7 Powerful Ways To Create A Single Mom Budget
Published 02 February 2021 at 00:45
Tickikids Blog Singapore > Digest > 7 Powerful Ways To Create A Single Mom Budget
This article is provided by CashMart
Being a mom is such a tough job. She has the responsibilities to take care of the whole family. But still, she has a partner to back her up.
Meanwhile, tough is such an understatement for single moms. They handle everything. Every matter must be under their control - from earning income, household chores, and up to managing their kids. There is so much on their plate that sometimes they neglect to budget. They lose track of their expenses just to cover up their absences for their child.
In line with this, we list down the top 7 ways to create a single mom budget. It is so simple and easy to remember you won’t forget you’re on a tight budget.
Assess Your Income
Single moms are usually the sole breadwinner. Most of their incomes are from freelance jobs and businesses. They can’t take up a full-time job since no one will take care of their little one and the chores at home.
So to begin your budget, always check your source of income. Whether it’s from monthly child support or a part-time job, you need to know how much is coming in. Don’t forget to check how much of that money you will receive regularly.
Take note of the importance of regular monthly income. That way, you know how much you can fit in your budget. If there’s another source of funds, consider it as your extra. Use it for spending on unexpected necessities or save it for future expenses.
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Photo Credit: Pixabay
Track Your Expenses
After knowing how much money you get every month, track your expenses. This step is essential when working on a single mom budget. You’ll find out where your earnings go. Letting your money slip through the cracks is something you can’t afford.
Create a system for tracking your expenses.
Write it down
Pull out a pen and notebook. Recall all items or groceries you purchased last month. Write down how many and how much it costs you. Continue listing all your expenses up to the last penny. This way, you can separate your wants and needs.
Use an expense tracking spreadsheet
Most single moms are obsessive with their spendings. They remember even the littlest purchases. So if you’re not the type who writes, turn on your laptop and put on the details. Update it every time another spending pops in your head.
Cash Envelope Budget Method
The organized method where you can easily track your expenses. Budget your income separately into an envelope or pouch. Categorize them into groceries, gas, health, clothing, children’s necessities, and others. Use only the money for its purpose.
By the end of the month, count the remaining amount. You can quickly grasp how much you’ve spent on a particular category.
Whichever system you’re comfortable with is okay, as long as you get to know where your money goes every month.
Keep a Simple Budget
When budgeting as a single mom, always stick to the vital budget categories. These are expenses that you and your kids need to live each month.
Housing and Utilities
Regardless of whether you’re living in an apartment or owning a home, prioritize this expense. Having a roof over your head is the most crucial necessity. Set aside your estimated monthly fees for it to secure your home.
Food
Pay attention to healthy foods for you and your kid. It keeps you from getting sick, thus saving you from spending more. Choose affordable variants that have the same quality as the expensive ones. You may add some sweets and chips to satisfy cravings.
Clothing
There’s nothing wrong with allocating funds for clothing, as long as it’s not an extravagant one. Get a mom and daughter dress you could wear on Sundays or special occasions. Don’t forget to buy the essential clothing you need at home.
Transportation
A must-have in your budget, whether it is for gas or paying public fare. Of course, walking on grocery day is not your option.
Education
Secure your child’s education even before he/she starts walking. It ensures his/her continuous formal learning without interruptions due to lack of funds.
Once you’ve assigned money in your budget for these expenses, start adding other spendings. May it be for extracurricular activities, occasional dining out, or paying off debts. A single mom’s goal is to cover essential expenses first.
In case you run out of cash, you can get a personal loan from licensed lenders like toa payoh money lender and bedok money lender. Loans from legal lenders can help you make ends meet as you look for addition.
Set Money Aside For Long-Term Goals
On top of the above budgeting categories, line up your savings for you and your children. Stop yourself from living day by day with your daily income and expenses. Start saving money for your long-term goals. May it be for your retirement, owning a home, a business, or travelling.
Plan by putting money aside. It doesn’t matter how little you’ll be able to save. Make it a goal to keep something each month. For single moms, even the smallest amounts add up.
Photo Credit: Pixabay
Be One Month Ahead On Bills
Making a single mom budget is like running on a nonstop wheel. There is a constant struggle to stay on top of bills. As soon as you paid off one, another due comes strolling in next.
Relieve this pressure by getting paid up a month ahead. Be creative and smart by using windfalls to pay up. If you get a bonus at work or received a rebate, use it. No matter how small or insignificant it is, it is remarkable for a tight single mom budget.
Earn More Money
A single full-time or part-time job is not enough for a single mom. A side hustle is like part of their life to keep them financially growing. Take note of these tips.
- Sell your clutter;
- Answer online surveys;
- Freelance writing or proofreading;
- Online teaching;
- Small online business;
- Do babysit or pet sit.
Choose one that might be convenient for you. Make sure that online side jobs are legit.
As your income grows, watch your spending. Lifestyle creeps the number one enemy of single moms. Keep your money goals insight. Remember, this is for a more solid financial foundation for you and your family.
Do Free and Fun Activities
Being a single mom is stressful yet fun. Don’t strain yourself from working too hard. It’s going to drain you. Look for fun activities you and your kid will enjoy. Create happy memories with them. You’re doing all the budgeting for your child; why not enjoy the moment with them while they are still young. Try these activities without spending a dime.
Photo Credit: Pixabay
- Go on a picnic;
- Take a hike outdoors;
- Swim in your inflatable pool in your backyard;
- Visit museum (some have free entrance on weekends).
There are tons of exciting yet free activities. Ceck out Pinterest for these ideas.