Best Financial Tips for Single Moms to Earn Well and Live Wealthy After Retirement

Written by Farah Ashfaq | Last modified on:

Best Financial Tips for Single Moms

Do you know single parents are more likely to hit by poverty, especially single mothers? According to a recent study, single mothers top the population of US-based single parent families. Due to the gender pay gap, earning of women doing the same job as men lags significantly. The wage disparities for minority women with different color and race are even greater, which is why they live below the poverty line and follow our financial tips for single moms.

Even in a country like Japan with healthy economy, single moms are facing tough challenges due to monetary crisis. The struggle is real for working Japanese mums who are not getting paid enough to make it through the poverty line. The culture of judging and shaming single mothers is more common in Japan, which takes their difficulties to another level.

According to the 2016 Retirement Confidence Survey by the Employee Benefits Research Institute and Greenwald and Associates, 40% of single women have saved less than $1,000 by the time of their retirement, which is a worrisome figure for all the single women out there.

As women are more likely to live longer than men, it automatically puts pressure on them to stabilize their financial status and meet the heavy expenses after retirement to dodge poverty.

If you’re a single mom or a single woman not paying attention to your financial freedom, you should start worrying now! Panic isn’t going to do any good. You need to plan a strong financial strategy and give a second thought to your savings plan. All this must happen right now to have any chance of surviving the retirement age.

Let me fill you in on Best Financial Tips for Single Moms that can save your Financial Future. 

How Single Women/ Single Moms Can Manage

Income Resources and Earn Good

Are you a strong-willed single mom?
Who wishes to fight against the odds and support her children?

Well, the good news is nothing can stop you from doing so!

But remember,

It won’t be easy. No doubt, the struggle is real for all the single women out there let alone single moms. It is all about women who use their destitution as a weapon to emerge stronger and fiercer than before.

Being a single woman or single mom doesn’t mean your income opportunities are limited. You can take up multiple jobs or start a new business to boost your financial status. However, if you feel that a single income source is not enough you can always earn extra through freelance writing, blogging, surveying, photography or home-based jobs to reach your financial goals faster.

Let your passion drive you to get other sources of income. For instance, if you work as a receptionist and aren’t very fond of your job, you can launch a startup about something you love doing. This way your interest will stay alive and you’ll get sufficient income to make both ends meet. As Marsha Sinetar quoted very well,

do what you love and the money will follow!

Think carefully and devise an investment strategy. Don’t be scared to take risks, but remember to make every move wisely.

You can use certain charms and strategies to lure your customers in. The Turner Strategy allows you to set the most competitive prices so that the clients always prefer your services above others. It involves dropping 3 zeros; for example, you like to earn $50,000 at least, simply drop three zeros and you have your per hour rate i.e. $50 which seems more decent. Always keep in mind the minimum amount that will leave you discontented for a job, double that amount and charge it. You can also Google what rates other services are offering and set your price accordingly. These tactics work most of the time!

When it comes to striving for independency, single women/ mom should choose their acquaintances wisely. We all are the products of the company we keep whether it’s our friends, colleagues or even blood relations. If these people are envious or show slightest bit of unhappiness on your achievements, you should keep your distance from them. These faces will show up when you’re at your best and they will try to bring you down.

Managing income resources and keeping a close check on the savings is crucial for single women. Set a backup income option like emergency fund and life insurance policy to reduce the risk factors like a downturn in your business or sudden retirement.

Hope to have the best, but prepare for the worst!


You’re a role model for those around you especially your children. Impart your knowledge to your kids and give them the confidence to work hard for a bright future. Maintain a balance between your corporate and private life. Spend time with your family, because we all know that money doesn’t really buy happiness. And above all, be thankful for what you have.

If you start off slow by collecting raindrops, eventually you’ll have an ocean of your own!

1. Successful Startup Business Financial Tips for Single Moms / Single Women Entrepreneurs

Women all around the world are breaking barriers by becoming the most successful entrepreneurial force. A recent Global Entrepreneurialism Report has also supported this fact.  Inspired much? You can also kick-start your dream business with the help of our financial tips for single moms. Be the next source of inspiration!

2. Why Single Source of Income is not enough for Single Women / Single Moms?

Women struggle with a meager source of income because their feminine nature demands more expenditure. It gets even tougher for single women who have to pay rents, buy groceries, and invest on self-grooming to live a satisfied life. Single moms have to fulfill the same needs with an additional parental liability and providing their children with health and education. Such circumstances call for extra income and that can happen following our financial tips for single moms.

3. Financial Tips for Single Moms and Single Women

As an empowered single woman/ single mom, the basics of finance should be on your finger-tips. You can’t let others make decisions for you. It’s time you stand up to yourself and tackle financial situations in an efficient manner. You should stay vigilant and as far away from debt as possible to gain a stable financial status. Do not ignore the following financial tips for single moms.

4. How to Make Money from Home if you’re a Single Mom/Woman?

Making money from home is a convenient option for those single moms who can’t keep up with the responsibilities of both, office and home. Working while staying at home can help them develop sound management skills. There are plenty of authentic and reliable work-from-home companies they can opt for. Just beware of the scams!

5. Things Single Women / Single Moms Should Remember while Making an Investment

Investment is a sensitive issue to deal with and for single women and single moms, it can make or break their financial status. You need to take your time deciding what you want and explore all the resources to secure the best option. Also, take the property market into regard and analyze cash flow before getting to a decision.

Financial Tips for Single Moms Retirement

to Cut Expenses, Earn Well and Live Trouble-Free

After Retirement

How Single Women/ Single Moms Should Plan their

Retirement and Become Independent

One of the benefits of being in a relationship is that the financial load gets distributed.

But for a single mom / women

Who is the sole breadwinner of the family, the dawn of retirement can bring serious financial hardships. It is mainly due to the lack of substantial savings that women turn poor on retirement. The absence of financial security and dual-earner for household makes a drastic difference in terms of supporting retirement savings. Also, single moms who are busy raising their children and paying house mortgage neglect the importance of savings and investments.

A successful retirement doesn’t happen all by itself unless you plan wisely for it. A solid retirement strategy means knowing your savings, and as much as it frustrates a woman, you have to keep a check and balance on your present income.

No doubt,

Diamonds are a woman’s best friend, but for a woman who is flying solo, money saving is the best companion. Prioritize your needs and spend carefully to save finances. Retirement is a real deal and you have to take it seriously for a prolonged peace of mind. Besides, women are expected to live longer than men and it’s a whole lot of pressure to put the right plans into action!

There’s no particular amount of savings needed for retirement,

But the 4 percent rule suggests that you can easily withdraw $40,000 per year for the retirement savings of $1 million. Hence, the more the merrier!

Life insurance policy is your go to, if you’re concerned about your retirement. It covers your dependency and provides financial security. While you’re at it, also try to maintain a good credit score to secure a vehicle or a mortgage loan with the lowest possible interest rates. These favors will prove fruitful at the time of your retirement.

1. Why Single Women / Single Moms have a Harder Time Dealing with Retirement than Single Men?

Single women / single moms should be applauded for standing up in a male-dominant society. Considering everything else they go through requires far more struggle than men, retirement is yet another grain in the desert of problems. Women face gender pay gap and are more risk-adverse in investing which sometimes works in their favor and other times against them. Pay heed to our financial tips for single moms.

2. How to Plan Retirement Saving and Investing Strategy?

The only way single women / single moms can survive retirement is by devising a retirement saving and investing strategy. Highlight your goals and carefully plan your budget to gain maximum savings. Make sure to invest wisely and steer clear from debts.

3. How much Money Single Women / Single Moms Need for Retirement?

Single women / single moms are likely to turn poorer on retirement compared to single men. The core reason is the inability to save sufficient money due to luxurious needs, gender pay gap, financial unawareness and discrimination. The retirement savings amount is not defined anywhere, but the 4 percent rule can help to get an insight.

4. A Helpful Checklist and Financial Tips for Single Moms to Cut Back Expenses

As much as savings and budget are a woman’s heartache, they can secure their future. Especially, for single mums who have an additional responsibility of raising their children right and providing them with the best. Develop a checklist to ensure money saving. You can also get professional help to gather financial tips for single moms and cut back costs.

5. Don’t Let your Grown Children Meddle in your Retirement

Are you aware that your grown kids may be meddling in your retirement plan? Single moms who still support their older children don’t get enough savings to fund their retirement accounts. No matter how much you love your children it’s time they get on their feet and contribute to the household.

Our financial tips for single moms guide mums how to manage their income resources, invest the money they have wisely and plan their retirement.