7 Financial Tips for Single Moms That Will Save You Money
So you’ve gone through a breakup or have been out on your own for some time, maybe you’ve even been through a few. Either way, life can be hard on a single parent. Between guidance from friends and the occasional “single mommy” Instagram post, you will find yourself trying to make things work. And that is a given but what’s the best way to do it?
Here are a few tips that will help you avoid unnecessary debt, stay ahead of deadlines, and save money on monthly expenses.
Tip #1: Have an emergency fund.
The first piece of advice you should hear about being a single mom is to always have money in your emergency fund . It doesn’t matter if you are saving for an emergency or putting money away for a retirement without a spouse, those goals are achievable with regular contributions.
Tip #2: Save your money and avoid debt
Debt is a trap for most. When you owe money to someone else, you have to pay back more than you borrowed, with interest. And if you can’t pay off your debt, that’s when things start to get ugly. As a single mom, you don’t want to fall into this trap.
Tip #3:Increase Your Income
It may be possible for you to earn extra money by working part time or starting your own business on the side. For example, if you have a part-time job after school or on weekends, look into ways to increase your hours.
In addition, sell yourself or your skills through a freelance job such as editing a piece of writing, designing a logo, or creating graphics. Some businesses will allow you to work from home as well which will cut down on commuting costs and save you time.
Tip #4: Stay organized
Staying organized is essential to helping you avoid unnecessary debt. It’s tempting to use credit cards when you are having difficulty managing your monthly expenses, but that creates long-term debt that can be hard to get rid of.
Tip #5: Pay your bills on time
According to experts at Snappy Payday Loans,it’s possible to improve your financial situation by paying all of your bills on time. This means paying credit card bills, utilities, and other basic expenses on the due date and not waiting until the last minute. Missing a payment might look fine on paper, but it will have a negative impact when it comes time to calculate your credit score.
Tip #6: Put Learning First
Single moms can serve as an example to their children by not letting a lack of money stop them from pursuing further education. If there are educational opportunities that can better your situation, whether it’s basic education or continuing education, take advantage of it!
Review your finances to create a plan for your family. It’s like a doctor making a medicine plan for his or her patients.The financial side of life can be scary and overwhelming, but you’ll never know what you need to do until you have all the information regarding your family’s financial health.
Based on that information, you will be able to make steps in the right direction. That doesn’t mean that you will be the best money manager overnight, but it does mean that you’re taking the first step in a positive direction.
Tip #7: Buy used and save big
If you’re going to shop for baby gear, buy used. You can get gently used items from yard sales, Craigslist or local Facebook mommy groups.
Final Thoughts
The thought of being a single mother is a scary one, especially if you worry about not being able to make ends meet. The financial situation can be scary for women on their own. Fortunately, the above are steps you can take to avoid unnecessary debt, stay ahead of deadlines, and save money on monthly expenses.
