Single moms have one of the toughest jobs going, and often making ends meet can be a daily struggle. Raising children takes all the love, patience, and energy you have, but even the most dedicated parent needs an income to provide their children with everything they need. It can be a stressful time, and when we’re stressed, we are not at our best for our children. Whether you’re relying on child support payments or you’re one of the many having to live without this support, managing money is a crucial skill you’ll need to master. If you’re a single mom who is finding life financially tricky, take a few minutes to read through these four financial tips.
1. Budget for Everything
You need to have visibility of every cent which is coming in and going out of your account to maintain control of your finances. Make a budget which lists all your expenditure from month to month from rent, groceries, and utilities to haircuts and clothes. When you keep track of everything you’ve spent and are always aware of your account balance, you can identify areas to reduce your spending and avoid running into the red.
2. Make & Stick to Shopping Lists
We’re all guilty of frivolous spending from time to time and while sometimes it’s just a harmless indulgence, doing so too often can amount to a lot of money. Before you go shopping, make a list of exactly what you need and don’t make impulse purchases. This can be difficult to stick to – especially if your child spots a toy or treat which they are fixated on – but in all likelihood, it’s a short-term want. If you or your child see something you want, it’s best to take a day or 2 to think about it. You can always go back and buy it if it’s something you decide is a good idea.
3. Ask for Help When You Need It
We can’t plan for everything, and sometimes problems can appear from nowhere. For example, if your boiler, car, or washing machine breaks down, you will need to get it sorted as soon as possible. This is when you might apply for a short terms loan which would provide you with the quick cash you need to solve the problem. You can then pay the money back over a pre-agreed period of time to spread the cost. Make sure that you can realistically afford the repayments and always make them on time to avoid damaging your credit score.
4. Find Flexible Part-time Work
If you’re a stay-at-home mom, you have assumed that you can’t take on a job as well as taking care of your children. However, there are some jobs and opportunities to earn money which can be arranged around your childcare or when the kids are at school. You could even find work which could be completed from home in the evenings. Some companies will pay you to take online surveys, or you could find work freelance creative work such as writing blogs.