, making 11.25 an hour in 2015. I was able to purchase a home in Colorado and I am now working on purchasing an investment home and I do not make much more than I did then. It is all about making goals, visualizing what you want and going for it.

Live on less than you earn

As a single mom I tend to be looking everywhere for financial advice, money saving tips, and other money saving advice. I have learned that one of the biggest mistakes that people make with their personal finances is spending more than you earn. Even before I was a single mom, I did the same thing. I have learned that one of the biggest mistakes that people make with their finances is spending more money than they earn. Some people are trying to keep up with their friends and others just think that they can't stop spending. I have even noticed some parents spending more than they earn because they do not want to let their children down, believe me the kids will understand when they are put in the same situation.


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    • nonaweeks profile imageAUTHOR

      Nona Weeks 

      6 years ago from Florissant, CO

      Thank you Teaches12345. Sorry I just saw your comment, but it is truly appreciated. I have had a lot of life lessons, and learned a lot through getting my business degree. Finances is something that I truly enjoy

    • teaches12345 profile image

      Dianna Mendez 

      6 years ago

      People will benefit from following expert advice on this topic. You certainly do know your subject well! Thanks for the tips.

    • nonaweeks profile imageAUTHOR

      Nona Weeks 

      6 years ago from Florissant, CO

      I completely agree poetryman6969. I have talked to many people about their personal finances, and the most I hear is that they do not have a solid budget. There has to be a budget in order to truly get your finances in order.

    • poetryman6969 profile image


      6 years ago

      I think a budget is the most under utilized family finance tool in America.

    • nonaweeks profile imageAUTHOR

      Nona Weeks 

      6 years ago from Florissant, CO

      Thank you so much. It has been a difficult time, but we are getting through it. Our faith is very strong, and we have always been a very close family. Even though we are struggling at the moment, we will be ok.

    • ologsinquito profile image


      6 years ago from USA

      I have no doubt that you will be able to achieve your goals in life. What a powerful article. I am so sorry about your sister. Thankfully, you are there for her children, and your mother as well.


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