Are you a single mom trying to make ends meet? Feeling over-whelmed with your expenses? It can be hard raising children especially when you’re struggling to pay the bills. Here are 6 Money-Savngs Tips for Single Moms that can help.
1. Re-evaluate your current income and expenses and work up a brand new budget that will keep you living within your financial means. If possible, work into your budget a saving’s plan where you are tucking away money for your future. Even if it’s only $25 a month, it will add up over time.
2. Come up with a list on how you can cut down your expenses and save money. This list can include things like using coupons when you grocery shop, taking advantage of buy 1 get 1 free deals, exchanging daycare with other single parents, carpooling back & forth to work, shopping at consignment stores, shopping at discount bargain stores, yard sales, etc.
3. Check to see what kind of local, state and federal assistance programs that you may or may not qualify for. You may be able to get help with housing expenses, groceries, medical & dental care, daycare, etc. There are a LOT of programs out there, so don’t be afraid to ask for help and to apply. Don’t just assume that you don’t qualify!
4. Shop around for the right credit cards and bank accounts to suit your own needs. If you currently have a bank account at the same bank as an ex-spouse, now is the time to change financial institutions. Look for banks that require low minimums, no fees for checking, no fees for savings and so forth. To cut down on time & expenses, use a bank that offers free bill-paying online. Look for credit cards that have low interest fees and decent “fine terms” that you can live with.
5. If you have debt, try to pay it off quickly. If you can’t, draft up a debt repayment plan and try to get it paid off as soon as possible! Once you’re out from under it, stay out of debt! There is nothing worse than struggling to make ends meet with a lot of debt on your shoulders.
6. Be honest with your children about your current financial situation (if they’re old enough) and ask them to help where and when they can. Kids are smart and they don’t like it when parent’s hide the truth from them. Honesty is always the best policy.
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I have noticed that my niece does that with her daughter, If a kids knows it is a good thing
Knowing how to deal with finances is something that is critical. Being honest with your kids is an important tip.
These are just good things to do for everyone. Just live within your means
Great tips for single moms to save money thanks for sharing this one. These are some great ideas and I learned about a few that I had not thought of before.