As a single mother, budgeting can be a challenge. Especially when you have to manage all expenses on your own and on one income. However, by utilizing these budgeting hacks for single mothers, and with a little creativity and effort, you can save money. And also provide a stable environment for you and your children, and manage your finances effectively.
In this blog post, we will explore the top four budgeting hacks for single mothers specifically designed to help make the most of our resources and create a brighter financial future.
1. Create a comprehensive budget.
It’s very important for us as single mums to have a clear understanding of both our income and expenses. Even if you feel like burying your head under the sand. So the best thing to do is create a budget.
The first step to budgeting is to know where your money is going. Track your spending for a month to get a clear picture of where your money is going. Keep note of everything you spend day to day – even those few dollars here and there. Every bit counts and will help you get a clear picture.
Next, list all your sources of income. This includes any wages, child support, spousal maintenance, government support, and any additional revenue streams.
Then, document your fixed expenses. These are things that stay the same each week or month such as rent, bills, insurance, television streaming services, childcare or school fees, loan repayments, gym fees, etc. And finally, identify variable expenses like groceries, transportation, and spending. Include here the info from your tracked spending.
By tracking your income and expenses, you’ll gain valuable insights into your finances and be able to start making changes, if you need to.
2. Embrace frugal living.
This is the part that kind of sucks. If you look at your budget and realize you have some serious cost-cutting to do, it’s time to embrace frugal living. But remember, it may only be temporary.
Here are eight tips:
- Take advantage of free or low-cost activities. There are so many that you can enjoy with your children. Start by checking out your local library, park districts, art galleries, museums, or community center for ideas.
- Shop around for discounts and deals. There are many ways to save money on your everyday purchases. So always shop around for the best deals on groceries, clothing, and other essentials.
- Use Cashback programs. There are many cashback programs such as Cashrewards that you can sign up to and buy things that you need to pay for anyway. They have all sorts of categories including groceries, kids, travel, fashion, and pets (to name a few). Every time you make a purchase you receive some cash back. I have received almost $600 in the past couple of years that I can have transferred into my account for a rainy day.
- Use coupons and promo codes. There are many websites and apps that offer coupons and promo codes. These can help you to save money on your online and in-store purchases.
- Collect points wherever you can. My favourites are airline points and Flybuys. I usually save all my Flybuys points that I collect throughout the year to add to my Christmas spending.
- Meal planning. One of the biggest expenses for single mothers is groceries. By meal planning, you can save money on groceries and also reduce food waste. Plus, it’s usually a much healthier option. Plan your meals for the week in advance and create a shopping list based on your meal plan. Then buy groceries in bulk and opt for cheaper alternatives to save money on your food bill. I am a huge fan of meal planning and managed a $60/week food budget for many years when my daughter was a toddler. It is possible!
- Take advantage of government assistance. There are various government assistance programs available to single mothers. They vary from country to country but look into programs such as housing assistance, and childcare assistance to help ease the financial burden.
- Cook at home more often. Eating out, or getting takeaway, can be expensive, so cooking at home is a great way to save money. I rarely get takeaway these days and when I do, I appreciate it a lot more!
3. Seek community support.
Don’t be afraid to seek support from your community and take advantage of available resources. Many organizations and community groups provide assistance to single mums, offering programs like childcare subsidies, food banks, and financial counseling services. Reach out to local community centers, non-profit organizations, and government agencies to explore the options and support systems available in your area. By leveraging these resources, you can relieve some financial pressure and also gain additional guidance in managing your finances effectively.
In addition, utilizing community groups such as Facebook Marketplace or local Facebook Pay It Forward groups, or mums swap/buy/sell groups can be amazing! I’ve gained many amazing (and often unused) books, clothes, games, and toys over the years for free or very little money. And when you can, pay it forward yourself!
4. Look for additional sources of income.
Think outside the box, and look for other ways that can bring you in some cash. You can sell unwanted items of yours that will be a treasure to someone else and make some money in the process. I have nine other ways you can make extra money that you can read about right here.
As much as we may not like it, budgeting is essential for us to manage our finances effectively. But, it does take time and effort, so don’t get discouraged if you don’t see results immediately. Just keep at it, be patient and persistent, and remember that every little bit counts. By being creative and resourceful, you can manage your finances and provide for your family on a tight budget, and you can even eventually reach your financial goals.
Got any other budgeting hacks for single mothers? Let me know in the comments!
P.S DID YOU KNOW?
Thrive Tribe – the global membership experience for single mothers – will be opening again for enrolment later this year. Join the waitlist here.
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