Hey single moms, it’s always useful to take time out to check in with our finances. After all, we deserve the opportunity to tap into the resources that can help us transform our financial goals into dreams come true. Take a look at some of the great tips and hacks we compiled for you!
Make your own snacks.
One of the easiest ways to save money is by making your own snacks. You can easily make trail mix, granola bars and fruit roll-ups at home with ingredients you already have on hand.
The best part about this hack? It’s not just for moms! Anyone can do it–and if you share the recipe with a friend or family member who doesn’t have time for cooking, they’ll thank you for helping them out!
Make a monthly budget.
The first step to budgeting is knowing your income and expenses. You should be able to identify exactly how much money you make every month, how much goes toward rent or mortgage payment, utilities and other bills, groceries and other food costs (and alcohol), transportation costs (if any), clothing purchases and entertainment.
Once you have this information in front of you, start brainstorming ways that can help reduce spending on categories where there’s room for improvement. For example: if eating out is one of your biggest expenses each month but cooking at home saves money over time because ingredients are cheaper than restaurant meals; consider setting aside some extra cash from each paycheck for groceries instead of having it automatically deposited into an account that pays all of your bills with no room for adjustment later on down the line when unexpected expenses arise unexpectedly!
Once you’ve made some basic adjustments to your budget, We strongly recommend looking into ways you can boost your income. It’s important to have a plan for how much money you’re going to make each month because if it’s not enough and you’re spending more than what’s coming in; then any extra money that comes in will just evaporate right back into the rabbit hole of debt before it has a chance to do anything else.
Build up an emergency fund.
To start, it’s important that you keep your emergency fund separate from other money in your bank account. This way, if anything goes wrong with it (you accidentally spend it or something like that), it won’t impact your other finances.
The amount of money in this account will depend on how much you’re willing and able to set aside–but generally speaking, the more money there is in the account, the safer and more secure it will feel. You can deposit as little as $10 or $100 into an emergency fund every month; however, if possible try setting aside enough so that if an unexpected expense presents (like car repairs),while paying bills or buying groceries then there won’t be as much challenge getting by until paychecks come around again later during the month or thereafter.
Use coupons, buy in bulk and buy store brands to save on groceries and household supplies.
The first thing to do when you’re trying to save money on groceries and household supplies is to shop around. Look for coupons in the newspaper and online, as well as sales and bulk deals at stores like Costco or Sam’s Club.
When it comes time to buy your food, consider buying generic brands instead of name brands. You might be surprised by how much cheaper they are! If you’re not sure which brand will taste best (and don’t want to risk wasting money), try making one small purchase of each type of product so that you can compare them yourself before deciding which ones are best suited for your family’s needs.
Also remember that store-brand products often offer similar quality at a lower price point than their name brand counterparts; if this is true for something important such as toilet paper or laundry detergent then why not give them a try?
Cut the cable cord.
It’s a bold move, but one that can save you hundreds of dollars a year. If you’re already paying for internet and Netflix, Hulu or Amazon Prime Video–and have access to an HDTV antenna (or digital tuner)–you may be able to get all your entertainment needs met without having to pay for cable TV anymore. Roku streaming devices can also come in handy!
Additionally, streaming services like Amazon Prime Video or HBO Now can be cheaper than their cable counterparts–and they have lots more options! You don’t have to buy any devices or pay for installation; instead, all you need is an internet connection and a few minutes of time each month to start streaming from your computer or phone. Plus: no contracts! If something better comes along later on down the road, just cancel your subscription without penalty–no early termination fees here!
You can also check your local library for recorded episodes of your favorite shows. Most libraries offer free access to television shows and movies, so you can loan them out on DVD or as digital files (usually through Overdrive).
Work with your kids to make ends meet by having them pitch in around the house and earn some money.
- Be sure your child is old enough to do the job.
- Use their help as an opportunity to teach responsibility and work ethic, without pushing too hard or making them feel bad about themselves if they don’t meet your expectations (or yours).
- Give them an allowance for their contribution to helping with household tasks–this gives kids a sense of ownership over their finances, which helps them become more responsible adults down the road!
Sell things your kids aren’t using anymore.
Selling things your kids aren’t using anymore is a great way to make some extra cash. You can buy low, then sell high on eBay or Craigslist. A site like Decluttr will even pay you for the stuff that you don’t want anymore!
But before you start packing up boxes of old toys, video games and clothes, there are a few things to consider:
- It’s important to consider shipping costs when selling items online. If it costs $15 per item just to ship them off somewhere else (and who knows how much more if they’re going international), then it might not be worth your while–especially if there isn’t much profit margin left after this expense is factored in.
- You’ll also want to figure out what kind of condition each item is in so that potential buyers know exactly what they’ll be getting ; this can prevent possible returns as well.
Use a credit card with cash back rewards.
A credit card with cash back rewards is a great way to get money back on your purchases. If you’re not using one, there are some things that can help you maximize the benefits of having one.
- Choose a card with good rewards: There are many different types of credit cards out there, but only some will offer cash back incentives for making purchases at stores or online retailers. Look for one that has no annual fee and gives you 2%-5% back in rewards on every purchase–and make sure that those rewards are easy to redeem (for example, don’t choose a card that requires entering codes from receipts into an app). You’ll want this card in hand before going shopping so that when it comes time to pay up at checkout, all you need do is swipe!
- Maximize your earnings potential: Look up which retailers offer discounts when paying with certain types of payment methods such as cashless ones like Apple Pay or Google Wallet–these may include grocery stores like Whole Foods Market and Target as well as clothing shops like Nordstrom Rack (which accepts Visa) but not all merchants accept these forms of payment so check beforehand if possible.”
Do a book swap with friends instead of buying new books.
Do a book swap with friends instead of buying new books.
If you’re a reader, this is a great way to save money on your favorite titles. Sites like PaperBackSwap and BookMooch allow users to trade used books with each other for free (BookMooch also allows users to trade DVDs and CDs). You can also visit your local library and check out books for free!
Create a separate account for your child’s expenses.
When you have your own money and a child to support, it’s easy to get caught up in all the bills that need paying. But even though you might have good intentions of spending time with your kids and teaching them about life, if your finances are really tight, it can be hard to find the time or energy for both.
One way around this dilemma is by creating an account specifically for their needs–and then using that account exclusively for those things (food, clothing, entertainment). This way there won’t be any confusion about where money is going when it comes time for groceries or clothes shopping; every dollar will go directly there without having to pass through any other accounts first. If possible though try not too overdo this method since its still better if children learn how money works at home rather than just being given everything they want without thinking twice about it later down road when they start working full time jobs themselves!
Take advantage of free activities in your area like community classes and local events.
If you live near any parks or playgrounds, consider taking advantage of those too! You’ll get some fresh air while spending time with your children in an active way–and maybe even meet some new friends along the way.”
Make a budget.
A lot of people think that making a budget is hard or time consuming, but it doesn’t have to be either one! All you need is pen and paper (or Excel) and some basic math skills to get started. Start by listing all your monthly expenses in categories like rent/mortgage, utilities (electricity, phone), groceries, transportation costs (gasoline), clothing/personal care items etc., then add up each category’s total monthly cost. This will give you an idea of how much money goes out every month without having to track every purchase separately which can be tedious and time consuming especially when money is tight!
Next comes the fun part: tracking where all this money goes so here are some tips for keeping tabs on those pesky expenses:
- Keep receipts for everything! You never know when something might come back up later down the road (like needing proof of purchase if something breaks). And trust me–those little slips can add up quickly over time so keep them organized somewhere safe between uses rather than tossing them into random pockets throughout the house where they may not see daylight again until after several months go by…and possibly longer depending upon how often we visit our favorite stores 😉
- Use apps like Mint or Personal Capital which allow access online via computer or phone so there’s no need carry around piles o’ paper anymore 😉 Plus these services usually offer free versions which are great ways learn more about managing finances without breaking bank account along way through process.”
Cut out subscriptions and memberships you don’t use.
Canceling your subscriptions is a great way to save money. You might not realize how much you’re wasting each month on things like streaming services or monthly boxes, but those dollars add up quickly!
To cancel a subscription, go into your account settings and click “cancel.” If there’s no option for canceling in the app, try contacting customer service via email or phone call.
In order to avoid signing up for future subscriptions, make sure you read all terms of service carefully before signing up. If there are any hidden fees or clauses that seem sketchy (like automatic renewal), don’t sign up!
Evaluate your financial situation.
To begin, you should evaluate your financial situation. Take a look at how much money you make and how much money goes out each month. Do this by reviewing your bank statements or receipts, or by using an app like Mint that automatically tracks expenses for you.
Next, look at your long-term goals: Do these include paying off debt? Investing in something like retirement? If so, then this will help determine where to allocate funds throughout the year so that they’re not wasted on frivolous purchases but instead used to achieve these goals sooner rather than later–and with less stress!
if there are any areas where you can cut back.
Explore options for less expensive child care.
Many moms spend a lot of time worrying about the cost of child care, but there are many ways to save money. One option is to .explore your options for affordable child care. If you live in a city or town with multiple day cares, consider having your children attend different facilities so that they can split the cost with other families. If this isn’t an option for you and most parents in your area have already done this, try contacting churches and social service organizations for referrals–they may know about some affordable options that aren’t advertised widely.
Another budgeting hack is creating a work-from-home schedule (or working from home at all). This way, you’ll be able to save money on gas by doing errands within walking distance instead of driving everywhere!
Create an emergency fund.
An emergency fund is a must for any single mom, and it’s easy to think that you don’t have the time or money to set one up. But it’s important to remember that emergencies happen all the time, even if we do our best to avoid them! The last thing you want is for something like an illness or a car breaking down in the middle of nowhere with no money on hand.
You should aim for saving at least three months of expenses so that if something happens, your family will still be able to pay its bills while they figure out what else needs doing before they can start making changes again. If possible, try saving six months worth–that way there won’t be any surprises when something comes up unexpectedly (and trust me: they always do).
Create a debt payoff plan.
- Create a debt payoff plan. First, you’ll want to determine which of your debts has the highest interest rate and work on paying that off first. This can be tricky if you have multiple loans with different balances and interest rates–but it’s worth taking the time to figure out how much money is going toward each loan every month so that you can prioritize which one gets paid off first.
- Start with the smallest debt and work up from there until all of them are gone!
- If there’s no way around paying off high-interest debt first (or if this feels like too much), consider taking advantage of any special offers or deals that might allow some flexibility in terms of payment plans or interest rates – just make sure they’re legit!
Search financial assistance resources here.
Take advantage of community outreach programs, like the Special Supplemental Nutrition Program for Women, Infants, and Children (WIC) and the Women, Infants, and Children Farmers’ Market Nutrition Program (FMNP).
If you’re a mom on a budget and looking for ways to save money, take advantage of community outreach programs like the Special Supplemental Nutrition Program for Women, Infants, and Children (WIC) and the Women, Infants, and Children Farmers’ Market Nutrition Program (FMNP).
WIC is a federal program that provides nutrition education, breastfeeding support, healthy foods like milk or cheese–and sometimes even fruits or vegetables–to low-income pregnant women who qualify. You can also apply if your child is under 5 years old and you meet income guidelines set by your state government agency that administers WIC benefits.
Explore more food assistance programs and resources here.
Check your budget once a week
As a mom, you are probably very busy. You may have lots of things on your to-do list and not enough hours in the day to get them all done. That’s why it’s important to check your budget once a week so that you can see if anything needs adjusting. If money is tight or expenses are higher than expected, then this is an opportunity for making changes before they become too much of a problem.
If possible, try checking in with yourself every couple of days as well–this will help keep track of where your money has been going without being too overwhelming (or time consuming). Checking in daily would be ideal but not realistic for many people so twice-weekly might be better than nothing at all!
