Becoming a Financially Fit Single Mom

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martinis and your money

Becoming a Financially Fit Single Mom

Toward the end of 2015, I asked the members of my private Facebook group what they wanted me to talk about in 2016, and almost immediately the first request I got was to address becoming financially fit as a single mom. The first person to come to my mind to have this discussion with was my Facebook friend, Emma Johnson. Emma started  her blog site Wealthy Single Mommy when she realized there was a huge need for community, information, and inspiration for professional single mothers.

While I admit that this show is geared toward single moms, I think the message resonates with all parents. There are many challenges all parents face when trying to make the best financial choices for their families while also balancing the emotional struggles of parenthood. At the end of the day, I think the best way to become a financially fit parent is to lose the various forms of guilt that come with the territory and focus on living a rewarding and financially responsible life. Along the way, you will also teach your children how to do the same which is the best gift we can give our kids.

What are we drinking?

Emma–Finishing a bottle of red wine

Shannon–Cavit Pinot Grigio

Podcast Summary

  • Shannon asks Emma what her thoughts are on managing your finances as a single mom.
  • Emma says it goes deeper than managing your finances because the rules aren’t really any different from any other family.
  • Single moms often take on self-inflicted challenges, such as working mom guilt.
  • That guilt affects single mom’s career, spending, and saving decisions.
  • Emma says the real key to success for single moms is to focus on earning as much as you can and saving as much as you can.
  • It is really hard to see your own potential without a community or role models.
  • Assuming your ex is out of the picture, find people to love your kids.
  • Regarding women that are divorced, Emma says you cannot move on emotionally if you are financially tethered to another person.
  • Shannon says she feels a huge problem single moms have is guilt spending.
  • Shannon says spending quality time with your kids instead of quantity time is more precious for children.

Follow Emma at:

Wealthy Single Mommy

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On Twitter

            Steps for Single Moms to Get Financially Fit

  1. Lose the “mommy” guilt and prioritize yourself first some of the time.
  2. Surround yourself with other successful people whether they are single women or just successful women.
  3. Live within your means; lose the spending guilt.
  4. Focus on earning more.
  5. Don’t stress about what your kids don’t have; they have you and that’s all that matters, even if they don’t get it yet!

Random Three Questions Emma Answered:

  1. What is your biggest financial regret?
  2. What is your favorite thing to do when the kids are away?
  3. What is your go-to meal that your kids actually like that you make?

Do you have spending guilt when it comes to your kids? Do you have a tough time prioritizing your own goals vs. the goals of others?

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Shannon is a financial planner who left a “traditional” financial services firm to start her own company, The Financial Gym, because she felt traditional financial services firms did not have the tools or resources to help people in their 20s and 30s who are starting out and trying to build assets while also managing debt. She realized that the key to long-term personal financial success is a commitment to financial fitness and making smart financial choices. Through her blog, Financially Blonde, her book, Train Your Way To Financial Fitness, her podcast, Martinis and Your Money and The Financial Gym, Shannon is committed to making financial fitness fun, easy and accessible for everyone.

3 COMMENTS

  1. Sounds like a great episode for any single parents out there. I don’t have kids so I have trouble relating to the unique challenges that come with parenting, but there are some challenges that everyone face regardless of whether there are children in the mix.

  2. I couldn’t imagine myself being a single a dad and how I could manage to raise my kids and still manage money. That would have been so hard to do considering that she has to earn more. This podcast is really great! Thanks for sharing! Good job to both of you. Good luck.

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