Making ends meet is difficult for many families, but single parents often struggle with finances more than others. Jean talks with Carolyn Gable, a single mother of seven who worked as a waitress for several years before becoming the CEO of her own multimillion dollar company. They take calls from single parents in need of career advice and tips on managing money. Advice for Single Parents on a Budget:
- Cut the fat out of your budget. Keep track of your expenses and find out where you are spending money unnecessarily.
- Cook at home and stick with meals that are inexpensive and easy to make.
- If you are a parent struggling to make required child support payments, Jean suggests taking on a second job and building a cushion of money to help pay your bills.
- Build a support system of family and friends to help watch your children.
- Shoot for the stars. If you have an education, apply for jobs that you may think are out of your reach and ask for a salary that will truly meet your family's needs.
The information provided here is general advice and you should always consult your own financial adviser before making major financial decisions, including investments or changes to your portfolio. The opinions expressed by the hosts, guests and callers to Oprah Radio are strictly their own.