Stay Happy! Let’s Follow Financial Tips For Single Mom

By | November 21, 2021

How to manage finances for single moms?

Some of you who are reading this article may be mothers who are struggling to become a single parent. This condition is not an easy thing to go through. Often you have to face various problems alone, including financial problems.

On the other hand, we realize that every good parent wants the best for their child’s life. Usually this becomes a dilemma when our financial condition is not supportive. Before discussing tips, let’s first identify some financial-related problems that are often faced by single moms!

Problems That Single Moms Often Face

Losing the backbone of the family

Any woman who becomes a single mom must feel a very heavy burden. Not only losing partners who usually work together in taking care of children and households, but also losing the backbone of the family.

Although many single moms have made it through this most critical period, not a few are experiencing increasingly worrisome conditions. Because previously they did not have their own income, so that after a divorce, their ex-husband or spouse died, they were very financially weak. This is what triggers excessive stress and anxiety about the future, especially for the child.

Dealing with it is not an easy matter, but being a single mom is not the end of everything. As long as we want to try, there must be a way!

Funding Needs for Daycare

When a single mom gets a job, it doesn’t mean the problem is over. But a single mother must make wise decisions in managing her finances, especially regarding child care. Because if you work, you will not be able to accompany him all day. Whether you work from home or work outside, there are still consequences where you have to focus on work.

But on the other hand you need to keep thinking about your little one’s growth and development. The choice is to entrust it to daycare, trusted caregivers or closest relatives. If you choose a quality daycare or caregiver, of course the cost is not cheap.

Often Have To Forget Personal Desires

Not infrequently, single moms have to put aside their personal desires so that the existing income is sufficient for their daily needs. When there is a desire that comes to mind, you usually have to think a thousand times before buying. This is a ‘normal’ condition that occurs because single moms have to prioritize costs for their little ones and daily needs.

There are no substitute figures in an emergency

If you and your ex-husband are still on good terms, then financial and parenting issues can be shared according to the agreement. The problem is if that’s not the case, whether it’s because your relationship is bad or your partner dies in an emergency such as being laid off or sick, the financial and parenting burden becomes even heavier. This also often happens to single moms.

With the big challenges that single moms have to face, you definitely need tips for managing finances. Let’s discuss one by one!

1. Plan Your Finances Well

The first financial tip for single moms is to plan finances well. If when you become a single mom you have sufficient savings, it’s better not to rush to use it as business capital. It’s a good idea to think carefully about how the financial plan will be carried out with the money.

Because if you manage your finances wrong, this will cause stress and can have an impact on the quality of your life as well as in small. It is true, that money management is not a skill that can be mastered overnight. We need to have broad insight and keep practicing.

Then what needs to be done in financial planning?

  • Calculate how much income per month you can get, including if your little one’s father provides a living for the needs of the child
  • Count all assets owned
  • Make a list of your child’s and your own priority needs, including whether you need a psychological recovery professional, have an emergency fund and choose daycare or caregivers
  • Calculate the monthly basic needs budget
  • Also calculate the amount of installments that must be paid each month

Oh yes, in addition, we need to be wise in choosing care for our children while we are still working. It’s not just a matter of quality, when choosing a daycare or pegasuh, the process of choosing it must also be adjusted to the existing conditions. For example, about your budget and working hours.

2. Have a Stable Income

The next step to improve financial conditions is to be financially independent by having a stable income. By having a stable income, this makes you calmer because you can plan expenses better. You can also be aware of any non-routine expenses that must be incurred.

Stable income can be obtained through work that produces a monthly salary. Finding a job is not easy, but not impossible either. You can start looking for jobs that match your educational background or company needs.

It doesn’t matter if you haven’t found a job that really fits you. Most importantly, with a stable income, you can earn a halal income and meet the needs of you and your little one for the next few months or 1 year.

3. Don’t Forget The Fund Allocation For Me Time

Remember about the financial plan in the previous point?

One of the most important things in financial management is that we need to know what are our priority financial goals. You have to separate which are the primary needs and prioritize them first.

Of course, being a single mother will make us have unique financial goals. Primary needs are not only about the needs of the house and children, single moms also need to think about their own needs!

There’s nothing wrong if you occasionally spend money on something you want as long as it doesn’t interfere with the allocation for primary needs. Also try to set aside for your me time needs . It’s as simple as sipping warm chocolate at the cafe while waiting to pick up your little one from daycare. This will reduce stress levels and fatigue from routine office and home.

4. Buying Insurance

You never know when you or your little one will get sick or have an accident. We cannot control the cost of treatment or treatment. It could be that at any time you need a lot of money for it. If we ourselves are sick, the economic burden will increase because apart from not being able to work, you also have to spend a lot of money.

Therefore, buying insurance, at least health insurance or health health protection such as BPJS is a must. So make sure you and your child are registered as participants and pay regularly.

5. Try to Pay Off Debt First

If you have debts or installments, then on your financial agenda, prioritize paying them off first. That way you can be calmer and focus on other priority financial goals.

You don’t need to pay the debt all at once, but you can pay it in installments according to your ability and don’t interfere with your primary needs. The emphasis here is the spirit towards being debt free and having healthy finances.

If you object to the amount or tenor, you can apply for waivers to the party providing the loan. To help you with the repayment process, you can read the article below to find out the tips!

If it’s paid off, don’t be tempted by the ease of applying for debt in this digital era. Because in fact, debt is a burden. This will affect your habits and finances in the long term, especially your life as a single mom.

6. Career Planning

While meeting your routine needs, you need to think about your career. In the early days, perhaps your main consideration in choosing a job is a stable income for some time. But you also need to think about the long-term survival of you and your little one.

So take some time to think about your career plans and slowly put those plans into action. Will you continue to work in your current office ? What about future financial prospects? If yes, how long? Or do you have a dream of working from home so that you can accompany your little one longer?

7. Consider Looking For Additional Income

The necessities of life are many and not cheap. If the income from your main job is not enough to meet the needs of you and your child then consider looking for additional income.

Of course this should involve consideration for time with your little one. Don’t let him feel a lack of love, while his mother is too busy making a living. Even if your child is more independent, provide understanding and plan quality time on a regular basis so that your side hustle doesn’t affect the quality of your relationship with your little one.

8. Plan a Long Term Investment

Financial tips for the last single mom, if your finances are stable, then it never hurts to look at investing for long-term goals.

You certainly know, in the future your child will need school and college fees. In addition, you will definitely need a pension when you are old. Therefore learning to invest is a must.

No need to worry too much if you are still a layman. The most important thing is not to believe it right away or even you should be suspicious if someone offers an investment that is too good to be true, aka too promising. Know that investment is always risky. The higher the potential return, the higher the risk.

There are various investments that are easy and newbie friendly. Such as gold, money market mutual funds and bonds. If interested, study the instrument and make sure you buy in a safe place and under the supervision of OJK.


Those are smart tips in managing finances for single moms. Good financial management is very important. If finances fall apart then this will erode your happiness and in small. Hopefully the tips above are useful, stay happy and be the best version of yourself, moms!

Want to apply for a KTA? Avoid These Things!

The Covid-19 pandemic has been ravaging the world for more than 1.5 years. Of course the impact is felt starting from losing a job to a business going bankrupt. Various things are certainly done in order to survive in a deteriorating economic condition, including considerations for applying for KTA (Unsecured Loans). The question is, is KTA really able to provide the right financial assistance?

Indeed, when talking about credit, of course there will be pros and cons that occur. Some people have no debt rather than living pressed bills. However, there are also those who are forced to apply for KTA or other types of credit, because they really need cash in a short time. If this is the case, wisdom must be possessed.

There’s basically nothing wrong with credit. As a banking product, credit has in fact helped many people in terms of financial difficulties. Starting from loans for businesses, mortgages (House Ownership Credit), as well as commercial loans ranging from motorized vehicles to KTA. As long as the debtor is responsible for the credit he has, even KTA will be profitable.

In fact, many people have finally succeeded in a business or investment through KTA, with proper management. Like what? We will discuss in full about the pros and cons, the mistakes that must be avoided until the use of the remaining KTA funds. That way, you as a prospective debtor will not feel guilty and pressured because you have KTA dependents.

Advantages and Disadvantages of Using KTA

Not many know, KTA is apparently a banking product that was originally introduced by Standard Chartered PLC, a British multinational banking institution. However, in its development, KTA has been adapted by many local banking institutions in the country for various customer needs. In order to be able to apply for a KTA with confidence, the following reviews of the pros and cons must be known.

Advantages of KTA

As the name suggests, it is unsecured, of course the most prominent advantage of this KTA is that it is unsecured. Yes, the bank as a creditor will trust the debtor 100% and provide loan money. Creditors will also not care whether you use the KTA funds for business purposes or other consumptive matters. Because the application for KTA is not burdensome in terms of collateral, of course many people are interested.

In addition to applying for a KTA that does not need a guarantee and is completely flexible, the process is also relatively fast. Unlike credit for business, motor vehicle ownership to buying a house which requires a survey process to evaluate collateral assets, KTA does not require that. Usually they only require prospective debtors to have a credit card and a satisfactory BI Checking score.

Losses Obtained From KTA

Apart from the various advantages that you can get through applying for a KTA, it turns out that this one banking product also has some disadvantages. First, the most prominent is the relatively high interest rates. Some say this condition occurs as a result of the lack of guarantees and ease of application. Usually the debtor will be charged a flat interest rate from the beginning until the end of maturity later.

Of course, each bank has a different policy regarding the interest rate for bills, but in general it reaches 2.5%. In addition to high interest rates, KTA also usually has a limited ceiling and tenor, unlike applying for loans with collateral that can reach hundreds of millions to billions of Rupiah. And lastly, the disadvantage that usually arises from KTA is that not everyone can become a potential debtor.

Yep, because without collateral, the application for KTA can usually only be done by those who work as permanent employees, professionals and entrepreneurs with fixed income. Where usually prospective debtors must also have an active credit card with good credit status, and earn a minimum of IDR 3 million per month.

Things to Avoid When Applying for KTA

Now, after you understand what the pros and cons of applying for a KTA are and are still interested, the next thing you can do is to prepare the conditions required by the bank. If you really don’t want your application to be rejected, the following things must be avoided:

1. Don’t Do a KTA Comparison

This is the first mistake in submitting KTA and of course many debtors do. Yep, they don’t compare KTA products from one bank to another. In fact, as already mentioned, each bank has its own interest rate, ceiling and tenor. Try to compare them first so you don’t feel disadvantaged and according to your needs.

2. Impulsive Loans

Doing the application of KTA impulsively or repeatedly, is clearly a mistake that cannot be made. Conditions like this usually occur in prospective debtors who are consumptive and crazy about spending. Because usually what happens, you can’t afford to pay your monthly bills and make your credit score at BI (Bank Indonesia) worse. The impact? You may have difficulty applying for credit in the future.

3. Stuck Lifestyle

Jealous because your friends can work traveling continuously abroad? Suddenly buying a private car or changing smartphone to iPhone? These conditions often happen to all of us, which ultimately makes many people do KTA just to meet the demands of a lifestyle. Is it wrong to apply for a KTA for the sake of a lifestyle ? It’s not. However, this condition has the opportunity to make you trapped in debt that will not end.

If you have this, you can be stressed because creditors always contact about late payments. It’s not impossible because you are too insistent on wanting to look cool even though your income is mediocre and finally you apply for a KTA and then you can’t pay, you can be hunted by debt collectors who actually make you stressed and embarrassed.

4. Not Checking Financial Conditions

You could say this is the most basic and common mistake when applying for a KTA. Many prospective debtors are tempted to get cash in a short time, so they do not understand their own financial condition. Let’s say you have an income of IDR 5 million per month and have the status of an ASN (State Civil Apparatus). In this condition, you will definitely be approved when applying for a KTA.

It’s just that you don’t take into account the finances that have been burdened because you have motorbike loan installments of Rp. 800 thousand per month, and also mortgage bills reaching Rp. 3 million per month. With IDR 1.2 million remaining, even though the credit score is good enough so that the KTA application is accepted, is it enough for savings, paying needs and finally KTA installments? Certainly not.

For this reason, before applying for a KTA and avoiding potential defaults, you must know what the proposed ceiling is, how long the tenor is, how much the interest rate is set and finally the financial condition.

5. Perform Data Forgery

Of the many mistakes in applying for KTA, you could say this is the one that will most definitely make you lose money in the future. Yep, insisting that their application be accepted, not many people choose to falsify data. For example, increase the income in the payslip, so that the application passes. Even though you may not know, the bank clearly checks the company in question to confirm your status and income.

If the credit candidate finds out that you are falsifying data, it is likely that your application will be rejected immediately. Meanwhile, if the falsification of this data is not known to the bank and you finally pass, this will still make your finances burdened because the debtor’s data does not match its original condition.

6. Borrow For Short Term

As mentioned earlier, you can apply for a KTA for various needs. Want to pay debts, traveling , pay for capital expenditures to business disaster. It’s just that a mistake often experienced by KTA debtors is that they apply for loans without ever thinking long term. Because it is only a short-term focus, often the use of funds is not optimal.

Even though if you make an application like a loan for a business, the long-term prospects of KTA will be positive. For example, if you use the KTA disbursement funds to develop your business, then the one who will be responsible for paying the bills is the business turnover that will not make you dizzy. But if it’s for a lifestyle, calculate it wisely and make sure that you can afford it.

7. Incomplete Documents

The last mistake in submitting a KTA is an incomplete document file. Indeed, there is no need for collateral in KTA, but the banks clearly ask for documents from prospective debtors. Usually this document can be in the form of personal files, checking account history, credit card history and of course salary slips. In order for the application to pass immediately, complete all of the above first.

Remaining KTA Funds? Use For this!

Has the KTA application passed and finally received cash? Of course it’s fun. You can directly use these funds for certain financial needs or goals. But what happens if it turns out that there are still KTA funds left and not being used? Are you going to return it to the creditor? This condition is clearly not going to happen.

Is it used for extravagance and other unexpected expenses to fulfill a lifestyle? So avoid it because it can be harmful. Instead of being dizzy, you can do the following things when there are funds left in the KTA application received by the creditor:

  1. Instead of useless KTA remaining money, it’s a good idea to switch it to investment needs. Let’s say you buy government bonds, then the coupon fee paid can be used to help meet KTA installments. Don’t want bonds? Don’t worry, fixed income mutual funds can be a consideration
  2. In addition to investment, the remaining KTA funds can be used directly for business capital. Let’s just say that you apply for a KTA amounting to IDR 10 million and the remaining IDR 3 million, the rest can be used to start a small business which is expected to be able to help pay the ongoing KTA bills.
  3. It has been previously mentioned that prospective KTA debtors are usually required to have a credit card. So if there are funds left in the KTA later, why not use them to pay credit card bills? That way your monthly burden is reduced

How? Already understand more about the application for KTA, right? Now, if you understand the pros and cons, things to avoid until the use of the remaining KTA funds, you don’t have to worry anymore when you want to apply. The important thing is, never force a lifestyle and just insist on looking cool through branded . Why? This condition can obviously make you a big loss and trapped in debt. 

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