Effectively managing your money is hard enough for anybody as it is, but when you throw in the added stress of being a single mother, it can feel like life hits you all at once sometimes.

There are single moms all over the world who are successful, independent, and taking life by the horns and owning it! But every mom doesn’t have that same story. According to a study from Gallup, 40% of women in the US struggled financially to be able to afford to put food on the table for their family, and over 20% didn’t have the financial backing to afford shelter. So what does that tell you? It tells you that being a single mom is hard.

Not every single parent has that famous “village” to help them tend to their children, and are left to solely do everything on their own. Now, that doesn’t mean that single moms are incapable of having a thriving financial future by any means, but it does mean that as a mother, it’s time to take charge of your finances so that some of the hardships you endure can be lessened.

If you’re a single mother and are feeling like life is hitting you all at once, you are not alone in this call for help. There are indeed some effective ways to be a great mom without financial hardships weighing you down. Take a look at these money management tips for single moms to get out of debt and have a thriving financial future.

Write Down Everything You Owe and Budget

Figuring out everything you owe is a money management basic. How else are you going to attack your debt if you don’t know what you owe? Everything you owe will entail your fixed expenses (rent/mortgage, car note, insurance, etc.), miscellaneous (food, entertainment, etc.), and your actual debt (credit card/loans, past-due bills, items in collections). 

By writing these items down, you’ll have a much clearer picture of where you financially stand. You, of course, want to first and foremost make sure that the income you’re bringing in is enough to cover your fixed expenses. After that, look at your miscellaneous expenses; this is going to be the area you’ll likely need to cut back in and use that money towards reducing your debt. Once you’ve done that, you can create a budget for yourself to keep track of your spending.

Shop Frugal

Is it easier to grab McDonald’s on the way home? Of course, but is it a smart financial decision? No. All too often, we let our fatigue get the best of us and give into convenience with food, which in many cases can cost us double or triple the amount of money it would if we just cooked something at home.

In your efforts to stretch your money, when it comes to food, here are a few things to do when shopping and at home:

• Buy generic brands. In many cases, the generic brand tastes the same and there’s no difference in quality from the name brands.
• Break up your meats. When you buy a big tray of chicken breasts or ground beef, break the meat up and freeze them in separate bags. This not only prevents wasting food but also allows for more meals.
• Look for deals. People like to say that couponing is a dead art but it’s really not. Grocery stores now have virtual coupons that can save you upwards of 50% off on your entire purchase.

Generate More Income

You might feel like you don’t have time to take on another job but the truth of the matter is that you’re going to have to, at least in the beginning until you can pay down some of your debts and get financial relief. This may require you to work weekends or just a couple of nights during the week, but something is going to have to give. There are lots of work-from-home jobs now that pay very well; that would be an effective solution to generate the extra income you need for debt relief.

Ask for Help

From childcare to laundry, there is nothing wrong with asking for help when you need it. If you live near family or have friends close by, don’t be afraid or ashamed to ask them for help. Maybe you pick up an extra shift and need someone to watch your child; ask a relative or friend if they mind watching them for a few hours.

Talk to a Bankruptcy Attorney

At the end of the day, when you have a lot of debt, even the best money management strategies aren’t going to be effective enough to get yourself out of debt. When you find yourself in that situation, that’s when you need to consult with a bankruptcy attorney for the best solution to your debt. Depending on which chapter you choose to file, your debt can be wiped completely away with a chapter 7 or put on better repayment terms with a chapter 13.

By filing bankruptcy, you’ll have the debt relief you’ve been trying to achieve without any added stress. This will give you more time to focus more on your family and will give you the opportunity to take control of your financial future with a fresh start.