Smart Money Saving Tips for Single Moms
When you are a single mother trying to raise kids, saving money can be particularly tough. No matter how understanding your kids might be, you still face a constant onslaught of bills, needs and emergencies. It can be overwhelming at times. Fortunately, there are some things that single moms can do to ease the process and prepare for money emergencies. These smart money saving tips for single moms will give you confidence and a way to plan ahead:
Personalize the Budget for the Household
There are as many budget templates out there as there are budget articles but which one is the right one? Smart money managers realize that their needs are different from others. Create a budget based on the household income and the household’s expenses. As a single mom, involve older children in creating the budget. This might inspire them to help save too!
Make Paying the Bills on Time the Main Goal
Playing catch up on the bills is not a good feeling. Create a bill paying schedule and pay them on time. Most companies will work with their customers by moving due dates to make it easier for them to pay their bills on time. Call credit card companies and ask for a date change if needed.
One effective way to do that is to add up all your expenses and divide the monthly bills by four. Set aside portions of the weekly paycheck to pay the monthly bills. Here’s where a savings account comes in handy.
Small Ways to Save Money for Single Moms
By saving in small ways, a single mom can stretch her budget. Need some ideas? Put these money saving tips to work for you.
- Always shop with coupons. Make it a family activity.
- Make homemade laundry detergent or buy in bulk.
- Stock up on frozen juice—it’s cheaper.
- Up the ante on credit card debt. Always pay more than the minimum.
- Scour the couch, car and home for change each week. Save it!
- Shop at stores that offer a rewards program.
- Buy clothing at online discount stores or at thrift stores.
- Create a weekly menu and cook meals ahead of time.
- Teach kids how to use piggy banks.
- Challenge the family’s thinking about what needs and wants are.
- Keep an eye on the credit score. Be vigilant.
- Save money and clean with vinegar.
- Pay bills online and save a stamp. Avoid paying late!
- Use a gas app to find the cheapest gas in town.
- Track where the money goes with a chalkboard or white erase board.
- Stay connected with community announcements about freebies or free activities for kids.
- Shop for the holidays ahead of time.
- Shop at the Dollar Tree whenever possible.
Lastly, look for ways to earn more money and squirrel it away. Put a hobby to work and make money doing something enjoyable. Do you like crafting? Create and sell crafts to friends. Do you like to write? Sell articles to companies you know. The list of money saving tips for moms is virtually endless.
Check out this book from Dave Ramsey to help you with a Total Money Makeover!
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