Earning money is actually quite a difficult task, especially when you are a single mother. Raising children alone means that you have to take care of their expenses alone, arrange someone to take care of them while you are at work and holding down a decent job. Obviously, it’s hard to deal with all of these tasks at the same time.
Most people wonder how to save money as a single mom. However, you should know that there are countless women all over the globe who are raising their families on one income. Even if the income is small, medium, or large, it’s vital for you to save money from it and make the most out of the least that you have.
Here’s How to Save Money as a Single Mother:
Do Not Pay For Day Care:
Day care centers might be taking up more than half of the money you earn. If you are not liable to leave your child at home, then it’s better for you to start freelancing rather than doing an office job. Moreover, you can also choose a job that pays you per hour and you can work only during the hours when your children are at school to save money. You would be saving around 500 dollars every month and won’t need car title loans living in Reno, NV with the money you save. However, you can also ask a high school student to babysit your child for an hour or so when you are working, and pay a relatively small amount than you would pay at the day care center.
Create a Monthly Budget:
The mothers who recently get a hold of the responsibilities find it hard to keep track of the monthly expenses for a few months until they get used to the management of the expenses. Therefore, to get hold of your expenses since the first day, it is vital for you to note everything down, and know where your money is going. You have to plan a monthly budget and implement it honestly. Make a list of the most important items first, for instance, housing, transportation, grocery, and the school fees of the children, and make sure that you leave no room for extra expenses.
Grocery Shopping Without Kids:
One of the most important things to do while trying to save money efficiently is by not taking your children along when you are going grocery shopping. Of course, this does not apply to the parents who have relatively sensible and older children. Taking your little ones along grocery shopping would ruin your whole budget, as they would force you into buying unnecessary items. On the other hand, you should take them along once they are old enough to understand the financial condition of the household.
Separate Savings Account:
One should take notes on how to save money being a single mom, and another efficient way to do this is by transferring a small amount of your salary to your savings account every month, preferably 200 dollars or 250. You can also ask your employer to divide your salary by sending a fixed amount to your savings account and the rest of it to your checking account, or you can do it yourself. Even if you start by saving small amounts then remember that saving 25 dollars every month makes 300 dollars in 12 months. Moreover, for another effective savings technique, one should not get cash from you credit because it’s expensive. It all depends on how the cash advance works, but a general rule is not do it. You need to keep an ATM card and use a check book instead. If you have an ATM card, then make sure that you do not use it often so that the maximum amount is available at the time of an actual emergency.
Track Your Bills:
Everything that you use has its own cost, and thus, it becomes important for you to know where your money is being paid every month. Most of the times, even if you are following a proper budget plan; you might get short on money by the end of the month. Your increasing electric bills or phone bills might be the cause for this over expenditure. If your bills are increasing day by day, then it is time for you to save on energy. Make a list of the fees that you are normally charged, for instance, interest fees, annual credit card fees, ATM and Debit card fees, and so much more. Make sure that these fees are included in your monthly or annual budget. If, however, you are unnecessarily being charged for something, then call the provider for more information on the matter.
Teach Your Children to Save:
There is absolutely no shame in explaining your financial condition to your children, once they reach a certain sensible age. You should definitely not explain this to your children if they are younger as it is going to have a negative impact on their young minds. Once your children learn about the financial condition of the household, then you can teach them to start saving on their own and save for the household expenses as well. On the other hand, you have to make sure that your children do not give up their needs in order to save money. Thus, you have to deal with this matter quite sensibly by telling them that they do not have to cut down on their needs to save money. They can save money by using other methods.
And remember, if someone ever asks you how to save money as a single mother, then you should encourage them by saying that their children can be their biggest strength in this matter. You just have to know how to deal with your children smartly without breaking their heart.