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How to Survive Financially as a Single Mom

by Maria Miller, Sponsored Posts

Photo by Ketut Subiyanto from Pexels


Let’s be honest - being a single mom isn’t anybody’s first option. As single mothers, we have to look after everything on our own and that includes the finances as well. Though it seems complicated and overwhelming at the first glance, this situation is manageable if you are well organized. By following our simple hacks and tips, you’ll gain knowledge on how to deal with your financial situation like a pro.


ORGANIZE YOUR BUDGET

One of the most important changes to consider when managing your financial situation is to organize your spending. The first thing to do is to sit and write down all of your essential costs for the month - this includes bills and rent costs. Always put that money to the side when your payday arrives and you wouldn’t have to think about it on the daily basis.


Another extremely important part of the budget is food, both for you and your kids. It is advised to calculate how much you spend on food in a month and try to stick to that amount. If your child uses formula try to find an affordable option such as Enfagrow stage 3. Add in the cost of toiletries like diapers and baby wipes to your monthly essential budget, and the rest should be the money you’re free to spend as you like. Or save!


THINK TWICE BEFORE SPENDING

We are all guilty of impulse buying, especially when something is cheap. However, even cheap things can add up and make a dent in your budget. Before you buy something ask yourself: “Do I need this? Does my child need this?” If the answer is no, then you can probably get away from investing your hard-earned money into something that will only bring you instant gratification.


RECONSIDER YOUR DAYCARE COSTS

Assuming that you’re a working mom you probably put a lot of money into your kid’s daycare program. Try researching other more affordable daycare options around you. If this is not possible, try cutting childcare costs in some other way. A lot of daycare programs will cut your billings significantly if your child brings their lunch or formula. It’s much cheaper to prepare a meal at home than to rely on the daycare’s meal choices.


DON’T RELY ON CHILD SUPPORT

If you’re lucky enough to receive child support don’t solely rely on it. Even though there are great dads who are happy to provide financial help to their child you never know what will happen in the future. Don’t use child support as your main income, rather, spend it on something additional that your child needs such as clothes or toys.


SAVE MONEY

A lot of single moms just aren’t financially stable enough to save money, and that’s completely fine. However, if you can manage to put some money to the side every month it would be an advisable thing to do. Set up a savings account and if possible make automatic deposits into it every month. This money could prove to be of great help for the future, be it your child’s college or some other cost. Investing for kids today rather than waiting can make a world of difference in the long run.


FIND A SUPPORT SYSTEM

Most of us get lost in trying to do everything on our own. Talk to your friends and family who have been through similar situations. Some of them will be able to offer some insightful advice. If there’s no one around you who has gone through something similar, don’t worry. Sometimes it’s just nice to have someone to vent to, be it about motherhood or about financial strains that come with it. If you feel alone try looking up a local single mom support group.

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