Budgeting Tips for Single Moms

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by Eva Martinez
(Santa Fe, New Mexico, USA)

Being a single mom and having to deal with kids, work and finances all at once is not an easy task. No matter how much money you try to save, it seems as if your efforts are pointless.

You need to look at the big picture and formulate a financial plan that you can live with. One of the important things about this financial plan is that, it should allow you to save some money without you having to go into further debt, if you have any that is. With kids, you really cannot put an end to your spending, as they have things you need to take care of.

Tip #1 – Spending money might be the biggest issue for you, so come up with a financial plan that limits the amount of money you will need to spend every month. You should have a list of fixed expenses, such as rent and bills.

Additionally, you should estimate the amount of money you may need for other things such as activities for kids, shopping, etc. It may be tempting to spend money on the things you want, but just keep in mind that what you may want is not something you may need. If you can restrict yourself to the spending pattern outlined in your spending plan, you’d see that it’s easier to make ends meet.

Tips #2 – Alright, so you know that you’re going through some tough times, so why not reconsider your current spending habits? Extra activities and subscriptions are things you may not need. Such things include magazine subscriptions, newspaper subscriptions, and cable TV.

If you are in a financial burden, your kids would surely understand that they would need to let go of cable TV in order to help the entire family out. Small cuts here and there would add up in additional savings for you. The extra money you save could be put towards a savings fund or even to pay off existing debt.

Tip #3 – Are you currently getting the best deals on everything you have? Do you have the cheapest phone service in the city? Are you paying the lowest bank charges on your checking account? Consider looking for alternative services that would help you save some moneyin the long run.

Even a small savings of five dollars a month would add up to sixty dollars a year, which could go towards paying off other debts and bills. To avoid high bank fees on your account, you might also want to look into joining a credit union, as they offer special account plans for with low charges.

Tip #4 – If you have the time and ability, you should also think about picking extra hours at work, which could surely bring in additional revenue for the family. Being a single mom is tough on its own and having money problems is even worse.

In times like this, you should think about ways to save money andmake more money. If you can have someone watch your kids while you go to work, it would be very beneficial towards your financial stability.

Another good habit to get into is becoming a Hypermiler which is basically ensuring that you get every last drop of value from both your auto & the style in which you drive it…..go on, give it a try, it’s actually great fun AND saves you money!

Updated: December 10, 2012 — 4:12 am

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