Day 1: Facing Financial Reality – Understanding Where You Stand

                                       You can't fix what you don't acknowledge.

Before I became a mother, I had no idea just how much life would change. If I’m honest, I was probably in denial. I spent without thinking—buying expensive nappies, stocking up on too much food, and letting too many subscriptions quietly drain my account.

Then reality hit. As a single mother, I realised it was all on me. Every bill, every expense, every financial decision. Managing money wasn’t just about getting by anymore; it was about taking control.

But before you can improve your financial situation, you have to face your financial reality—even when it feels uncomfortable.

I know from experience how easy it is to avoid checking your bank account out of fear. I’ve been there—wondering if there’s enough to cover the bills, stretching every penny until payday. But avoiding it only makes things worse. The key to financial stability starts with awareness.

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Step 1: Know Your Numbers

The first step in regaining control is understanding where your money is going. Here’s what you can do today:

• Check Your Bank Account – Log in and look at your current balance. No judgment, just facts.
• List All Your Income Sources – Include salary, child benefits, support payments, or any side income.
• Track Your Spending – Go through the last 30 days of transactions and categorise them:
• Essential Expenses: Rent/mortgage, utilities, groceries, childcare
• Debt Payments: Credit cards, loans, overdrafts
• Non-Essential Spending: Subscriptions, takeaways, impulse buys

🔍 Reality Check: Where is most of your money going? Are there expenses you didn’t even realise were adding up? Recently I have started doing a monthly audit and I realise just where my money went. So I have decided that each month I need to pull cash for groceries and snacks for my son. Then this will force me to stick to budget instead of doing non-essential spending.

Step 2: Identify Financial Leaks

Most of us underestimate the cumulative impact of small daily expenses. A £3 coffee here, a £9.99 subscription there—it all adds up. Cutting just £50 a month in unnecessary spending can free up money for essentials or debt payments.

For me, it was those quick trips to Subway. Being gluten-free, my meals were pricier, and I wasn’t paying attention to how much those little purchases added up.

💰 Quick Action Tip:
Go through your subscriptions and cancel or pause the ones you don’t need.

For example:
👉🏾 I had Audible (which I love!), but I paused it for 6 months.
👉🏾 I had Canva Pro, but I switched to the free version for now.

Those small changes made an instant difference.

Step 3: Acceptance Without Shame

If you're in debt, struggling with expenses, or feeling lost—you are not alone.

Recently, I reached out to StepChange, a debt charity in the UK for help. At first, I felt ashamed. But you know what? Asking for help is not a failure—it’s a step toward financial freedom. And let me tell you, it lifted a huge weight off my shoulders.

I’ll share more about my experience in an upcoming post, but if you’re feeling stuck, know that help is out there.

🌱 Your Challenge for Today:

1. Review your bank statements – Face your numbers head-on.
2. Write down your total income vs. total expenses – Know exactly where you stand.
3. Identify one expense to cut or reduce – Small changes add up.

📢 Let’s Talk!
What did you discover when you checked your finances? Share your thoughts in the comments! Let’s support each other on this journey. 💕

#SingleMomFinance #MoneyMatters #FinancialFreedom