10 Budgeting Tips for Single Moms
It is rough for a single mom. They need to take care of their child or children and keep the household going. There is a lot to balance between paying the bills and meeting the needs of the children.
Single moms know the importance of budgeting and stretching their money as far as it can go. These are some budgeting tips for single moms to get the most out of the money they make and take care of everything that needs tending.
Check Weekly Ads
When going to the grocery store, be sure to check the weekly ads and see what is on sale. Develop a meal plan based on these sale items. Also, use any coupons for these items or other things that are needed.
If the store has a price match policy or even a double coupon offer, find out if there are any restrictions and how these offers can be applied. This is a way to stretch the food budget and mix up the meals.
Prioritize Expenses
A single mom needs to look at the expenses for her and her children and make sure the most important ones are taken care of first.
Some of the essential costs would be the cost of housing, car insurance, and other necessities. Once these are paid, a mother can look at the other things that she needs to pay. If she has small children keep in mind that clothing may be a bigger part of the budget as little ones grow quickly.
People often forget to include the necessities of the children as part of their budget. The mom needs to look at any cost for child care and related expenses associated with the children’s care.
Emergency Fund
When developing an emergency fund, it is important to keep the children and their expenses part of their funds. The emergency fund is not going to be built overnight. It is going to take time to put money into this account. A little bit at a time will help.
Experts say that the emergency fund should have three to six months of living expenses if the income-earner loses their job. When developing this emergency fund, the mom needs to include anything the kids may need. This may be the cost of school-related items or even the expenses of medication if they take it.
This will help determine how much should be in this account and it should only be used in case of a real emergency.
Free Activities
Single moms want to make sure that their children do not miss out on fun things. Movies, bowling, and other activities can be expensive.
When looking for the best budgeting tips for single moms, finding fun and free activities is essential. Most museums have some free days to visit and see the exhibits. Local organizations may offer some free activities for children.
On a sunny day, a picnic can be a fun activity. Going for a walk or going to the park will allow the kids to get outdoors. They will be getting some physical activity and they are free. There are plenty of free ideas on social media and Pinterest to find free things to do with kids.
Check the Accounts
It is an essential budgeting tip for single moms to check bank accounts for errors and hidden fees. A parent may have signed up for a free trial or a limited offer and it could have expired. More money can be taken out of the account, which will throw the budget off.
Monitoring the accounts will also have to prevent overdrawing the account. You can see where their money is going and where you can make changes. You should sign up for online or mobile banking to view the accounts at any time. You’ll also be able to see when money has been withdrawn or deposited.
Learn the Tax Credits
There may be some tax credits for single moms that they should be aware of. There are income-based credits for children. These credits can reduce the total amount of taxable income, meaning less money owed for taxes.
If you’re getting alimony, the IRS will consider this as income and it will be taxed. If you’re getting child support, this is not taxed. If the other parent is in the picture, only one can claim the child. This is something to be aware of.
Write it Down
When developing a budget, it is important to write all of the expenses down. A single mom needs to begin with the necessities than the variable expenses such as groceries and entertainment.
She will be able to see where her money is going and make adjustments as needed. This will allow her to put some money aside and make sure all of the important bills are paid.
Around half of the budget should be used for housing and basic needs, approximately 30 percent can go towards wants and fun, and 20 percent can go to savings and paying off debt. This will help figure out the proprieties and make sure the bills are paid.
Set Financial Goals
Being a single parent, it is important to set goals. As a mom, it may be necessary to save for cars or a home. A single mom needs to figure out how much money is needed to meet these goals and how much money can be put aside for this goal.
A small amount of money can be deposited directly into a separate account on payday to make savings possible.
Shop Smart
Children are going to need clothing and shoes. Shopping smart will still allow them to have quality items only for much less. There are some great second-hand stores and thrift stores that carry quality clothing for much less.
If a mom takes the time to look through the racks, she can even find clothing with the tags still on it. One of the best locations to shop at a thrift store is near a hospital. Doctors and other medical staff often donate clothing and toys to these stores. They are often still high quality and have a lot of use left. They do not even look used. This will allow the children to have adequate clothing without having to spend a fortune.
Child Care
Child care is a huge expense, and it can be a large portion of their income for a single mom. Moms need to make sure their children are staff, but there are alternatives to high-priced daycares.
There are some head start programs for toddlers that offer some great opportunities and they are free. Some schools have before and after childcare programs that are much less than daycare.
During the summer, look for free camps and activities. There may even be some local people that offer childcare in their homes. They are less expensive because they do not have a traditional facility.
Be sure to check out the references and make sure that the care is quality. Finding these programs can help a single mom save a lot of money. Some daycares may even offer assistance for single moms.
This way, she can reduce the cost of child care. A mom should still work with the little ones at home and help with homework, but these ways can reduce some of the expenses.
Conclusion
Being a single mom does not mean the children need to miss out on things. Living on a budget and finding ways to save money can help the family do more.
It can help the mom save for long-term goals such as buying a home or even saving for a vacation. The children can still be happy and healthy on a fixed income. Children do not need to know that some activities are free.
They will remember that they are having a good time and are bonding with their mom. It is the time and the dedication of the mom and has nothing to do with the cost of money spent.
These are some of the best budgeting tips for single moms. While being a single mom is not easy, these budgeting tips can help a mom along the way. These tips will help her make sure her children are provided for and help them learn how to set their own goals for the future.