Single mothers can build their wealth too

Tips to help you accomplish your financial goals

07:09 17 April 2014

As you are caught up in the daily grind trying to make both ends meet, you may feel it is almost impossible to set a goal in the direction of wealth building. The task becomes doubly harder for single mothers as they try to play both roles of nurturing and providing for her child to the best of their abilities. You might ask, from whence shall this wealth come from and much more, how can it be increased to gain financial independence? 

See if the following tips can help you reach your financial goals:

Take charge of your future

While being a single mother is not the most ideal of situations, it is not an insurmountable challenge. Your primary goal is to have a steady source of income and being able to manage your finances well. Little things matter so whatever savings and investing you can manage counts. Assess your progress regularly to keep you on track and know if you have to work harder to reach your goals.

Paying yourself first

When you pay yourself first, this means you take out a portion of your income and channel it to savings. Ten percent of your gross savings will be fine, saving more would even be better. Other unexpected or extra monies that come to you can also saved such as tax refunds, bonuses, commissions, inheritance, etc. Millionaires make it a point to save 15% of whatever income they generate.

Investing and monitoring your investment

One of the means to building up finances is by managing your finances well. Invest your savings while choosing several types and not putting everything in one type of investment. If you choose well, you may even get more money out of your investments than your full-time work.  Monitor your investments to see which portfolio is getting you more earnings. If you feel you are already ripe for more serious investing, then you can seek the advice of a financial advisor for other investment options that you can get into.