Living below your means (Part 3)

Living below your means (continued...)

Living below your means, in this case, relating to your housing and living arrangements, is about spending on quality vs. quality, while at the same time ensuring that you live in a safe and healthy environment.  

A single mom must provide an home that is environmentally safe and one that is affordable.  I'm sure you have heard the phrase 'house poor'. This means that the money it takes to pay your rent or mortgage causes you to have very little left over for other things.  Sometimes those other things include food, utilities, gas, insurance... you get the picture.  There is a formula for how much you should spend on housing and it is about 1/3 of your take home pay.  1/3 !!!  To get this figure you would divide your yearly salary by 30% and divide that by 12 (months) this figure is the amount you must attempt to spend in order to have money to actually live on and be able to grow a savings account.   Reality suggests that the cost of living in some cities would make it impossible to pay out 30 percent of your earnings and still have a safe and comfortable living space.  You may find that it is impossible to stick to the 30% figure suggested above, but it is truly at this number where you can provide healthy food, pay utilities and save for the proverbial rainy day.  You may find that figure is unrealistic in your current neighborhood, and if it is, seek other living arrangements or come up with ways to supplement your income so you  can stay!  The truth is that spending more than 30% of your income on housing will directly affect your quality of life as well as your future in a negative way.

I know some single moms who refuse to move out of a costlier living environment because they want some consistency for their children.  There are also those moms who must adhere to court orders and stay in a certain locale until their children reach age 18.  If you are a single mom and you are struggling financially and the cost of your housing is stressing you out.  Do consider speaking with the friend of the court, an attorney or even your ex.  No decent human being wants their children growing up in a financially strained living environment, someone will listen, even if nothing can be changed immediately.  It is the power of sharing your stress that will help to alleviate it.  Always look for healthy ways to deal with your financial stress.  Always look for ways to improve your financial situation.  Always look to increase your financial knowledge so the financial decisions you make, will help you!  SWARM