Finance & Career LifeStyle

Simple financial advice for single mothers

The challenges that come with being a single mother should not be underestimated. In addition to caring for their children, single mothers must also provide for their offspring on a single income. As a result, patience and savings can be put to the test. In hopes of staying afloat, here are some savvy financial tips that single mothers should heed.

Budget, budget, budget

One of the smartest financial solutions is budgeting. When you know how much you’re spending, what you’re spending it on, and when recurring payments take place, you’re more mindful of your spending habits. In addition, budgeting allows you to avoid spending too much or allocating funds to unnecessary desires. Essentially, keeping track of what you’re spending bodes well for increased savings, reduced stress, and increased awareness. The lack of a budget usually leads to debt, which can be the kiss of death for struggling single mothers.

Turning to loved ones

While you may be too proud to apply for financial assistance, your friends and family members are probably more than willing to offer their resources. In case of a glitch, you will be reassured to know that you can count on your loved ones in case of need. If your washing machine breaks down, your car starts malfunctioning, or your babysitter doesn’t come, asking for help may be the only viable option. Rest assured that you can always reciprocate. You shouldn’t have to deal with your financial difficulties alone, and with the support of your loved ones, you won’t have to.

Create shopping lists

Shopping is one of the biggest expenses for single mothers. That said, a visit to the supermarket can be quite stressful. A surefire way to combat the anxiety that accompanies these outings is to make a list. Not only will this speed up your shopping, but it will also prevent you from making impulse purchases. Also, when your child shows interest in a toy or treat, you can tell them that you’re only buying what’s on the list. By doing so, you free yourself from any guilt that might arise from saying no.

Find a part-time job

While you may think finding a job is out of the question, many employers offer flexible employment opportunities for single mothers. Before accepting a position, make sure you and your boss are on the same page. If a problem arises with one of your children, you want to know that you will be able to leave work without being penalized. If you don’t feel like leaving home, consider taking online surveys, writing blogs, or becoming a customer service consultant.