Raise your hand if you’re a single mom and you want to know how to save money. Budgeting can be expensive for two or more if you’re the only breadwinner.
It can be overwhelming to manage your funds, especially if you have no idea where to start. But the good news is that we have heard your prayers and we’ve got 12 tested ways to help you as a single parent save money.
How to Save Money as a Single Mom:
1. Sort your Bills
An enormous number of bills can be overwhelming to sort through if you let them pile up. It’s wise to organize your bills according to criteria so that you know the exact amount that you owe and to whom. Try and pay off each bill as they come so that you don’t get tied down with paying a bunch of them at once.
2. Recognize the Bad Egg
Remember that gym subscription that you really wanted and never used? Or that arts and crafts class that your child despises? Let’s face it, they’re a waste of money.
It’s very important to know the difference between something that adds value to your life and something that is just siphoning your money away for no good reason.
Sorting out the bad from the good, and closing accounts or ending subscriptions that you don’t lose can save you plenty of money in the long run.
3. Budgeting 101
Budgets? They’re boring but necessary. Keeping your monthly spending in check can be tough but its a great way to keep an eye on what you’re spending, as well as what you can cut down on.
You can start small with budgeting. It’s wise, to begin with, a weekly budget, and once you get a hold of it, monthly ones will be easy-peasy.
4. A Savings Account Saves the Day
Savings accounts don’t sound appealing because you only live once right? Wrong. With a child, you need to be able to prepare for a rainy day. You never know when you may have to splurge on a new uniform or an unexpected doctor’s visit.
Set aside an amount each month that you can afford to save and set up a direct deposit or standing order to transfer it into your savings. Within a few months, you’ll already have a sizeable amount you can rely on in times of crisis.
5. Paid Bills and Overdue Smiles
Have you been missing out on time with your kids because you’re too busy paying bills?
Mothers, don’t sleep on your bills. Rather pay them off immediately if you have the option as this will maintain a good credit record. It will also give you a sense of freedom and more quality time with your kids.
6. Don’t Borrow Liabilities
Loans become a necessity when you have growing expenses. As a single mother, there are responsibilities that you have to carry out and borrowing can be inevitable.
However, only borrow what you need and not what you want. If you can’t afford a new dress or a new coffee machine, don’t buy one until you can. Loans should only be for absolute necessities.
Make sure that you have read the small print and know all the terms and conditions about interest rates, deadlines and the source you are borrowing from.
7. Solo is your New Yolo
Joint ventures may have been a good idea but so is cutting ties when it no longer serves your purpose. Opting out from all joint ventures, such as joint bank accounts, with your ex should really boost your savings and leave you plenty of breathing room.
We know its hard to manage everything on your own, but it’s not impossible.
8. Low Prices Exist
As a buyer, you are obliged to pay whatever the price tag says. But you don’t have to pay the first price you see.
You can hack your growing spending in the craftiest of ways. Online platforms are amazing if you just take some time to see what’s on offer.
Using price comparison websites and doing research online can bring up all sorts of deals on the same or very similar products. See what’s out there before you commit to the first price.
9. Thrifts are Canny
Second-hand shops aren’t really for everyone – especially with the raving fascination for Gucci and Prada. However, stylish doesn’t have to mean expensive.
You would be amazed at the awesome clothes and other accessories you can find in thrift stores for you and your kids at hugely discounted prices. Once you go thrift, you never go back.
10. Meal Prep and Weekends In
Eating out is convenient and tempting, but cutting down on these little dinners out can save you loads of money. While cooking in and preparing meals can take a hefty amount of your time, it’s rewarding and you can be sure of what you and your kids are putting into your bodies.
Both your health and your purse will benefit.
11. Discounts and Coupons are Class
Discounts and coupons are a lifesaver when it comes to saving money as a single parent. Collecting them and being on the lookout for promo codes can be economical.
Keep an eye out for coupons in store, in magazines and online coupons to get discounted prices on groceries, clothing and even haircuts.
12. Honesty is the Best Policy
As an adult, it’s your job to provide for as well as discipline your kids Be vocal and firm about saying no to your kids. Explain the importance of savings to your child. The best way to save some cash is through communication and teamwork.
Final Reflection
Getting your finances in check as a single mother can be really tough at first. Whether you are a newly single mom or have been for a while, budgets and healthy finances are the new normal.
The most important way to start is by setting small goals, motivating yourself and not surrendering to temptation.
It will be hard but with trial and error, you definitely can and will rock the life of a money-savvy single mother with a little perseverance.
Excellent tips! Making a financial turn around takes a bit of guidance, creativity and adopting new habits–but it is totally doable! And developing an abundant mindset is key. Divorce is all about new beginnings!