How to manage money when it comes to being a single mom on the fly ⚠️
How to manage money when it comes to being a single mom on the fly. ⚠️
1. We need to know our own financial status in detail.
- Let your mother write your income-expenditure in advance over a year.
* * Write down how many baht we earn each month, how many baht we spend, what month we pay.
💵 starting from income: main occupation, supplementary income, state allowance or ex-husband (if any).
💵 Home expenses: Includes regular expenses such as home expenses, food, child support, milk / pamperes, education expenses, liabilities, home installments, car, credit cards, etc.
Trying to make a budget in advance will make your mother look at the future financial picture of what salary we need to prepare, what amount of money, what month the money will be negative, so we can plan to cope with the large amount of money waiting, such as tuition, insurance, etc.
📌 And from now on every month, it is recommended to write down revenue-expenditure regularly every day so we can control our expenses.
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2. Set a monthly budget.
- Set a limit for each category, e.g.
Food fee 7,000 baht
Travel fee 3,000 baht
The child cost 8,000 baht.
- Need to reduce unnecessary expenses such as coffee, online overload, etc.
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3. Create an emergency silver jar
- Always split savings before using, such as saving at least 10% of income.
(should have at least 3-6 times the monthly expenditure)
- Should start saving as soon as possible.
Example: If the cost per month is 20,000 baht, we should have an emergency collection of 60,000-120,000 baht. But if you can't do it now, it's okay. Gradually accumulate. Don't rely on pressure. Everything takes time.
📌 This sum is recommended to be stored in an easy-to-withdraw account, but not a regular account. In case of emergency, you can withdraw it in time.
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4. Plan your child's education
- Maybe you need to prepare money or prepare a way to pay your tuition.
- We may use financial products such as unit-linked life insurance planning, SSF, RMF, educational savings accounts that may lighten our long-term tuition expenses in the future.
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5. Life insurance and health insurance
- Reduce risk for protection of children in emergencies. You may need to choose insurance that fits your income, such as short-term interest payments.
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6. Finding financial knowledge
- Start listening to podcasts / read articles / watch clips about investment finance.
- Join an online group of single mothers to exchange experiences.
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7. Start generating supplementary income
If we need to earn extra income, we can start with the abilities we can, start trying a small extra career.
- Find free-lance jobs such as selling online, getting job prints, getting paperwork translation, online tutoring, offering specialized courses.
This 💕 may be a little tiring, Mom, and it takes time, but this little extra income can improve our long-term stability if we are on the market.
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Honestly, I really understand it. It's a new path, a new life, a confusing, painful life (in the early stages), but since we've chosen to have the best child in our hearts, we have to keep fighting.
Encourage and encourage all of you Single Mom. ♥️
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