Finances look different for single moms. Budgeting and paying off debt while parenting solo presents more challenges when you don’t have someone to share expenses with. Join us on this episode as we talk to Maggie of the friends on FIRE podcast on how she was able to pay off her mortgage as a divorced single mom.
- National Grammar Day! Today is the one day a year when it’s acceptable to correct your friends and family on their misuse of “its” and “it’s”. If you’re a grammar nerd we’d love for you to check out our free eBook, Modern Frugal Living, and tell us all about our grammatical errors because we didn’t pay for editing. You’ll also learn over 200 ways to save money. Head to frugalfriendspodcast.com/ebook to get yours. Again that’s frugalfriendspodcast.com/ebook
- The things we do for toddlers. Tomorrow I’ll be taking time out of my weekend to pay money to take a train ride on a very useful engine. And it saddens me to say that I am excited about it. It’s easy to get excited about all kinds of weird things we do for toddlers but we must prioritize because they will not remember any of this. And you’re excited now but all you’ll be left with is a toy that’ll end up on FB marketplace or a picture that gets lost on your phone. The things we do for toddlers, intentionally choose them or you may lose all the space in your house and all your weekends.
How Maggie Paid Off Her Mortgage as a Divorced Single Mom
Maggie is the co-host of one of our favorite podcasts, friends on FIRE. I’m sure you don’t need to ask why we love it. And just like us, Maggie is passionate about minimalism, simple living, and helping people on their journeys through life. She lives in Atlanta, GA with her husband and 3 daughters but not long ago she was a divorced single mom getting out of debt on her own and we think you’ll find her story as inspiring as we did.
- How and why did you make the decision to pay off your mortgage early?
- What sacrifices did you make and would you change anything about the experience?
- How have the financial decisions you’ve made impacted your daughters?
- How did you handle your finances when remarrying?
A recent money conversation we’ve had with a friend or family member.
Maggie: At a holiday party talking with a friend about taxes/deferred compensation, etc. – holding tension of not insulting, but giving info; a reminder of the importance of financial convos and learning along the way
Jill: Realizing so many options out there that friends are exploring. Also convo with husband about holding the tension of retirement and cash flowing renovations
Jen: A conversation I have frequently with my friend Jess who’s an amazing kindergarten teacher of how she should consider creating a passive income stream around her science curriculum.
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And thank you Maggie for sharing your bill with us about saving $515 on homeowners insurance!