Single moms face challenges as they balance parenthood with work and a single income. If you want some tips to make it easier, you’re in the right place.
Budgeting Tips For Single Moms
A single mother has to go through constant stress harassment and suffering. The piles of bills and expenditure to be met leaves her with an overstretched budget. Here are a bunch of budgeting tips for single moms.
Steps to create a budget for a single mom
• Identify the income source and the expenses. A chart needs to be prepared of the expenses and income that the single mother is living on.
• Specify the source of income and the amount to be paid in different areas of expenditure.
• Assess the credit situation by listing the loans and mortgages to be paid.
• If the expenditure is more than the income, further steps have to be taken to reduce the expenditure.
• Set aside money for health emergencies or sudden repairs in the house or travelling in emergency.
• Another great budgeting tip for a single mom – necessary expenses must include monthly utility bills, education expenditure, insurance and mortgage . Others can be decided as per the financial situation.
Ways to meet expenses
The best way to meet expenses for a single mother is to find a job to work online. This will give her time to look after the kids and manage the house without depending on others. It also helps in adding to the income in the spare hours.
Spending can be reduced by renegotiating the credit card debit with the card company. If the credit history is good chances to renegotiate the interest rate or settle at a lower payment is easier when applied for financial aid.
Expenditure should be minimized to necessities and spend only on needs. Change should be made as a treat, but it should be within the budget. A small amount saved monthly will build up to a good saving for health emergencies.
Bills should be paid immediately or at the earliest because there are chances of money to be spent elsewhere.
Entertainment is a must. Pleasure trips and fun should be arranged in a sensible manner with discounts and free passes.
Track of the expenses should be kept for some time by keeping watch on all the ATM withdrawals and other cash withdrawals. This may be cumbersome , but will give a clear picture of the financial status.