Often, I’m asked, “How do you do it?” Years ago, I would laugh at that question and wonder exactly why others thought I was keeping afloat as a single mom because I sure didn’t feel as if I was. To be honest, I felt like I was drowning with bills. As the years progressed, I finally learned how to increase my money as a single mom and no longer felt the financial burden.
Being a single mom can be financially challenging at times, especially when you have kids who participate in many extracurricular activities. If you are a single mom struggling financially, there are so many ways you can turn this situation around for yourself. I will share a few tips that allowed me to relieve the financial struggle in my household.
In 2019 I was currently in the nursing program and working a PRN job as a CNA. This was a big change for me as I always worked a full-time job as an adult. Also, I held 1 or 2 PRN jobs to keep the bills paid. During this time, I realized some of the things we WANTED in life weren’t an absolute NEED. I cut down bills including our cell phone packages, completely did away with our cable bill, and paid off my current car note to eliminate an extra bill. We also managed to cook more at home, which decreased the amount of money we were spending on fast food. This is when I realized we were spending unnecessarily.
1. Budget and Spend Responsibly
Budgeting can be a headache but it’s worth it. Once you start budgeting, you will not want to stop. Sometimes when you look at your bills and then look at how much income you’re bringing home, you can become overwhelmed. When I started budgeting, I created a beginner-friendly budget tracker that allowed me to break down my income and bills for the month. I knew exactly what bills I wanted to pay out of each check and how much money I would have left from each check. My Financial Budget Planner Bundle is a digital download and includes 8 pages that can be printed multiple times. You can purchase it by clicking here.
Couponing is a great way to bring down cost when purchasing groceries, home essentials, personal care items and more. This will aid in staying within your budget that you have set. See article on Things You Need to Know About Digital Couponing here.
No Spend Challenge
Challenge yourself to have no-spend days. This can be accomplished by taking your lunch to work, preparing dinner at home, no online purchases etc. No-spend challenges teach discipline and once you start, you’ll be amazed at how much money you will save.
Budget Binders
Budget binders are my absolute favorite! I have 2 budget binders and 1 budget wallet. Let’s start with the wallet that I carry in my purse. My wallet consists of budget envelopes for groceries, dining out, household supplies, coffee (since this is one of my obsessions) etc. I use this binder on an everyday basis and reload bi-weekly. As for my budget binders, I utilize 1 binder for all my savings challenges. These funds come from income earned through my business and any extra money that may come my way. My 2nd budget binder is utilized for savings towards activities, holidays, my daughters birthdays and bills that come around annually.
Click the below pictures to purchase my favorite budget binders from amazon.
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2. Side Hustle
In 2015, I started my small business TuTu Cute by Angie. This was during the time my kids were getting into sports heavy and I knew I needed to come up with a plan to bring in more income to support their hobbies. Not many people in my area were making tutus so I knew this would be the perfect side hustle. I started off creating my kids tutus for different occasions and from there I started creating for friends and family. I decided to launch my small business in June 2015. One thing I love about my small business is the fact I have control over it. I can manage my workload and complete my orders between my full-time job and my daughters activities.
When searching for a side hustle, aim for something that you will enjoy doing. Not only will this side hustle bring in more income but can become your outlet. It was many days I was tired and frustrated but crafting kept me sane. What better feeling is it to do something you love while making more income?
Things to consider when starting a small business:
- Will you make a profit?
- Uniqueness
- Start-up cost
Tips for ensuring success:
- Stay positive. In the beginning, it can be challenging especially if you’re not making sales. Keep marketing!
- Keep your customers happy. Always provide great services and build relationships with customers. This will make customers want to shop with you again and bring more customers.
- Ask questions. If you are unsure of things, ask other business owners who are successful for advice.
3. Cancel non-priority subscriptions!
Ok, I know this is a hard one to handle. I use to have subscriptions for almost everything and the amount of money spent monthly was unbelievable. Ok, take a deep breath and write down all your non essential expenses like your subscriptions. Isn’t it mind blowing?
Once you realize how much money is coming out of your bank account when adding this up, believe me, you are going to want to cancel them also. The fewer subscriptions, the more money you are now able to save to add to your budget binders, savings, and sinking funds.
Also, you can sometimes find subscriptions cheaper. For example, I was able to add my Disney+ and Hulu accounts together which saved me a few dollars.
Once you go through your subscriptions and realize you never or rarely use them, cancel the subscription! SAVE YOUR MONEY!
4. Shop Around
If you have car insurance, you know these rates can be different depending on your plan, driving history, and insurance company. Not only car insurance but home insurance, cable bills, etc. Remember, customer loyalty usually doesn’t do you any good when it comes to lower rates. Just think, who offers discounts to loyal customers? Your bill can sometimes continually increase over time if you’re with a company for a long time. Always shop around for cheaper rates when you can.
5. Eat at Home
I know it’s super easy to just pick up a meal on the way home. Especially if you’ve had a long day at work and had to end it with busy kids that afternoon. On these days, try a crockpot recipe so you won’t have to stand over the stove struggling to complete a meal in a hurry.
Recently I cut the number of days we were eating out back, and it has saved money. In my home, we often try to mimic meals from our favorite restaurants. I personally think I make pretty good Japanese food at home now. This meal can cost my kids and I over $60 when we go to our local Japanese restaurant. When prepared at home, usually it can cost me no more than $25. My kids and I love eating seafood but when going to a seafood restaurant, we can spend up to $150. When prepared at home, it runs around $80. Every penny counts when trying to save money, right?
I hope these tips provide you with much financial growth and freedom!!