There’s no need to resign yourself to a lifetime of welfare lines just because you’re a single Mom. You don’t have to live paycheck to paycheck, either.
Don’t let the fact that you’re a single parent ruin your financial hopes and dreams. You can live a life of abundance and prosperity if you’re open to learning a few tricks. Keep reading to find our tips on how to survive financially as a single mom.
Track Your Income and Your Spending
One of the best financial tips for single moms is to ensure you’re not spending more than you make. You can do this by creating a budget and sticking to it. Here are some effective budgeting times for single moms.
First, calculate how much you make every month in income as well as how much you spend on necessities. Include essentials like your rent or mortgage, utilities, bills, groceries, insurance, and gas. Other expenses can include things like entertainment, dining out, clothing, and travel.
If you’re spending more than you’re making, you’ll never get ahead. Go through your budget with a fine-toothed comb and cut unnecessary spending.
One of our favorite budgeting tips for single moms is to consider small sacrifices.
Do you really need several television subscription services, or can you cut it back to one or two? Do you have to order in pizza every Friday, or can you make homemade pizza with the kids instead? These seemingly inconsequential sacrifices will add up in the long run.
Find Child Care Help
Surveys show that 72% of parents spend at least 10% of their household income on child care. If you’re a single Mom, that percentage will be much higher with only one income.
Many states have programs that will provide subsidies to make your child care more affordable. You’ll still have to pay for your care, but it won’t be as much as what you’re paying now.
If you don’t qualify for subsidies, try asking your family and friends for help. Maybe your Aunt Betty can watch your child for a few hours a week to help cut down on your childcare budget.
Buy a Home
One of the best ways to start building wealth as a single mom is to buy a home. Though it might sound like a far-off dream initially, it doesn’t have to be.
Don’t purchase beyond your means. Your starter home might be outdated and cheap, but it’s still an excellent investment. You might be able to sell for more than you bought it for in a few years’ time.
Speak with a mortgage lender to see if there are programs for single moms. They’ll be able to give you advice about how to find the money for a downpayment, too.
Consider Consolidating Your Debt
Debt is a stressful thing to have looming over your head all the time. It can make getting ahead seem impossible.
If you have an enormous amount, you might want to consider consolidating it. This will help make repaying what you owe more management and affordable over time.
Debt consolidation is not right for everybody. Familiarize yourself with the pros and cons before making a decision.
Knowing How to Survive Financially as a Single Mom
Now that you know how to survive financially as a single mom, it’s time to put our tips into action. You’re not the first single mom to thrive, and you won’t be the last.
Keep reading our blog to find more tips on thriving as a single parent.