Those who know me, know that I am a single parent, working off one income and making it work with the rocks that were thrown at me. Okay, maybe it wasn’t rocks; but some days, it sure felt like it. Though I am blessed with an awesome family and great friends, I must admit that my pride gets in the way some times. I guess I think to myself everyone has his/her own set of issues. There is no need in me being an added issue –especially where money is concerned. Though some may not want to admit it, money has a way of driving a wedge between people. Be it a family member or a friend, when money gets involved, it can sometimes get tricky, awkward or just downright ugly.
I think my breaking point came when I looked at my bank account and thought to myself “if I lost my job tomorrow, we would ONLY make it one month.” I assure you within that same month I would have to my home and reluctantly move in with my parents. This was when I knew I had to get serious about my finances. Now, I have never been one to just spend money for the sake of spending it. On the contrary, I was always looking at ways to make my money grow. However, it was not growing, and my savings account looked like a high school student’s first bank account. This alone brought me to tears. My thoughts quickly turned to taking care of my daughter, as well as questioning what type of money habits were I passing down to her. What financial legacy was I creating?
Unfortunately, my parents never really sat down and discussed money matters with me. I guess they figured there was not a need since I wasn’t a big spender. On the other hand, I also was not a big saver. It was time to start telling my money how it needed to work for me; instead of me constantly working for my money. It was also time for me to get my kiddo on the early path to financial success.
Within 8 months and with dedication, I finished paying my student loan debt AND paid off my credit card! Talk about beginning to walk in debt freedom. Yes, I still have other debts to demolish, but I am working the plan! Every dollar has a home. No more getting to the grocery store counter and praying the debit card is accepted because I forgot to check my balance before leaving home (and of course I left my phone at home, so no conveniently checking the balance). Now, I am armed with my grocery list AND have my cash in my envelope. I already know, THIS IS IT –all the cash I have for this shopping trip. I will post a sample budget later that you can use as a starting point.
If you are a single mom like myself, or simply have reached your point of BROKE, BUSTED & DISGUSTED, then know from one Restyled Mom to another, you are not alone and you can do it! Don’t just have a plan, but work the plan, and most importantly –GIVE THE PLAN TO GOD.
Let the Restyled Mom community know what your breaking point was when you realized it was time to break the chains of debt. We all need encouragement and welcome opportunities to grow in knowledge and grow together.
Your Restyled Mom…who is working towards a better financial future