Controlling Your Budget and Finances as a Single Mom #OwnMyFuture

This is a sponsored post on behalf of She Speaks and Prudential. All opinions are those of our own.

All moms, especially single moms, face some unique challenges.  We all take on a wide range of roles and responsibilities, however, women are much less likely to take charge of their finances.  Studies show that on average, women have 30% lower retirement balances.¹  On top of that, 44% of women have no life insurance and of the women who do carry life insurance, the majority are underinsured.²

There are some large gaps that exist between women and men in the financial sector.  As studies have shown, the average working woman earns 79% of the income earned by a male counterpart.³  The income gap doesn’t just affect the monthly income, but our 401k balances, and any future social security payments.  Women do not invest the same way men do.4  We delay investing, and invest with less risk, which leads to lower returns on their investments.  Women are living longer than men by an average of 5-6 years 5, and due to that are more likely to run out of money in retirement.5

These challenges hold us women back from living out our futures the way we should.  We cannot take care of our families, if we do not start taking care of ourselves, and finances are definitely something we all need to take control of.

I realized I needed to take better control of my finances when I was laid off from my job.  I had no money in savings and had no plan.  I had a mortgage to pay and kids to feed without any idea of how I was going to do it.  Luckily, I was able to find another job pretty quickly and we were able to move on without too much damage done.  However, this moment opened my eyes to the absolute necessity of saving for the future, for both unexpected and expected things.  I am now dedicated to saving every paycheck for both emergencies and for the long term.  It is very difficult, especially when there is very little extra after the bills are paid.  Unfortunately, we might have to give up a monthly dinner out, or a few coffees, in order to put that little bit away. Because you never know when a dryer will die, your car will break down, or when you will be ready to retire!

We have teamed up with Prudential to help women start the conversation about their financial futures.  It is time that we stand up for ourselves and overcome these challenges.  We are the only ones that can provide for our own futures.  If you are ready to join me and “Own Your Future”, check out Prudential’s website and contact a Prudential financial professional today!

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If you’re a woman reading this post, do you have a budget or plan for your finances in place?

Sources:

  1. Prudential Retirement analysis reflecting defined contribution plan balances of Prudential record-kept plans as of December 31, 2015.
  2. LIMRA study, Life Insurance Ownership in Focus, U.S. Person-Level Trends: 2016.
  3. U.S. Census Bureau, Historical Income Tables Table P-40: Women’s Earnings as a Percentage of Men’s Earnings by Race and Hispanic Origin, 2016.
  4. http://fortune.com/2016/05/11/sallie-krawcheck-ellevest-launch;
  5. Prudential Retirement analysis; National Center for Health Statistics, Health, United States, 2015: With Special Feature on Racial and Ethnic Health Disparities. Hyattsville, MD. 2016


This is a sponsored post on behalf of SheSpeaks and Prudential. If you have any questions, please feel free to contact us at EverythingMommyhood@gmail.com

Comments

  1. Julie Wood says:

    Life insurance is so important in being a single mom. It gives peace of mind to know that there will be money for the kids if a death happens.

  2. Jo-Ann Brightman says:

    Life insurance and putting money away for retirement are very important. Even if it is only a little bit one should start as early as possible

  3. Sometimes the best laid plans go amiss. One thing many people underestimate is the need for disability insurance, and/or mortgage insurance, if you are single. If anything happens to you, it is good to know your mortgage will be paid, and that you can get an income while you are laid up.

  4. Linda Manns Linneman says:

    This is a great suggestion. Raising a family is hard for two working adults with children let alone a single parent. Thank you so much for sharing this. God Bless

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