Last updated on January 10th, 2023 at 03:58 pm
Looking for money-saving tips for single moms? You’re in the right place. We definitely understand the challenges that come with juggling finances and motherhood.
The economy has its ups and downs, and those affect us all, but even more so if you’re a single mother. Last year, the Bureau of Labor Statistics reported that out of the 1.1 million workers who dropped out of the labor force, 80% were women, and many of these moms had very young children.
Coping with an economic downturn is one thing, but moms have to deal with more household and childcare responsibilities as well. For some, it can even mean passing up promising employment opportunities because of the lack of childcare.
So, if you’re a single mom looking for ways to save more money, we’ve got you covered.
Money-Saving Tips for Single Moms
Create a budget
At the beginning of every month, evaluate your finances, and plan next month’s budget. Set aside a small portion for your savings. Then distribute your income to cover food, housing, transportation, and clothing expenses. The goal here is to put every dollar of your income into a category, so it’s accounted for.
If you need help, you can look to some of the many informative online resources. Financial website AskMoney has a ton of budgeting articles for single moms to reference. For example, there’s one that teaches you how to manage your household expenses, from creating a list to separating them into categories.
You can also download GoodBudget, a free budgeting app for beginners. It allows you to plan your finances using the “envelope method,” which will notify you when you overspend, as it will turn the “envelope” red.
Plan your grocery trips
Single-parent households usually spend the majority of their income on food, so it’s a good idea to think about ways to save money on groceries. Compile a list of grocery items that you’re going to need for the week, tally your predicted expenses, and then stick to that list.
You can also switch to a more budget-friendly grocery store in your area. If there’s a nearby warehouse store where you can purchase in bulk, that might make sense. You need to keep in mind though that buying perishable items in bulk isn’t a good idea if you can’t use them up before the expiration date.
If you have coupons, maximize them. Combine coupons with sales for the biggest savings. By cutting down on your grocery bill, you’ll see a huge difference in your monthly expenses.
Cook your meals
When thinking about money-saving tips for single moms, we have to think about one of our biggest expenses–food. Cooking your family’s meals at home is not only healthier for everyone, but it also allows you to save money. A study cited on Huffpost even found that it can cut your overall monthly food spending by as much as half.
Your meals don’t have to be extravagant, they just have to be healthy. For example, hearty meals like lentil stew, chili, and spaghetti with marinara sauce can all be made with ingredients under $10.
Purchase toys and clothes wisely
Providing your children with entertainment doesn’t need to be expensive if you know where to look. Check out consignment stores for things like toys, video games, books, and sports gear. You can also check out local thrift shops, garage sales, and toy exchanges.
For your clothes, choose quality and timelessness over price. You’re better off buying high-quality pieces that will stand the test of time, rather than picking up clothing from fast-fashion stores that you will need to replace more frequently.
Managing your finances as a single mom can be challenging, but it can be more manageable with some planning and the proper tools at your disposal. Hopefully, these money-saving tips for single moms can help you get started. Let us know if you have any other ideas in the comments below.