How to Save Money as a Single Mom
Saving money can be hard, more so when you’re raising a family on your own. There are so many things to take care of, and it seems like there isn’t much left over to save.
But that’s simply not true.
Saving can be challenging, but it’s not impossible. No matter how little money you have, you can save up some of it each time. This will eventually build up into a substantial amount that’ll come in handy someday.
The secret to saving is… Well, to keep saving. Once you make it a habit, you’ll find yourself doing it as much as possible. In the end, you’ll feel more secure when it comes to finances, and that’s something every single mom needs.
So, how exactly do you save as a single mom? I’ll show you several tips on how to do it right (and let you in on some resources that have made it extremely easy for me to save!)
How to Save as a Single Mom
Here, I’ll give you some saving tips and tricks that can be helpful to you. Be ready to discover ways to save that you qualify for, but have probably never heard of before. Let’s go!
Make a Monthly Budget
A budget makes sure that you spend only what you have. Most importantly, it helps you spend only what you can afford.
Also, with a budget, you’ll be able to prioritize necessities, allowing you to save on stuff that you can do without. You might not think there’s a lot of that, but by the end of this article, you’ll find that there are things you don’t have to spend a dime on.
A monthly budget should cover your entire expenses for the entire month. No matter how little you think the expense is, put it on the budget. It can make a huge difference.
With a budget, it’ll become clear to you where all your money goes. This allows you to decide on which expenses to cut out, or which to spend less on.
Perhaps you can do with less eating out or save some bus money by biking instead. Or, you can decide to start doing bulk shopping, which always comes with less spending compared to buying your items little by little.
Of course, just making a budget is not enough. You must follow it. Sticking to your budget helps you avoid impulse buying, which can be the cause of your saving woes.
Following your budget will also build your financial discipline, which you’ll need to form healthy saving habits.
Auto-Pay Your Bills
Set up auto payment for fixed bills such as your house rent or mortgage, insurance premiums, or the electricity bill. This will ensure that you always pay on time, thus avoiding late fees that can eat up your money.
Auto payment will also keep you from spending money that should be taking care of essentials. When the deductions are made directly from your paycheck, that means you have no chance of thinking about spending it on something else.
As a single mom, I understand this predicament very well. There’s always something important that needs to be handled, and it’s easy to think that using your mortgage payment (or other bills) for it once doesn’t hurt.
But then it becomes a habit, and you always think you’ll make up for the missed payments. That’s how you gradually build up debt, which is not good for your saving goals.
To avoid these temptations, sort the fixed bills automatically, then use the leftover amount for your other needs.
Use a Bill Management App
For better management of your bills, try using TrueBill. TrueBill is an app that allows you to keep an eye on your subscriptions and your available money sources.
You can use it to check and cancel bills that you pay for but no longer need. There’s also a service provided where your bills can be lowered, saving you some money.
This app will also show you the balances that you have as cash or on your cards. You’ll then be able to optimize your spending so that you can save as much as you can.
iPhones on iTunes: Click Here
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Shop Online
Shopping online is convenient for you as a single mom because it does not get in the way of your schedule. Personally, I love being able to make orders and get everything delivered to my door while I take care of other things around the house.
But how does it help you save?
First of all, you’ll get better prices compared to shopping at the mall. Add free shipping to that, and you get yourself a sweet deal.
You can shop for almost anything online. From medicine, groceries, food, wine, furniture, and everything else you can think of.
Sometimes, you’ll be able to buy directly from product manufacturers, which means you’ll pay the lowest available retail price for the item. This is in contrast to if you bought it at a physical store, where expenses like transport and middlemen costs have to be made up for with the product price.
You can also use some apps to shop online, which will save you money through discounts and coupons. Other sites will give you some of your shopping money back.
What am I talking about?
Cashback Apps and sites where you can earn rewards and cashback. Here are 3 sites I highly recommend checking out…
DollarDig: It’s super simple to use. Simply find your favorite stores, click on the links and shop as you normally do then enjoy amazing cashback. Click here now to learn more.
Rebaid: One of the most trusted rebate sites on the web. Amazing deals even up to 100% off + you get your rebates within 3 days. Click here to get the details.
RebatesMe: Over 4000+ stores to choose from and up to 40% cash*back RebatesMe is definitely worth checking out. Click here start saving.
Shop Around
While you buy online, make sure to shop around. There will always be a lesser price, a discount, or a coupon to take advantage of. But this does not only apply to online shopping.
The same goes for when you’re looking for insurance policies or even personal loans. Look for the seller or creditor with the lowest premiums and best rates.
It might look like you’re only saving a few dollars. But when you add up the monthly or annual expenses, it’ll not look so negligible anymore.
I understand if you don’t have the time to pore over several sites looking for the best deal. That’s why I’m introducing you to LivingSocial.
LivingSocial is a site that allows you to look for the best deals and discounts in your locality. From kids’ activities, food and drinks, house supplies, to fitness, you can get what you need through this site, at a great price.
You’ll find items will as much as 80% off, several promo codes, and coupons. The LivingSocial app helps you cut to the chase while shopping around, saving you lots of money and time.
Save on Entertainment
It’s hard to say not to the kids when they want to go to the amusement park even when you know your pocket doesn’t quite agree. Then there are movies, video games, toys… The list is endless.
As single moms, we want to give the best to our young ones and make sure they have as much fun as possible. What you might not know is that you don’t have to spend money (or a lot of it) to get this done.
Through AMC Theaters on Demand, you can buy or rent movies available on theaters to watch at home. You’ll enjoy discounted prices, offers, and a chance to refer your friends for more rewards. I and you both know such a program can save you a lot of bucks compared to movie nights out at the theater with the little ones.
Visit free water parks, museums, plan a hiking trip, or a picnic at the nearby park with the kids. They’ll enjoy themselves, and you’ll spend very little.
When it comes to buying their sporting gear or games, you can always opt for second-hand items. Easily find these on eBay, where people are selling all kinds of used items in good quality.
How to Make Money Online
The easiest way to save more is to earn more. Thanks to technology, you can do this in the comfort of your home. Here are a few ways you can make money online full-time while taking care of your kids too!
Affiliate Marketing
Affiliate marketing allows you to earn money for promoting products or services. If a customer ends up buying the item through your referral link, you earn a commission.
For this to work, you’ll need to introduce products to interested individuals who are likely to make a purchase. Doing product reviews is the easiest way to do this. It could be through a blog post, a YouTube video, or on your social media accounts.
This is an easy way to make money online, with no startup capital required. And the best part, it’ll make you money while you sleep.
You can use the 12-minute affiliate system to learn how to make the most of affiliate programs. You don’t require any skills or experience, and you can do it from home on your device.
Drop Shipping
Drop shipping allows you to sell products that you don’t actually have. No, you’ll not be scamming anyone.
Drop shipping is a supply chain management method where you can receive orders from customers, then transfer them to a supplier. Your supplier could be a manufacturer, a wholesaler, or another retailer.
Your supplier will make the shipment to your customers, and you’ll have made an income even without keeping any stock.
The easiest way to start drop shipping is by opening a Shopify store. Shopify is a popular e-commerce site where you can set up your online drop shipping store.
When customers make their orders, all you have to do is transfer them. Your supplier will fulfill the shipment, and your job will be done. Much like a passive middleman, right?
Freelancing
A lot of companies are looking for staff who can work from home. Various positions available include virtual assistants, customer care service providers, and freelance writers.
Some will even pay you to test products, carry out data entry, or go shopping. You can find all sorts of online tasks at Click Earners.
Click Earners is a site that gives you access to tons of online jobs available for you. All this for a one-time fee.
Being able to make money from home is a lucrative venture for any single mom. All you have to do is sift through your options and choose the one that pleases you the most.
There’s also the fact that you can do all this with just an internet connection and a reliable device. You can work from your laptop, tablet, or smartphone.
Compared to opening a physical business, and all the bustle and huge capital requirements that come with it, online jobs/businesses are heaven-sent.
These earnings will make it easy to pay for necessities and contribute hugely towards your monthly savings. By and by, you’ll find that you’ve paid off any outstanding debts and are able to go on all sorts of vacations with your kids.
Conclusion
Tracking your spending, prioritizing necessities, and looking for additional income streams will make it easy to fulfill your saving goals.
If you’re not saving any or enough money, it’s probably because you’re not managing your finances well, rather than that you don’t have any money to save.
With the tips here, you can start building your savings accounts from scratch. Make use of resources such as cashback shopping sites, bill management apps, and budgeting aids to reach your saving goals faster.
As a single mom, online jobs can help you achieve the financial independence that you want. If you take the right approach, you’ll be able to make enough to support your dream lifestyle.
But whatever you do, always save. Whether a few dollars or large amounts, it’ll keep you prepared for a rainy day.
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