Breaking the Financial Cycle

Living life as  single parent can be challenging in so many ways but I think financially challenges are close to the top. We have to stop ignoring the disparities and start addressing them. Nothing negative goes away until we add positive force in taking action.

The photo of the money cut up reminds me of splitting our wages into chunks and when it’s all said and done, it only amounts to a bill….ugh. Money is meant to provide us with pleasures such as; water, heat, air conditioning, food and shelter and those are basic needs that if we didn’t have them, our lives could possibly be without pleasure. Somehow we get caught up with what we don’t have instead of researching on how to develop skills to get what we want.

One of the first steps in breaking financial cycles are:

  • Being aware of where and how you are spending your money.
  • Set short-term and long-term goals toward your financial independence
  • Create a family budget
  • Create a plan on how to start a reserve account
  • Reducing your debt
    • Research information on the snowballing method
    • pay off your smallest debt 1st
    • Prioritize which debt you decide pay off and create a budget line
  • Talk to a financial planner or go to your local financial institution
  • Pull your credit report every year
  • Research apps that will help with budgeting/ expense tracking

                                    Discipline      Discipline     Discipline

Okay VSP, lets make a commitment, be discipline and change our financial future for the better!

Check out the podcast under the media tab and please leave comments or suggestions.

 

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