If you are a single mother, you may have to juggle your finances since your child or children will depend on you to cover for two incomes that should be in the household – from a father and a mother. As a single mother, it is quite difficult to run a household exclusively with car payment, rent or mortgage, utilities, food and school expenses to take care of. It can be very challenging. With all the expenses, how can a single mother be able to save?
Watch Your Spending
Saving as a single mother is possible, but you have to watch the household spending for each month and set a budget, listing your monthly income and your monthly expenses. This will give you a better idea of the funds coming into the household and the funds going out.
Make a List
Once you make a written list of these expenses and income, choose the three that are the largest expenses. Usually, this could be the rent or the mortgage, auto payment and groceries. If you are paying a heavy mortgage, you may want to consider selling your home and purchasing something with less expense or renting an apartment at a lower monthly cost. If your car payment is high, you may want to also consider selling your vehicle and taking the bus instead. Remember that an automobile requires regular maintenance and gas every week. Your primary goal is to reduce your expenses as much as possible, no matter if you have to give up some of the conveniences that you are accustomed to. This can be a good lesson when teaching your kids good money habits.
If you were to move to a more affordable location such as an older apartment building, you may find that the rent is much less. Walk instead of driving when you can. If you have to work a second job or overtime, use some of the extra funds to put into a bank account. You could also use some of the extra money to pay down your debt so you can free up some of your money.
Instead of eating lunch every day at a restaurant, cook from home or make a quick sandwich to take to work. You can save so much money doing this one thing. Eating out adds so much to your expenses and it can be avoided. If you take your kids to the fast food restaurant more than twice per week, cut back on this. If you don’t know how to cook, invest in a cookbook or borrow one from the library. You will be amazed at how much money this can save you. Stop buying coffee every morning on your way to work or reduce it to just once per week. Make coffee from home and take with you each morning.
Nothing is wrong with cutting coupons to shop for groceries. Many single mothers have to resort to this. It might take some work to do this, but it will be worth it in the long run. Have the kids help you, if they are of the age to do so.
These are only some of the simple ways to cut costs as a single mother. Be creative and let the idea of having a saving account become your motivation. Commit to saving and you will be able to do it.