Are you a single mother by choice or by chance? When it comes to
managing finances, it can be difficult no matter how you came to be a
single mother. Not only do you have the responsibility of caring for a
child (or children) but you also have the responsibility of keeping the
household running and paying for all of it. Even if you are fortunate
enough as a single mother to get child support and/or alimony you may
still have trouble making ends meet. Here are some very basic tips to
get you started on your way to greater financial freedom as a single
mother:
1. Budget, budget, budget. Some women have never budgeted before when they become a single mother for the first time. This can be intimidating so if you can find a family member or friend to help you go over your expenses it might be helpful. First, you need to total up all of your expenses such as your mortgage, car payments, insurance, food, utilities, entertainment and credit card bills. It may take some time to figure out some things that are not a set amount each month, so keep track of all payments and receipts for a month and total them. Then, figure out what your monthly income is. If you have more income than expenses-terrific! But, if not you will need to do some prioritizing.
2. Reset your priorities as a single mother. Cut out all unnecessary expenses. Downsize your car and your house if necessary. Where are you wasting money? Do you eat out too much or spend too much on entertainment or clothing? These are areas where you can really trim costs if you make an effort.
3. Get educated. You can update your schooling and skills to increase your earning potential-and as a single mom, you have an advantage for many scholarships or grants. Talk to the school financial counselors.
4. Become a Savvy Shopper. Shop sales and clearance racks to save money. Use coupons and match them with grocery ads. Buy bulk and freeze meals to save money and time in food preparation so you don't eat out.
1. Budget, budget, budget. Some women have never budgeted before when they become a single mother for the first time. This can be intimidating so if you can find a family member or friend to help you go over your expenses it might be helpful. First, you need to total up all of your expenses such as your mortgage, car payments, insurance, food, utilities, entertainment and credit card bills. It may take some time to figure out some things that are not a set amount each month, so keep track of all payments and receipts for a month and total them. Then, figure out what your monthly income is. If you have more income than expenses-terrific! But, if not you will need to do some prioritizing.
2. Reset your priorities as a single mother. Cut out all unnecessary expenses. Downsize your car and your house if necessary. Where are you wasting money? Do you eat out too much or spend too much on entertainment or clothing? These are areas where you can really trim costs if you make an effort.
3. Get educated. You can update your schooling and skills to increase your earning potential-and as a single mom, you have an advantage for many scholarships or grants. Talk to the school financial counselors.
4. Become a Savvy Shopper. Shop sales and clearance racks to save money. Use coupons and match them with grocery ads. Buy bulk and freeze meals to save money and time in food preparation so you don't eat out.
