Single women with children are historically among the most financially vulnerable group of people as it is.
The onslaught of tough economic times and global instability has only added to this sad state of affairs, because women tend to not only hold down low-wage jobs but are also primarily responsible for the physical and financial care of their children.
Don’t be afraid to ask for help or to hustle
Gauteng-based financial advisor Queen Mokoena goes on to say that single mothers who are stuck in a cycle of debt need to face the fact that they are in trouble and need assistance.
“You cannot solve what you don’t acknowledge. Seek help from a professional to start digging your way out of the debt hole,” she advises.
It’s a man’s world
Because of the financial difficulties that women already experience, more of them are exiting the workforce at a faster rate than men. This is because women carry a heavier burden when it comes to unpaid care and domestic work.
Queen’s experience illustrates this situation.
“Most women don’t earn the same amount as men. Then you have single mothers who get no financial assistance from their partners. And things are expensive now – R1000 gets you only a handful of items at the supermarket. It’s difficult to provide for your children in these circumstances, but they have to look to mom to carry them through,” she says.
There’s a lot to be done about the systemic inequality of our society: for example, fathers could ease the burden for single mothers by doing their part to contribute towards the raising of their kids.
Practical tips for single mothers:
1. Seek professional financial help.
2. If you are behind on school fees, negotiate with the school to pay when you can.
3. Use a 5-litre water bottle to save R5 every day of the year. After 365 days (a full year), you will have R1825 that can go towards school clothes, school fees, or other necessities.
4. Sell clothing that no longer fits your children.
5. Join grocery and stockpile clubs.
6. Collect food stamps throughout the year for your festive season shopping or in case of emergency when you’re out of funds.
7. Use loyalty points offered by many banks and retail stores. You can receive huge discounts and sometimes free coupons and meal vouchers with your points.
8. If you receive extra cash, use it to pay off debt or buy in bulk.
9. Try to avoid using your credit card to buy necessities; use the lay-by system when buying clothes for your children.
10. Use your talents, like baking or sewing, to generate an extra income.
