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:
Steps for Single Moms to Get Financially Fit
Lose the “mommy” guilt and prioritize yourself first some of the time.
Surround yourself with other successful people whether they are single women or just successful women.
Live within your means; lose the spending guilt.
Focus on earning more.
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:
What is your biggest financial regret?
What is your favorite thing to do when the kids are away?
What is your go-to meal that your kids actually like that you make?