Budgeting for your family as a single mom means checking and double-checking your finances every month. Raising children is quite expensive – there’s no way around that.
Since it is only you providing for the family, it can be quite the task to handle finances and budgeting. You will need to consider many things, especially when you know that there is no one else to turn to in times of financial emergencies.
A single mother with an average income will find it tough to make ends meet. That’s why we’ve come up with some tips to make single mom budgeting a little bit easier. Not only will these tips help you in keeping up with all the financial responsibilities, but they will also teach you and your kids the importance of knowing how to manage your finances properly.
Single Mom Budgeting: Where to Start?
Create a monthly budget.
Before anything else, we recommend you know where you are spending your money.
This way, you can become more committed to setting a specific monthly budget or allowance for everything. Start by listing down all your expenses and monthly dues, including bills, transportation, food, housing, child care, and education for your kids. After you’ve determined the portions you need to allow, you’ll know how much you can spend and save each month.
You’ll also need to evaluate how much you allocate for each expense. Doing this can help you find ways to cut back and find alternatives that can help you save. A good example: switch to a fiber-internet plan or cancel a membership you don’t need.
Do your shopping wisely.
When you buy groceries and other supplies, bring a list with you to know what to buy. Making a list not only saves you time but also saves money. Focus on your list and don’t buy things you don’t need. It’s a great idea to compare prices and keep discount coupons for future shopping purposes. Remember that your goal is to spend less.
You may also want to consider shopping online. It’s easy and convenient to find excellent deals and online sales. Sites such as Amazon, eBay, and Craiglist often offer products and services that are more affordable than in-store.
Save on utilities.
One of the essential things you’ll have to pay for every month would be the utility bills. Although this is something that you cannot live without, you can still save in the long run. For example, teach your kids always to turn off the lights when not in use.
Teach them about conserving water when brushing their teeth or washing the dishes. Not only will these simple acts lead to saving more on utilities, but you’re also teaching your kids valuable lessons on being responsible with the planet’s resources.
Pay your bills on time.
As you go about setting a monthly budget and monitoring your expenses, make sure you always pay the bills on time. This practice helps keep your records clean and lets you save more by avoiding late charges.
Setting up automatic payments through your bank for expenses such as your mortgage and monthly rent is a helpful idea. If you have credit cards, you should always aim to pay the minimum balance required to avoid extra charges.
Set up an emergency fund.
Aside from saving money, you will also need to stay financially prepared at all times. It would be best to have a backup plan or an emergency fund that you can use when an unexpected situation occurs.
Being a single mother, you will most likely have few resources during difficult times. Please make sure you are careful when it comes to staying responsible and committed. This fund will be your safe ground in an emergency – such as your car breaking down or getting retrenched.
You may be Single – but you’re Wiser.
Being a single mother is not easy.
You will have to deal with almost everything on your own, with your kids by your side. Of course, you have to stand up for them and face the responsibility, but it will be much easier if you are financially capable of doing so. That is why you must be wiser when it comes to financial matters.