If you’re a single mom, you know how hard maintaining family finances can be on your own. Providing the best for your kids without breaking your budget is a big responsibility, and it can often be a ton of pressure. Especially if you’re only working with a single mom budget.
How to Draw a Single Mom Budget
But just because you don’t have a combined income to depend upon, doesn’t mean you can’t provide for your children in the best way possible. By creating a solid budget and following these easy budgeting tips, you can create a bright and secure future for your family.
Set Up an Initial Budget
As a single mom, the most important thing you can do is create a budget. That’s because everything is your financial responsibility, from birthday presents to utility payments.
To set a budget, take your monthly income, and add it with any income you get from secondary jobs or child support alimony if you’re receiving those things. Knowing how much you have will determine what your overall budget should be.
From there, tally up all of your essential spending areas. These can include things like:
- Rent or a mortgage
- Cable and phone service
- Childcare
- Utilities
- Groceries
- Insurance
- Kid-related necessities
Then think about all the things you pay for that you may not necessarily need. Things like eating out, entertainment, travel, clothes, etc. Combine these two costs and subtract it from your total income. If you don’t have money left over after that, start to think about where you can make cuts.
Are you not sure how much you should be spending based on essential vs extra costs? In general, you should be spending about 30% of your income on housing, and 12% on food. You should also try to be saving at least 5% of your salary for your savings so you can plan for unexpected costs and your child’s academic future.
Not sure how to track those savings? Check out this homepage to get a better handle on your finances.
Take Advantage of Any Savings
Paying for groceries and essentials like clothes for a family can be quite expensive. Thankfully, there are ways to greatly reduce those costs. For starters, coupons are a great way to save money at places like the grocery store. And some stores will match the price of those coupons, so you can save wherever you go.
Couponing may seem like a slog at first, but it can be kind of fun! So, before you go shopping, browse online coupons and see where you can save and on what. You’ll be pleasantly surprised by how much your order total drops by doing this.
Set Financial Goals
Creating a budget is about more than just figuring out how you’re going to pay for things. It’s about determining the ways in which you can build a better financial future for yourself and your kids. To figure out your financial plans going forward, ask yourself:
- Should I get a higher-paying job or second job?
- Should I go back to school?
- Can I downgrade to save more on housing?
Single parents often have to make tough decisions and major changes in their lives to support their kids. But by being realistic about your financial situation, you can figure out a game plan that makes things better.
Ready to Budget?
Being a single mom isn’t always easy. But you shouldn’t let money problems stop you and your family from living a great life. If you follow these single mom budget tips, you can create a financial plan that will help you create the best future possible for your family.
Did you find the tips in this article helpful? Check out the rest of our website for more insights!