According to statistics, most single mothers don't save money.
Therefore, the average single mom owes more than $8,000-$10,000 in credit card debt.
If you are hoping for an improved financial outlook without saving money, you are clearly headed for failure.
You will not achieve financial success apart from the mindset and practice to save money.
Let me state in the clearest terms possible: WHEN you become financially successful, it does not mean that saving is over.
You can think of any excuse when do don't want to save money such as, "I'm rich," "I have too many bills," "I don't make enough money,"...
I'm going to share with you a principle that is applicable to every single mom who WANTS TO SAVE MONEY to achieve financial success.
Don't wait until you get old to realize that you will need more money as you get older than you do as a young person.
You must begin to save money now and make it a key priority in your financial life.
The key principle component of wealth building is: Pay yourself after taxes and tithes.
It's easy for people with "new wealth," "lottery wealth," even "Internet wealth" to think that there is no need to save money.
This is a common mistake among those who achieve "new money."
In the last decade, many people earned more money than they had in their entire life, and when the economy turned downward, as it always does eventually, most of them did not have the foresight to save money for those inevitable rainy days.
How to Save Money by Paying Yourself?
Proverbs state, "The wise have wealth and luxury, but fools spend whatever they get."
To save money for your financial success, you must pay yourself with 10-15 percent of your income.
You spend time and effort furthering the mission and profit of the company where you are employed, therefore, you must reward yourself for that effort by paying yourself.
Use Single Mom Debt Talk community to discover how you can:
- Make money
- Get out of debt
- Save money and build your future by paying yourself.
However, by adopting the pay yourself to save money practice, you will be well ahead of the majority of single moms, and on the road to financial success.
One of the best ways to save money is to pay yourself after the government takes it share, and you've tithed 10% to your church or favorite charity.
Tip: After you start earning a nice income online, you can legally "pay yourself" before the government by participating in a pre-tax retirement account.
Generally speaking, the government, through various taxes, takes at least 15-30 percent of every dollar.
This happens before you even see your hard-earned money.
The good news is: When you contribute to a tax-deferred retirement plan, you save those dollars BEFORE the government has a chance to take its 15-30 percent.
Ask your tax expert or certified financial planner about how to enroll in a tax-deferred plan.
Decide Now to Pay Yourself First and Save Money
Here is one proven method that is helpful to save money: Keep a record of every cent you spend for several weeks.
I can hear your excuses, but this is necessary to see where your money is going.
You will find that a Star Bucks coffee here, a lunch there, and an assortment of other seemingly small expenses are robbing you of a sound financial future (and the start up money you need for your online business).
If saving 10-15 percent seems impossible, then start with a lower percentage and build from there.
This important save-money-strategy can help you "find the money" to invest in creating your online business, thus possibly build wealth.
Finally, it is important for every single mom to get a realistic picture of where you are in terms of financial health.
Another way to find money in your personal budget is by charting out your equity.
Take the time to create a personal budget worksheet, which will list those items that are assets with positive financial impact such as, savings and retirement accounts.
It is not appropriate for me to assume that all single moms are broke.
However, Single Mom Debt Talk is purely for those who are.
After you finish your personal budget worksheet, you will see on what side of the equation your finances and savings fall.
It may be startling or it may be encouraging.
Either way, you must come to grips with where you are, and where you are headed--if you don't start to save money for your financial success.
Tired of the debt lifestyle?
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