Being a single mom certainly can be positive and a life-learning journey but there can be some turbulence along the way, especially when it comes to finances. The U.S. Department of Agriculture found that it can cost up to $241,080 to raise a child from the time they are born until they are 18, and that’s for a middle-income couple. So, being a single mom can make that even tougher to accomplish. Try some of these surefire budgeting strategies.
Plan out your bills: Plan out how much your bills are every month and plan how much money you will put aside from each paycheck for each bill. That way, you can easily budget for shopping or groceries.
Save food for last: You can easily whip up something from ingredients in your kitchen but you need to pay your electric bill or rent first.
Don’t be afraid to ask for help: Don’t be nervous to ask friends or family to babysit or contact your local agency for help with foods stamps or other services.
Cut out unnecessary expenses: Cut out eating out, buying non-essential items or buying clothing or kids toys at full price. Head to resale shops or make your own cleaning and beauty products at home to save money.
Find fun for free: You can still do something fun with your kids for free like inventing games at home or going to the park. You could also save up your spare change, cash it every month or two and see a movie!
Get into couponing: Get into the art of couponing. Get your coupons organized with a binder and use coupons for groceries or family activities.
Explain the situation to your kids: If your kids are old enough to understand, explain your financial situation to them in a way that will get them to appreciate and recognize your frugal way of living.
Save: Set up a savings plan through your bank or using an app so you don’t have to think about it. You can set aside $50 a paycheck, which totally adds up!