Money Plan: It’s Never Too Late or Early


Being a single mama, planning household finances and where every £ goes is essential. As a single income family, it is very important for me to identify how I was going to sort out my finances. Firstly I needed to determine what I’m aiming for. Some people have very immediate and specific financial goals, for me, that’s not always the case.


To start, I had to make a list of my long-term financial goals, which included some of the following:

A mortgage-free home (sounds impossible)

A fund to support my son’s education

A pension sufficient to live on later in life.

In the beginning, this seemed like a fantasy, but it was worthwhile investing my time to do this. And you can too, even if you’re just leaving university or in your 50’s.

Time to write down some of those immediate goals (pay off debts or purchase a car). Feeling in control of my finances, rather that vice versa is extremely important to me. Information was my power. The more I looked into my finances and where my money was going the more in control of them I was.



Here’s what I tried below:

I started my campaign by spending some money and invested in a notebook. I call it my Financial Finish Line Notebook

I write down my financial goals: a year ahead, 10 years ahead, and for the rest if my life / retirement. I write them out on three different pages.

I make a list of all my income (from all sources) and what I earn daily, weekly and hourly. I used a salary calculator (

I then look at my major outgoings (rent, council tax, utility bills, loan repayments, anything that took up a chunk of my income).

It’s really good to do this as your bank will ask for things like this when assessing repayments on a mortgage. Once I completed this I felt like I was ready to take control of my finance future.

I hope this was useful to you.