I participated in a campaign on behalf of Mom Central Consulting (#MC) for Mom Corps YOU. I received a free trial to facilitate my review and a promotional item as a thank you for participating.
As moms we wear many hats. Some of these, at least for me are fun. But many are not. As a single mom, some become harder because we don’t have someone else to share the burden with. One area I find this especially try is as CFO (chief financial officer) of my household. By profession I am a bookkeeper. I am a numbers person. It comes pretty easy to me. However, it is entirely different when we are talking about my household budget. It’s especially frustrating for me because while I make ends meet right now, sometimes it is tight and there is never enough to start putting anything away. As of right now, there is no savings for our kids for college and nothing for my retirement. So I tend to avoid even thinking about it.
But the webinar on Mom Corps YOU called to me because this year I am focusing on getting things at least a little more in order. My first goal is to put away a real emergency fund. I have done fairly well with cutting some fixed expenses as suggested by Jean Chatzky. Some things she suggests include cutting cell phone, cable and internet bills. In the last 6 months I have cut over $150 a month just with these. She also mentions seeing where you can lower interest rates on debt along with many many other ideas for cutting expenses for your family.
But my favorite suggestion is to start saving 2% of my income. Everything I have ever read says to save 10% but that is always so daunting when I didn’t start that way. (But I am encouraging my own kids to start that way so that they simply become used to living off only 90% of their income from day 1.) But Chatzky suggests that if you can’t do 10% right away, start with 2% because studies show people don’t even notice this. And then you can add to it if you get raises or find additional ways to cut additional costs. So that will be my goal for the remainder of 2014!
Mom Corps, a national award-winning professional talent acquisition and career development firm, has launched Mom Corps YOU, an online community to help professionals better integrate their professional and personal lives.