Finding a Path to Financial Freedom as a Single Mom | My Member Story

Sometimes life throws you curve balls you never saw coming. That’s what happened to Stephanie Bay as she found herself navigating life as a single mother with two children.

During her marriage, Stephanie’s husband was the one who took care of the finances. After the divorce, she tried her best to develop a budget and stick to it, but ended up just barely surviving from month to month. She knew she had to do something different.

Asking for help

Stephanie knew being a single parent was going to be hard—at least for a while. What she didn’t realize was just how heavy the burden of making every single decision for the household would be. She was used to taking care of the kids, but this was more than she had anticipated. She knew she needed help.

“I was drowning.” That’s how Stephanie describes her situation. “Just trying to figure out how to keep up with everything and manage my money—I knew there was a better way to do it.”

She reached out to her boss for advice, who recommended Mountain America Credit Union. Stephanie’s boss had spoken with Meg, a financial guide at the credit union, for help with her own finances and was amazed at how helpful the experience was.

Overcoming the fear

It’s not uncommon for people who have had difficulty managing their money to have a lot of feelings about their situation—embarrassment, fear, guilt, shame. Stephanie had them all. But she knew she had to make it past those feelings if she wanted to take care of her family.

She was already a Mountain America member so she thought she would give it a try. In her first phone call with Meg, Stephanie knew she was talking with the right person. “The way she spoke to me was so kind,” she explains. Eventually, the overwhelming feelings melted away and Stephanie got down to doing the work—and seeing results!

Lighting the way

During her monthly calls, Stephanie would discuss her challenges and goals and Meg would explain options and tools that could help. And there was always homework! Stephanie would always have something to work on over the next month.

She learned about how her credit score worked and what to do to improve it. She also began opening secondary savings accounts to more specifically align her priorities with her goals. She now has a separate account for her car registration and even for fun with her kids. She has automatic transfers that go into these accounts each month. When she needs the money, it’s there. She even has a savings account for the solo vacation she is planning!

Passing on the knowledge

One goal Stephanie has as she learns to manage her money is to teach her kids along the way. Mya Willow, 14, and Sophie Ann, 12, both have checking and savings accounts. They know how to use their debit cards, check their balance and make deposits.

When Stephanie was growing up, the women in her family didn’t discuss things like money or higher education. Now, she wants to make sure her children are prepared for life, no matter what comes their way. She recognizes that teaching them how to manage their money (and save for what they want) is a great first step!

The kids are also involved in meal planning and grocery shopping. They are learning to consider the monetary aspect in their decisions to build good financial habits that will take them into adulthood. Stephanie shares, “I think it will make money less intimidating for them in the future.”

Paying it forward

In addition to passing along the things she’s learned from Meg to her children, Stephanie also loves to help others. She works for a therapist’s office and a lot of the clients there are single moms. She says, “I’m always asking if they know about this budgeting tool or that money-saving option. If they don’t, I explain it to them. Hopefully, that helps them out a little, too!”

Learning to navigate a new life

Over the past year working with Meg, Stephanie has had a chance to settle into her life and start planning her future. Now that she has a handle on her finances, it’s easier to see all the possibilities.

Being a single mom is exhausting and super rewarding all at the same time. She loves that she gets to be there for everything. “It’s a roller coaster ride. There’s a lot to balance,” she muses. “Having the financial part figured out takes one thing off my plate.”

We asked her where she plans to go on her vacation. She says she spends all day, every day, making decisions for her family, so she wants to go to an all-inclusive Mexico resort where she doesn’t have to think about anything! It’s all taken care of ahead of time and she can do whatever she feels like doing in the moment.

We say, go for it!