10 Things Every Single Mother Should Know About Money Management – Part 2

(4) Your Money Mindset Determines Your Wealth


Ever heard the saying mind over matter? Well, when it comes to personal finances, it’s MIND OVER MONEY! How you think, feel and use money is determined by your money mindset. Whether you’re a tightwad or a spendthrift, it all starts with your thoughts. Negative self-talk, especially if it is money related, is the quickest way to self-sabotage your personal finances.


Want to improve your finances, but not sure how? Shift your money mindset with the following strategies:

    Stop saying anything negative about your money-management skills. Instead, use positive, forward-thinking language. Example:
    Before: I’m horrible with money, and everyone knows it. I’m a bad role model to my children.
    After: I’m getting better with money. Soon, I’ll be a great money manager, and my children will be proud of me.
    Wait! What?! Yep, you heard me right. Speak life, love, and positivity into your finances. You and your finances are in a relationship–whether you know it or not. And, like any other relationship, you need to nurture it, if you want it to grow.

Speak life, love, and positivity into your finances.

Be thankful and appreciative of every single thing you have–regardless of how little you have. Be a good steward of what you have, and you will be blessed with more.

Every time you have the money to pay a bill on time, be thankful. Get extra money? Be thankful. After all, it could be worse. And, somewhere in the planet, there’s someone who is more than willing to trade places with you, so appreciate what you have.


10-Things-Single-Mothers-Should-Know-About-Money-Money-Mindset-Single-Mother-Budget-Budget-Planner2I’m a big believer in goal setting–and, especially, goal stacking. Goal stacking is similar to author S.J. Scott’s book, “Habit Stacking: 127 Small Changes to Improve Your Health, Wealth and Happiness.” Basically, you create mini-money goals, and once you achieve the first mini-money goal, you move onto the next one. After you complete a series of mini-money goals, you will have achieved a bigger goal.

I like setting mini-money goals because setting a large financial goal, especially when you’re learning a new financial skill, can seem insurmountable and overwhelming. Plus, mini-goals are super achievable, which gives you confidence and motivation to keep going.

With mini-money goals, you also have many more opportunities to celebrate your successes. And celebrating your wins reinforces good money-management habits. Every time you hit a mini-money goal, be proud of your accomplishment. You did that, girlie!

For example, say you’re on a tight budget, trying to save 1K for an emergency fund, set mini-money goals at every $100-dollar increment and celebrate by rewarding yourself with a small guilty pleasure–preferably, one that does not require money to be spent.

(5) Money is a Tool–Use it Wisely


Money is a tool. Period. The sooner you understand this concept, the better. Rich people use money for what is: to get what they want. Like any, tool, you need to learn how to use it effectively, for it to work for you.

  • Money as a Strategic AllianceYou need money, but money doesn’t need you. You’re always going to need money, and money will never need you. Ever. Understand that money only has the power in the relationship that you give it. Taking control of your money shifts the power to you. Use money, the tool, as leverage to get what you need and want in life.
  • Give Your Money a Job and Make it Work for You
    When you think of money as a tool, you know it has a job to perform, so put that fool to work. You would fire an employee was not performing, right? So why are you letting your money sit around and do nothing–give it a job. And that job is to make your money make more money. Whether you are funding your 401K; investing in the stock market; or investing in a business or real estate, make your money make you more money by giving it a job.

(6) Debt is Your Ultimate Hater and Biggest Enemy

Debt is your ultimate hater. How you ask? Just like haters in life, debt doesn’t want to see you achieve your personal and financial goals. It doesn’t want you to succeed; instead, it would rather see you burdened, stressed out, and worried–just like haters.

Haters are happy to see you that you’re not doing well, to see that you’re living up to your potential, to see you not living your best life. When you overwhelmed with debt, it’s a deadly noose around your neck that won’t let go.

Debt is the ultimate enemy; it has a
deadly noose around your neck, and it won’t let go.


And just like haters and enemies, debt keeps you distracted from the important things in life, like enjoying time with your family and friends, pursuing hobbies and interests, succeeding in your career or business–and just enjoying life.

Recommended Reading:

Part III of 10 Things Single Mothers Should Know About Money

Read Part I Here
Read Part III Here

In the meantime, check out my post on Three Personal Finance Experts for Single Mothers to Follow

And checkout my post, Why You Need to Start an Emergency Fund Today!”

As always, thank you for reading.
Keep it real and drama-free.

Ms. No Single Mama Drama

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