Simple financial tips for single moms

Shutterstock: Olena Yakobchuk

Simple Financial Tips For Single Moms
The hardships that accompany single motherhood are not to be underestimated. In addition to caring for their children, single mothers must also provide for their offspring on one income. As a result, both patience and savings can wear thin. In the hopes of staying afloat, here are some savvy financial tips that single mothers should heed.

Budget, Budget, Budget
One of the most sensible financial solutions is budgeting. When you’re aware of how much you’re spending, what you’re spending it on, and when recurring payments happen, you’re more mindful of your spending habits. What’s more, making a budget ensures that you don’t overspend or allocate funds to superfluous desires. In essence, keeping track of what you’re spending bodes well for increased savings, reduced stress, and heightened awareness. Failure to budget generally leads to debt, which can be the kiss of death for single mothers who are struggling.

Look To Loved Ones
While you may be too proud to ask for financial help, your friends and family members are likely more than willing to offer their resources. When mishaps arise, you’ll find comfort in knowing that you have loved ones you can rely on during times of need. If your washing machine breaks, your car starts malfunctioning, or your babysitter just fell through, asking for help may be the only viable option. Rest assured that you can always return the favor down the line. You shouldn’t have to soldier your financial struggles alone, and with support from loved ones, you don’t have to.

Create Shopping Lists
Grocery shopping is one of the biggest expenses that single mothers have. With that said, a trip to the supermarket can be rather stress-inducing. One surefire way to combat the anxiety that comes with these outings is to make a list. Not only will this expedite your grocery shopping, but it’ll also deter you from making impulse purchases. What’s more, when your child expresses interest in a toy or treat, you can tell them that you’re only buying things on the list. By doing so, you absolve yourself of any guilt that may come with saying no.

Find A Part-Time Job
Though you may think that finding a job is out of the question, many employers offer flexible job opportunities to single mothers. Before accepting a position, be sure that you and your manager are on the same page. If something comes up with one of your kids, you want to know that you can leave work without being penalized. If you’re not keen on leaving home, consider taking online surveys, writing blogs, or becoming a customer service consultant.