Being a single mom comes with a lot of challenges. Between taking care of your child and doing shifts to support your house takes a toll on a single mom.
It is not just the mental strain of fulfilling the roles of a breadwinner and a loving mom that pose a threat to a single mom, but the fact that they have to shoulder the weight of finances all on their own is concerning for single moms as well.
Although we cannot help with lessening the mental strain of being a single mom, we can help you significantly reduce the financial burden.
Let’s discuss this in greater detail, discussing some incredibly useful budgeting hacks for single moms that are sure to help them save up.
How to survive financially as a single mom
Look for Discount websites
Collecting and using coupons are one of the best budgeting hacks for single moms as they can stack on top of each other to create a mega discount that will cover most of your expenses!
However, gathering all the right coupons has become difficult. With every company offering discounts now, coupons have become a rare commodity unless you know where to look.
Americans spend around 13 million hours just to search for online discounts, and half of that time is wasted!
Even if you consider that every person in the country searches for discounts online, that still makes up for 25 hours per week just searching for coupons.
No one should spend 25 hours in a week looking for the right coupons in this age of technology, with the existence of online couponing sites like EMUCoupon providing you with a one-stop-shop that caters to all your couponing needs.
These sites are a godsend when it comes to living frugally and saving money as a single mom as these coupons can help you slash the prices by more than half at times!
Build up an emergency fund for your child
You long have only yourself to look out for, and you need to prepare for any sort of unexpected financial emergency beforehand, preparing an emergency budget just in case.
When making an emergency fund, you need to decide an amount that is enough to be able to sustain you and your child for at least six months so that you have time to stabilize your financial situation.
Your emergency funds should consist of basic expenses such as grocery, rent and utilities. Additionally, keep in mind your child’s school expenses as well and adjust your emergency funds accordingly.
Automate your finances
Using technology you are able to automate most of your finances to ensure that you always pay your bills on time.
As a single mom, there is a lot you have to juggle together. Performing at work, taking your child to and from school, all the while making sure that you are up to date on your bills can be quite the hassle for a single mom to handle. Thankfully, technology can shoulder a portion of that weight for you.
There are many helpful mobile applications you can utilize that will automatically pay most bills for you, allowing you to simplify your budget and save up more efficiently.
Automating your finances guarantees that are never late on your bills, simplifying your overall budget as well as ridding yourself of pesky late fees!
Look for free alternatives
You might be surprised at the amount of alternate options you have that cost you no money at all, and as a single mom, you need to save as much as you can!
Fancy reading a book? Go to the public library. Want to spend some quality time with your child? Go to the park.
One of the more simple yet effective budgeting hacks for single moms without having to compromise on you and your child’s lifestyle and interests is to find an alternative for it that does not cost any money or look for discounts for baby products, and there are many of them if you look.
Pay off your debts
Debts are one of the most daunting challenges to budgeting for single moms, having to fulfil you and your child’s basic needs with a deduction being made every month, which is why it is vital to put your debts as your first priority.
Even if you are living on a low income, it is possible to erase your debts. All you have to do is cut down on any miscellaneous expenses until all debts have been repaid.
“That is easier said than done” is what all of you might be thinking. However, a couple of years worth of hardships are much better than being trapped under the burden of enormous interest that will continue to build up with time.
Raising your child on your own is not a walk in the park by all means. From childcare expenses (although they may not be as much as you think if you look at this hiring an au pair agency) to paying for your child’s education, finances can spread out pretty thin in order to ensure you and your child’s well being.
However, these tips will greatly help maintain a single mom budget by significantly lowering most of your expenses down and provide everything your child desires.
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