Single Parenting and Finances: Gaining Finance Knowledge

Continuing our series on single parenting, we come to the fact that finances can be rough. Really rough. Okay, they can be downright mean and dirty. Especially when you're getting back on your feet, caring for children on your own and unable to afford some of the basics in life, let alone the luxuries.

So how can you get by? We at MomVesting believe that knowledge is power, and learning about finances can put you in a position of power over your life. It may not get you to riches right away, but it can help you get by as you make your way toward a better career path. Let's look at some ways that you can empower yourself through finance knowledge.

Read and Apply

One of the best ways to learn anything new is to read up on it. Here at MomVesting, we offer some insights into finance basics, but if you're looking for a one stop shop that reads cover to cover, head on over to your local bookstore or library. Both of these resources can be excellent for your learning curve because no matter if you're starting from the very basics like budgeting or want to learn to day trade, there's a book available for that.

If you're having trouble narrowing down your choices, don't be afraid to ask for help. A librarian or sales associate may be able to provide insight into the books you've picked out and help you find the right one.

Once you have the book in hand, it's time to read, learn and apply your new knowledge. Some books are laid out so that it's easy to follow the advice. Others may lead you to the next step: seeking assistance.

Find a Helping Hand

If you run into trouble understanding the finance principles you wish to learn, there are many resources that may be able to help you. Free community classes might run in your area, banks might offer free classes, or courses could be available at your local community college. Another resource that could direct you to any of these classes or more is DHS: check in with the Department of Human Services to see if they know of any free classes in the area.

Oftentimes, as well, your local bank might be able to assist you with any finance principles that have you tripped up. Basics like balancing a checkbook, making a budget and reconfiguring your finances to make the most of your income may be covered in their free services. My local bank calls this a "Money Makeover," but no matter what name they use, they might be able to assist.

Learning about finances is one of the best ways to make sure you can get by as you work your way toward a more financially stable career. So read up, apply the knowledge and ask for a little one-on-one help when you need it. Soon, you and your family could be on more financially stable ground.

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