Parenting a child is already one of the hardest things that a person can do in life.
But doing it by yourself? That’s another ballgame altogether.
It’s no secret that single moms have it rough. If you’ve found yourself in that situation, then we’re here to help. In this article, we’ve collected a few important financial tips on how to make it as a single mom that you can start implementing today.
Budget, Budget, Budget
When you have a limited income, it becomes incredibly important that you budget all of your expenses as much as possible. With only one income to support yourself and your children on, there’s no doubt that you have to ensure that all of your dollars go towards the necessities first.
The best way to create a budget is to leverage one of the many budget-creation software options on the market today. A great many of these options, like Mint.com, are completely free. You can enter all of the budgets that you’d like to set for each category of spending, from groceries to gas and transportation.
Then, the software will connect to your bank account and/or credit card accounts and will automatically categorize transactions into the corresponding category leveraging the merchant information. This allows you to get a birds’ eye view into where you are budget-wise each month with minimal legwork.
Leverage Loyalty Rewards and Discounts
Another way to make sure that your financial situation stays secure is to leverage the loyalty reward programs and discounts at the stores you shop most frequently at. For instance, if you buy a lot of groceries from Kroger, make sure that you are constantly checking Kroger for their coupons and deals before you head to the store.
You can then ensure that your shopping list is built around what is available and on sale.
If you also create loyalty accounts with these stores, you may become eligible for discounts and/or cashback when you spend certain amounts of money with them each year.
Use Financing Where Appropriate
Sometimes, you just won’t be able to make ends meet without a little extra capital. That’s where some financing options come into play.
You can leverage a short-term loan or a payday loan to get access to small amounts of capital fast that you can use for groceries or any other immediate expenses. Just make sure to use these financing options sparingly; they should only be used in emergency cases and for absolute necessities.
Take a look at these tips if you’re interested in learning more about how short-term financing could help you.
How to Make It as a Single Mom, Made Simple
This is a lot of information. Take time to process it. Focus on implementing just one of these tips every month, and before you know it you’ll be a pro at single parenthood!
Knowing how to make it as a single mom is no easy task, but we hope that this educational article has pointed you in the right direction!
Be sure to check out the rest of the website for more financial advice before you leave!