Financial Friday - Eco Budgeting for Single Moms

 

Financial Fridays: New Year Savings Strategies for Single Moms

Welcome to Mindful Dollar!

A blog where every Friday we touch on topics to teach on sustainable financial practices to create mindful dollar mindset. 

This Friday I'd like to speak on Budgeting for Single moms. Single moms in the USA are the most undeserved group, dealing with high inflation, high rent and food deserts. I understand the struggle because I'm currently accepting my reality and making the best our of it. 

On top of the fact that I'm a single mother, I'm also a mother with no Family support. My mother lives in another country and my older brothers are not involved. My mothers sister lives near by but she's in her own world dealing with her own issues. So basically, I've literally raised my daughters alone both Financially, Physically, Morally & Emotionally. 

My posts are to encourage hard working citizens use their money wisely and sustainably. 

keywords: financial friday, savings strategies, financial tips, content creation\

Budgeting Today for Tomorrow's Success

Creating a budget with sustainability in mind. Creating a conscious decisions on things that you NEED not what you WANT creates a green financial foundation to work from. 

keywords: October 31st, 2021, budgeting tips, eco budgeting, doing more with less

Creating a Long Term Savings Strategy

Understanding the difference between Fixed and Variable Expenses 

Fixed Cost: are expenses that remain constant for a period of time. 

 

Examples are Rent, Health/Car/Home Insurance, Cell bill, & Internet, 

Variable Cost: are expenses that vary indefinite. This cost differs from month to month. 

Examples are Gas, Electric Bill

keywords: fixed cost, long term savings

Saving for Holiday Gifts and Beyond!

Creating a Holiday budget that doesnt break the bank is easier than you think.  I record every transaction in my home. Through out the year we categorize Gift and Accessories from our monthly financial statements. —💡 Learning opportunity: If you're interested in learning how to teach your kids on how to manage your Personal finance. Learn more 

Annual expense report by Category is critical because now I can do a quick search on my spreadsheet and show how much money I've spent in clothes, shoes, electronics, toys, headbands. Basically all the items we buy on Christmas. When I tell you that I'm extremely detailed in my reporting that I'm able to track every single penny, the same way I track every penny for the companies that hire me to structure their companies. 

At the beginning of the last quarter (October) which is this month. I print an expense report with specific catergory Gifts & Accessories, I go over it with my 15 year old daughters to give them a synopsis of ALL of the items I've bought. I also question where these items are?  

I wouldn't necessarily do it with my 8 year old, but I'm sure she listening in the background and has an understanding. So back to the report, the report details each and every item I've bought through out the year. As we're going through the report I have to make a conscious decisions of the items that i bought and their life cycle. 

• Are these items in a box somewhere? 
• Were they thrown away? 
• Were they bought out of a Need or Want. 

I swear kids are as conscious as us when it comes to purchasing. Invite them to look at the numbers is a way to keep them engaged. In todays world you can share a google doc of your budget so they can see a glance of what it looks like. 

This action is important in your kids life and yours as a single parent trying to Juggle raising kids in a deficit economy. 

According to What are Fixed, Savings, and Variable Costs and Expenses and How Will They Help Me Learn How to Budget My Money Properly? | My Money Coach

 

He write something that so resonated with me "When you’ve committed to living on a budget, you must know how to put your plan into action." 

Letting my kids know the reality of our financial situation was the first action I implemented, which made a significant difference. Think about it.  Two eyes are better than one. Since your kids are the direclty impacted by the households financial fabric, they should be included in the making of your Household Budget process. 

Just like Feng Shui (a system of laws considered to govern spatial arrangement and orientation in relation to the flow of energy (qi), and whose favorable or unfavorable effects are taken into account when siting and designing buildings.

We can use the same ideology to Financial Feng Shui, creating an arrangement and orientation in relation to the flow of money.. and the favorable and unfavorable effects are taken into account when siting and designing a Budget. 

keywords: fixed cost, long term savings

💡 Disclosure: This content is for educational purpose only. Content if from the Author Nasly Duarte's personal experience and it doesn't pertain anyone's financial situation.  To know more about Nasly's background and Sustainable Projects click here ~~~~>  Learn more