As a single mom, you wear several hats while bringing up your children. Regardless of your marital and income status, you have numerous accountabilities because your children depend on you for everything.

Planning your finances wisely now for a comfortable future for you and the kids can be puzzling, and things only get harder for single mothers. From meeting your current needs to raising children to be financially independent, you will need to make well-thought-out decisions at every step.

Here are a few tips to help you set your financial planning straight.

1. Pay Off Debts

Whether it is spending on household items and utilities or on clothes and entertainment, if you have to finance it, you probably can’t afford it. It always makes better sense to avoid taking out loans to cover expenses unless the associated terms and conditions mention a clear return on investment. Focus on closing your debts as soon as possible. Remember, the less money you owe others, the easier and faster it will be for you to build wealth and realize your financial goals.

2. Budget Your Monthly Expenses

Creating a monthly budget will allow you to make the necessary monetary adjustments towards wealth creation. Thanks to modern technology, you need not reach for your pen and diary every time you want to make a note of your expenses. Financial software/apps can prove to be more helpful in organizing and making sense of your budget and savings.

Make sure to include all important categories such as debt, housing, food, car, clothing, entertainment, insurance, healthcare, child care, investments, taxes, and miscellaneous expenses in your budgeting plan. Your app/software should be able to provide you with a visual representation of your costs, allowing you to realize where your money is being spent. This is great because you can make adjustments to get your spending under control.

3. Buy Health Insurance to Cover Medical Costs

Medical emergencies are usually synonymous with increased expenses to the extent that the financial drain can empty your money reserves. Having medical insurance for yourself and your dependents can prevent such a situation from arising.

Avoid relying on your employer’s health insurance policy as it will be applicable only until you’re working with them. Instead, get your own policy with the option to buy a top-up plan for higher coverage. Depending on the policy you buy, you may be eligible for a tax deduction.

4. Protect Your Interests

A lot of single moms hesitate from buying life insurance coverage and perceive it as an added expense. This is understandable since you’re following a tight budget. However, it is crucial to think about mortality and decide on who will care for your children should you cease to be around. The severity of such a situation makes having life SEOinsurance worthwhile.

Even if you know your children will be well-looked-after in your absence, you will need to think of other financial considerations, such as:

Need for a bigger house for the guardians to accommodate more people
Expenses for hiring a child care
Expenses related to children’s higher education and hobbies
Monetary aid for adult children to buy their first home or pay for the wedding
5. Find Ways to Increase Your Income

If you thought that most single moms never have money, you wouldn’t be wrong. According to findings by Pew, single moms lead as household heads in household poverty rate at 30%. You need to ensure you don’t fall into this statistic.

Think big when it comes to earnings. Be open to working more if it allows you to inflate your income. Ask for a raise if you think you’ve earned it. Hire extra babysitting (at least temporarily), if necessary so you can earn that advanced degree and become eligible for promotions/higher-paying positions at work or starting your own business venture. The bottom line is, don’t hesitate in investing in yourself, especially if it helps you make more money.

https://momsmoneyzone.com/2020/10/23/5-money-management-tips-for-single-mothers/

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Time for work-at-home moms is their single most valuable asset. Nothing can replace time… valuable, precious time!

No matter how rich or poor you are, no matter how many things are on your ‘to-do’list, you still just get the regulation twenty-four hours each day.

Sometimes I could use another twenty-four but that isn’t going to happen.

I’ll bet that you could use more hours
in your workday, as well.
The thing about those twenty-four allotted hours per day is that we can’t spend all of them working. We have to sleep some of them. We have to take time to eat and there is
the occasional shower, too.

Our families and our friends require some of our time. Relationships must be nurtured.

So…

We can allow ourselves just so many work hours each day. Since our working time is limited, it means that we must make the very most of the hours that we work. We can’t waste time on unimportant details or on tasks that others can do.

When you shave a few minutes here and a few minutes there, you will make more
efficient use of your allotted work hours.

Here are a few suggestions and in the interest of saving your time(and mine), I’ll keep this brief and to the point.

EMAIL ACCOUNT EFFICIENCY:
We all have various email accounts. We use one account for this and another account for that. Checking each and every email account more than once a day can be a time consuming task that you very easily make less time consuming by having all of the email that comes to all of your
various email account to come into one gmail account. One email account takes a lot less time than several and you can still maintain all of your various email addresses.

Additionally, you don’t need to spend a lot of time reading and answering emails
that are not going to add to your bottom line.

Email comes in several varieties. There are emails that are business related,
emails that are important but not business related and emails that are simply frivolous and time wasting. If an email has been forwarded several times,don’t waste your time.

If an email is addressed to a great many people, don’t waste anytime on it either.
Email can consume alot of time. You need to filter the important from the
irrelevant and only spend time on those emails that are related to your business.

Set up time tables to help you prioritize your workday: A scheduled work day is ancefficient workday. You will getcalot more done in a lot less time if you know in advance and can see at aglance what task is next on your list. I like
visual aids. A time table is a visual aid. It can help you allot your time efficiently
and productively!

FOCUS ON RESULT PRODUCING ACTIVITIES:
When you make your workday
schedule, you need to be certain that the tasks that you schedule are the ones
that will in fact make your business grow and thrive. Don’t waste your time,effort
and energy on tasks that can be done by others.

Take time to investigate outsourcing. You can add hours to your day each and
everyday when you outsource the mundane business tasks to others.
You can outsource such tasks as bookkeeping and accounting, article/E-book writing and submission, travel and event planning and ad writing. Others can do these tasks better and more efficiently than you can and your time is better spent on growing your business, making those contacts and closing those deals!

SHAVE TIME OFF OFCOUNTER-PRODUCTIVE ACTIVITIES:
Like I said,your friends and
families do require some of your time but you can also waste a whole to of
time on such unproductive activities as watchingTV.

You will be really surprised at how much of your day that you waste if you keep a
record of your time expenditures over the course of several days’ time.

Now don’t misunderstand me. We all need downtime. We all must relax our minds as well as our bodies. We can’t be all business all the time but we can limit our unproductive or counterproductive activities.

Time is precious and time is limited. We need to make the very best use of every minute of everyday that we possibly can.

Source:

https://momsmoneyzone.com/2020/09/22/wise-time-management-tips-for-work-at-home-moms/

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There are women in Nigeria who give up their professional careers for different reasons. One common reason they all have for doing this is freedom to have more time for the kids and manage their home properly. Some moms also quit their employment for medical reason or the stress that comes with it. Whatever reason it might be, the good news is that it is possible to stay at home and still earn money. As a mom, whether you are a graduate or a professional in your chosen career, there are lots of businesses you can do from home that could support you financially. The only thing you have to do is to figure out what you are passionate about and turn it to business.
Working from home has a lot of amazing benefits. Among the major ones is the flexibility and freedom you enjoy, working from home. You go to office daily to face all the pressures from commute, and working in the office. In addition, you can perform all your domestic duties without having to report or being responsible to any boss.

15 WAYS TO MAKE MONEY WORKING FROM HOME FOR MOMS IN NIGERIA
There are lots of Nigerians who are making money from the comfort of their home. Whether you are a housewife or a student, you can earn extra cash for yourself. You can start, and with commitment, you will be surprised at what you can achieve. The internet is a good place to source for work. There are different options available for you to choose from.

CONTENT WRITING
If you are good at writing, then this is a choice you should consider. There are lots of websites that you can sign up with and become a freelancer. Recruiters are always looking out for professionals that can create content that generates high traffic. You just need to be good at researching, and writing on any topic. As long as you know how to do this effectively, it is only a matter of short time for you to start getting offers. Content writing is a skill you will need to learn to be able to write relevant and engaging contents.

FASHION BUSINESS
If you are skilled in creating new designs for men and women, then this is a good option for you. You can design outfits for your clients in the comfort of your home and look for a delivery company to help you distribute them. However, you can choose to deliver it yourself if you are trying to cut costs. All you need to do is find a way to create awareness about your business on social media.

SOCIAL MEDIA CONSULTANT
All those times and money you spend on social media platforms can be used to generate income for you. Companies are always looking for agents that can help them manage their social media accounts. Most organizations are now using platforms like Instagram, Facebook, and Twitter to establish and advertise their products or services. As a consultant, you will become the representative of the company online. Your main responsibilities are to create awareness, sort out customers, and generate traffic to their website.

BLOGGING
This is also another great way that many Nigerians are using to generate passive income. You can create a blog on anything that you are passionate about. It could be family, relationship, lifestyle, education, heath, and so on. Once you have created the blog, sign it up on Google Adsense and get it approved. One of the ways to make money through blogging is affiliate marketing. Once you start generating traffic, you will begin to attract sponsors.

WEB DEVELOPING
This will only work if you are skilled in a programming language. If you can write code in any programming language then, you are good to go on web development. However, if you don’t have the necessary skills, there are lots of tutorials online where you can learn programming language that will aid you in developing websites. Lots of companies outsource their web developing projects. So you may find jobs quite easily. If you want to learn web development, make sure you are skilled and can carve a niche for yourself. This is because there are lots of developers in Nigeria. So, you need to find a way to stand out among competitors.

GRAPHIC DESIGNING
If you are good at graphic design then, this is something you may explore. You can start creating logos, flyers, ads, and so on for companies and get paid for it. There is high demand for graphic designers in Nigeria. Once you are good at what you do, it is only a matter of time before clients start seeking you out.

BOOK PUBLISHER
You may seek for publishing platforms where you can make money fast by publishing books online. You can write reviews and short stories for people to read. The more your publications are read or downloaded, the more you get paid.

VLOGGING
You can create a Youtube channel on any topic you have passion for. As long as you create quality content and entertain your viewers, you will gain traffic and begin to make money. All you need is to distribute quality video content.

ONLINE TUTORIAL SERVICES
There are lots of people who are looking for those who can teach them different things on social media. You may host webinars and engage in tutorial sessions on different types of topics. As long as you are good at your area of expertise, people will seek out your services.

ENTREPRENEURSHIP
If you are a business-oriented individual then, this choice is available for you. You can start advertising your product or service to generate customers. There are millions of businesses on social media platforms. All you need to do is find ways to stand out from the rest competitors. You can also market your product on eCommerce websites such as Jumia, Konga, and many more.

WIG MAKING
There are lots of people online that are generating income by making wigs and distributing them. If you want to go into this line of business, you need to be good at the work. You can sell your wigs at a good price, depending on the type you are making.

VIRTUAL ASSISTANT
Another great way you can make money, as a stay at home mom in Nigeria is to perform tasks for companies. You may be in charge of organizing records, editing, scheduling appointments, or email management. To become a virtual assistant, you will need to undergo training and have computer skills.

PROOFREADING
There are lots of contents online that need professionals to go through them before they are suitable for publication. If you are good at pinpointing or noticing grammatical errors then, this is a great opportunity for you. You can register with proofreading companies to get offers from time to time.

TRANSLATOR
Are you good at bilingual? If yes, then this might be a good option for you. You have an option to start translating documents if you are proficient in another language. This job will be a way to continue growing your skill. There are lots of organizations and individuals that are in need of your services.

TRANSCRIPTIONIST
If you are good at typing with the right accuracy and good command of grammar, then this is a good option for you. You can get paid by the audio you transcribe or the number of words typed.

CONCLUSION
There are so many ways you can make money working from home as a mom in Nigeria. You can be at home and take care of your children and also generate a stable income.

https://momsmoneyzone.com/2020/08/10/15-ways-nigerian-mothers-can-make-money/


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Parenting can be quite an arduous adventure. It is hard enough with a committed partner, but when you are doing it alone, especially in Nigeria, the difficulty rises to a whole new level. It can be tricky, maintaining good mental health, thriving as an individual and nurturing your children in the best possible manner.

There are quite a number of women in the country who are single parents through the death of a spouse, divorce, abandonment or choice. While some of these women often feel like they have got it really rough, or that they are doing just about everything wrong; there are others who are successfully and joyfully raising children by themselves.

Wondering how they are scaling through? Jumia travel, Africa’s No.1 online hotel booking portal, shares a few suggestions to help smooth the journey of any single mother in Nigeria.

HAVE A SOLID FINANCIAL BUDGET

A majority of problems faced by single mothers in Nigeria is financially related and most times, it results from improper financial planning. As a single mother, it is essential that you draw up a financial budget per time and stick to it. Calculate how much you earn, what your main expenses are and figure out what is left over for saving and plan accordingly. This ensures that you live according to your means per time and you are do not always run into debt.

PLAN AHEAD FOR EMERGENCIES

Life is full of uncertainties and so it is important that as a single mother you have solid plans for emergencies. Aside from putting money aside for urgent situations, ensure you have you medicine cupboard filled with relevant medication for cases or allergy or infections. Look for emergency babysitting service in your area that can often provide help fairly quickly in situations where you are incapacitated and need care for your child. Also, create an “emergency list” of friends and family members you know you can call on for help in dire situations.

ADJUST YOUR PRIORITIES
A number of single mothers in Nigeria tend to fall into the superwoman trap, assuming they can pull off combining a 9-5 job with house cleaning, cooking meals, and tending to their children’s needs. As a single mother, it is important that they stay realistic about what you can and can’t accomplish in a day and set priorities. Lower your expectations and give yourself time for a break. You do not even have to do everything on your own, free up some personal time by hiring help from time to time.

AVOID “COUPLE ENVY”
This might seem trivial but is a major cause of depression for many single mothers in Nigeria. You are a single parent, things are extra difficult and you most times get lonely; it is normal to feel envious of friends who have kind, involved husbands, men who actually want to be with them and pitch in, but it is important to avoid getting caught up in the illusion that everything would be perfect if you just had a partner.

Remind yourself that everyone has problems, even married people. Constant envy breeds resentment and bitterness, which eventually drains your energy and causes you enough stress to ensure your situation gets even extra difficult.

BUILD A COMMUNITY
Do not be too proud or shy to rely on people around you when you need help or support. Forge a strong community around you, people who can provide emotional support and a sense of belonging – the perfect antidote to the isolation brought on by solo parenting. Even if you are in a city like Abuja where social life is not over active, you can push yourself into social situations, join a church or a club, and attend events in your location.

Do not be afraid to open yourself up to others. Just because you are a single mom, does not mean you or your child should not have other people to go to. Have a diverse social circle and keep a positive outlook on life. If you sit around and play victim to your circumstances things will just keep being difficult for you.

https://momsmoneyzone.com/2020/09/01/how-to-survive-financially-as-a-single-mother-in-nigeria/

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