I have the pleasure of working with many single women. Many of them are single due to divorce. Within this group, there is a condition that I tend to see that I have termed the “single mom syndrome”.
The problem I see in this group is overspending on their kids. There is a level of guilt in a newly divorced family (and particularly with moms) that often leads to overspending. These mom’s continue to spend more on their children than they can afford and they feel guilty if they have to set new boundaries.
If this sounds like you, it may be a great opportunity to educate and involve your kids in real world finances. You can use the change as an education with your kids. The only kids who don’t understand finances are the ones whose parents don’t involve them in discussion and planning process.
After a divorce, most women are years behind in preparing for retirement. Making this worse by not setting spending boundaries with your kids won’t make this better. Remember that your kids will want you to be prepared for your future. It helps you as well as them. You will be setting a positive new example for your kids.