No one ever said that being a single mum was going to be easy. However, they did try to prepare you for all the love you would feel when smiling down at that tiny, little creature the moment you welcome them into the world. Wouldn’t it be nice if you could pay your bills with love? That not being the case, it’s time to look at how to combat the financial woes that every single mum faces in light of current events.
The Importance of Looking Beyond Today
Often, we are faced with a crisis that needs to be solved today, but in so doing, we may be setting ourselves up for an additional expense at some point in the near future. One example that comes to mind is when a vehicle quits working and the cost of repairing it would be more than the car is worth. Your first thought is to find the cheapest vehicle going, but that presents a number of other financial problems among which is the rising cost of petrol.
Also, by 2030, only new electric cars can be sold in the UK and if you are buying a previously owned car today, by the time you are ready for a new vehicle, it will need to be an EV. Why not invest in an electric car today so that you will be prepared for that very real future. If buying a new EV is not an option, ElectriX suggests that electric car leasing may be the solution you need. ElectriX is a website dedicated to helping consumers calculate costs, learn the basics of operating an electric car, and what you should know about insurance cover for EVs.
Spend Only What You Must
Normally, this would be the point where you would be advised to set a budget and stick to it. Unfortunately, world events are pointing at something much direr than an inability to stick to a budget. Many economists are forecasting a recession as great as, or greater than, the US market crash of 2008 that led to what was then called a Global Great Recession.
The cost of consumer goods, the cost of living, and fuel prices continue to rise whilst wages remain the same. Even when you’ve allocated funds for something on your budget, if you don’t need it, don’t buy it! Wait until it’s a need before parting with that cash.
There Is One Stipulation
Most people remember the problems they had at the beginning of the pandemic when fear drove panic buying. With so many producers being shut down due to Covid, many products became scarce as warehouses emptied out. Then there came a breakdown in the supply chain, which is still experiencing issues today. In the same way that a global pandemic led to panic buying, so too would a global recession.
Now would be the time to stock up on a few non-perishable food items as well as necessary household goods such as cleaning products and paper goods. Although it may elicit a smile now that it is in the past, our neighbours across the pond couldn’t get toilet paper to save their lives. It was a real crisis over there. The one stipulation would be to stock perhaps a month’s worth of necessary items in the event that they become hard to find.
Remember, you are making financial decisions today with the future in mind. Buy what you need but save what you can for that proverbial rainy day.