Being a single mother is very tough and stressful and unfortunately, money can cause a major source of stress in the life of a single mother.
If you are newly divorced then you have to get used to having one income when you have been most likely used to living on two incomes.
This can be a big adjustment, especially with kids so you will need to learn how to live on a tight budget as a single mom so you don’t ruin yourself financially.
With rents getting higher and higher each year, buying groceries, paying utilities, does it surprise us that we get stressed out?
Having to live on a tight budget isn’t easy, but with these tips, you will learn how to stretch your money further and make it much easier to live as a single mom.
Know Where Your Money Goes
One of the biggest things that we see is that many people have no idea where their money goes.
They will be out and about and stop by the local coffee shop. Then we go about our week and maybe stop in for a few more coffees.
Many people will buy small-priced items and then realize they have spent most of the money on little trinkets.
Having the cash on hand would be better than having a bunch of small toys that we cannot do anything with.
If you want to know where all of your money is going, it is best to start writing down any spending and keep spending records for a couple of months and then review.
After going through the lists, you will usually be surprised at just how much money you are wasting.
If you really want to know how to live on a tight budget as a single mom then you need to be aware of where your money is going!
Tips for Saving Money on the Budget
There are so many ways to be able to save money. The great thing is we are always finding new ways to save a few pennies.
Make Your Coffee At Home
Even if you do not own a coffee maker, it is time to go out and invest in one.
Saving on buying those $4.00 cups of coffee at the national coffee chains.
Coffeemakers come in so many sizes and styles that one is available to go with just about any décor. When the larger cans of coffee go on sale be sure to buy a couple of extras.
By stocking up when something is on sale, we are saving money on each can purchased.
Make Your Lunch Instead Of Ordering Out
Of course, this advice could also be used for breakfast and dinner.
Going out to eat most of the week can put a real drain on any budget.
Even if we do not like to cook, there are enough food choices for every taste.
Purchase Store Brands
There are those consumers who will only use the name brand products, but we do not have to fall into that category. Store brands can save a shopper quite a bit of money.
Purchase Products In Bulk When Available
Often, the more of a product that is purchased, it will usually cost less. Be sure to check the prices and scoop up the deals when possible. Meats can be frozen along with vegetables.
Bake Your Own Pastries
The price of sweets and pastries can help to send the budget spinning.
If your kids are craving some sweets then learn to make some on your own to save money!
You can also get your kids involved with baking tasks to make it fun and have some quality bonding time.
Get Rid Of Paper Towels & Use Washable Cloths
We spend a lot more money than we think by purchasing paper products that we really do not need to.
Use Manufacturer’s Coupons When You Shop
Plan your meals according to what is on sale each week and stick to your plan.
Use coupons to save whenever possible. A small note on using coupons, be sure you are only buying what you need at the time.
Do not use a coupon for a product that you would not normally buy. Always check the store brand to be sure we are getting the best bargains.
Budgeting Around The Home.
Here are some easy ways to cut costs around your home to easily save some money as a single mom.
Make Sure Your Home Is Fully Insulated
Oil and gas to heat a house can become very expensive. We want to be able to keep those heating bills down and do not need the surprise of a large bill we were not expecting.
Keep Heat At A Comfortable Range & Not Hot
If the family is comfortable with the heat set at a lower temperature, there is no need to turn it up. Sleeping is easier when the heat is turned down at night.
Energy Efficient Appliances Make For Great Savings
Of course, we cannot just run out and replace all of our appliances in one shot. Knowing that we must invest in a dryer soon allows us to be able to research and make an informed decision.
Switch Over To LED Or CFL Light Bulbs
The new bulbs save four times as much electricity as the older bulbs.
Another area you should look at cutting costs in is entertainment. I’m not saying that you should be miserable or not make your kids happy but you need to find ways to limit your spending on entertainment until you are in a better financial place to start spending more.
Set A Budget For Eating Out & Stick To It
This can be hard at first, but it does get easier when you see how much we can save.
This is something that we hear about all of the time. Do you have a package with 500 channels that you never watch?
It may be a chance to take a good look at what we are paying just to be able to watch television.
Don’t Buy Things That Are Not Needed
Sometimes we can shop and make impulse purchases. Think twice before making any purchase and ask if the purchase is really needed.
Find Cheap Or Free Activities
To save money when you are a single mom, you should find cheap or free activities you can do with your kids.
You can take them to parks and museums which are either free or really cheap!
These are some tips to learn how to live on a tight budget as a single mom.
It can be really hard to manage your money when you are newly divorced but there are things you can do to put yourself in a better financial situation.
These tips will help you get into the habit of saving money which will greatly improve your financial life.