Avoid Single Mom Burnout Tip #11…Get Into a Knowledgeable Relationship With Your Money!

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Money, Money, Money,…Do you hear me singing that line? Remember that song? Or maybe I’m showing my age. In any case… Ah, money it can give us great pain or great gain. One of the biggest stressors I hear from single moms is that they are stressed about either the lack of money, debt, or saving money. I have had and still have my fair share of struggles with the good old American dollar. What I’ve come to realize is that for me not to get so burned out about money, it is important to develop a relationship with money. I know it may sound a little weird, but whether you know it or not, you’ve been in a relationship with money practically your whole life! We all have a belief system surrounding money and it has impacted on how we earn money, save money, invest money, ask for money and enjoy money! If you’re experiencing a difficult time financially, examine what you believe about money. Get knowledgeable about your relationship with money and decide if it needs to evolve.

God knew that money would be tricky and that is why the Bible talks a lot about money and how to be a good steward of money. This is where our relationship has its foundation. First, we need to look at what God says about money, then we need to look at our belief system surrounding money, and then prayerfully make changes to our relationship with money and get brutally honest with ourselves on how we want to earn, save, ask, invest and enjoy money!

In my upcoming e-Book, 15 Tips on Avoiding Single Mom Burnout, I discuss a few tips that can help you avoid burnout when it comes to money! One tip is to create an additional source of income. You may be thinking, sure that would be great except I’m tapped out with one job! Listen, you creative beautiful being you have an unlimited potential to be abundant because you are God’s design. Think outside the box and invest in your passion, tap into your resources! A multiple source of income will give you some cushion and more peace of mind! Other tips I’ll discuss are saving, child support, ways to become knowledgeable about your money and more.

What Do You Think About the 52 Week Savings Plan?

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One of the most popular resolutions of any New Year is saving money. Money, money, money we all need it and we all should save it but it isn’t always easy right? If you’ve been on social media than you’ve seen the 52 Week Savings Plan, where you can save $1378 in 52 weeks simply by adding the dollar amount of each week to your savings account. My opinion is any way that you can save money isn’t a bad idea! I’m tempted to try this method, but I want to know what you guys think. Do you think this is an effective way to save money? I think it is a simple way to sock some money in your savings and it could work just as well in reverse.

If you want to reach this amount or even a little more you can sock away $30 a week and have $1560.00 or if you want to hit close the  $1378.00 a year amount you can put away $26.00 a week and at $28 a week you can save $1404.00. The point is it doesn’t take much to save a little cash! When you think about how easy it is to spend $25 or $30 a week on eating out or even coffee at Starbucks putting it away seems like a no brainer. Now, I know there are times when you may not have $20 bucks because times are tough, so maybe that doesn’t work, but any dollar amount is better than nothing. Here are a couple easy ways to make sure you save those dollars:

1. Automatic Deposit from Your  Paycheck- If you don’t see it you don’t feel it. Having $20-$25 deducted from you paycheck and automatically going into a savings account eliminates you having to make a choice it just happens and your less likely to  waver.

2. Open up a free Capital One Savings Account (this used to be ING) -I’ve used this and I love this savings account! You can open up different savings accounts such as an emergency account, Christmas Club, or Vacation account. It is very simple to automatically transfer money from your checking account and it can be automatic.

3. Save that Change!-Ching Ching! Don’t underestimate how much you can save when you are putting those pennies and quarters in a jar. Start now by putting your loose change in a drawer and by the end of the year you’ll be shocked at how much you saved!

4. Try to Save Some Dollar Amount Each Week– Finances can be thin, but even then try to put a $1 or $5 away, you’ll feel better and each dollar counts. In the very least remember to put that spare change in the jar.

5. If Unexpected Money Comes In Dump It in a Savings Account-I know it is tempting to spend extra money, but try to be disciplined and put it in your savings account. If you need to use it for bills then at least put a small portion of it in savings. The more you save the more secure your financial future will feel.

This year I’m determined to make an effort at chipping away at my debt and getting financially fit. So I’ll let you know my progress on saving and I’m looking forward to hearing your tips too! So please leave your comments on how you plan to become financially fit in 2015!