Personal finance

Budgeting Tips for Single Moms

mother and childStaying single, more so when you are a mother could be both challenging and full of exciting possibilities. Being single allows a lot of space for the women but at the same there are some real and practical problems that need to be taken care of. Finance and budgets are more often than not tight and hence there could be the need to do a fine balancing or tight rope walking. In most of the cases, it is quite unlikely that your former husband would be wealthy and leave behind a big estate in your favor.

The Importance of Information and Knowledge

Under such circumstances, it is important to keep in mind certain important tips that would help a single mom to balance her income and expenses apart from planning something for the future. Here are a few things that should be kept in mind before actually going for budgeting as a single mom.

Things To Be Kept In Mind

First and foremost it is important that all the legal loopholes as far custody of your child are fully taken care of. You should ensure that there is a court order allowing you to have custody of the child.

Now coming to the specific tips as far as budgeting is concerned, here are the five most important ones.

  1. You should be informed and knowledgeable as far as knowing the different sources of cheap things and facilities are concerned. Towards this objective, you should know how to make good and effective use of the internet. There are a number of websites which offer a lot of information about freebies. There is nothing wrong in seeking out and making use of such websites and getting a few things for free as a single mom.
  2. If you have a kid to take care of, the expenses that you will be incurring on clothing and accessories could certainly throw your budget awry and out of balance. You should therefore find out ways by which you can sell old and undersized clothing and make some money out of the same. Here too, the internet can certainly come in very handy.
  3. Looking out for discount sale and free offers is a big way by which you can save some smart money as a single mom. There are literally hundreds of discount and price-off coupons available and you should learn to treat them as money. Every dollar saved is a dollar earned and you should be guided by this philosophy.
  4. If you are a working mother and that too single, you may often find it easier to eat outside regularly. You should learn to curb this instinct and get into the habit of cooking and eating at home. This could be difficult initially but with a bit of practice and better time management you should be able to do it well.
  5. If you are staying in a rented apartment or house, you should do a lot of homework and ensure that you opt only for those homes or apartments which are the lowest when compared to others. This might take time and effort but it is worth both.

At the end of the day, staying alone with your child is indeed a tough task because there are emotional, physical and other aspects to be taken care of. You need to be positive and confident about yourself to ensure that you give a reasonably good quality of life both for you and your child. You can find some useful information on financial aid for single moms which can be helpful.

Do you have any questions? Please ask.