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Learning how to survive financially as a single mom was one of the most difficult things I ever had to do.
Not only was I forced to raise kids alone, but I was also dealing with all of life’s financial struggles by myself.
Every obstacle, every wall, and every emergency, I had to figure it out.
I don’t want that for you.
Here are 11 tips that I have learned through my single mom journey on not only surviving but thriving financially.
How to survive financially as a single mom:
- Stick To A Budget
- Cut Your Expenses Without Cutting Your Life
- Make more money
- Save Your Money Honey
- Know Where You Stand With Your Credit
- Explore Government Grants
- Learn Personal Finance
- Buy life insurance
- Stay Connected
- Teach Your Children How to Manage Money
- Stay Positive and Motivated
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How Do Single Moms Survive Financially?
Single moms survive financially by staying organized with their finances. Balancing multiple responsibilities with little money, there is no room for error. Being bad with money is not an option for most single moms, as we are the sole providers for our kids.
1. Stick To A Budget
Creating a budget is the first step. I know you probably do not want to hear the “B” word but let’s face it, knowing where your money is coming from and where it’s going is crucial when you are managing your finances alone.
Budgeting will also help avoid debt and build a financial safety net for unexpected emergencies.
If you stay committed to budgeting, you can achieve financial independence, reduce financial stress, and focus on taking care of yourself and your children.
2. Cut Your Expenses Without Cutting Your Life
The last thing you need while trying to figure out how to survive financially as a single mom is a restricted budget.
There are so many ways you can manage your finances and still make the most of your life.
Meal Planning and Budget-Friendly Grocery Shopping
- Plan your meals ahead of time to avoid unnecessary spending.
- Opt for budget-friendly ingredients and shop smartly to save money.
- Eating healthier becomes more achievable with planned meals. Energy-Saving Tips for Lower Utility Bills
Energy-Saving Tips for Lower Utility Bills
- Switch to energy-efficient light bulbs to reduce electricity costs.
- Unplug electronic devices when not in use to save on standby power consumption.
- Maintain a reasonable thermostat setting to prevent high heating or cooling bills.
Engage in Free or Low-Cost Activities
- Instead of expensive outings, explore free options like local parks, public libraries, or community events.
- Enjoy quality time without breaking the bank by participating in affordable leisure activities.
Utilize Discounts and Coupons
- Take advantage of discounts and coupons to save money on essential items like clothing and groceries.
- Search for coupons online, in newspapers, or through loyalty programs offered by local stores.
Establish an Emergency Savings Fund
- Create a separate bank account dedicated to emergency savings.
- Set aside a portion of your paycheck regularly to build a financial safety net.
- Be prepared for unexpected expenses such as medical bills or vehicle repairs.
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3.Make more money
When my kids were younger, it was hard for me to find a job that worked around their schedule. I didn’t feel like any high-paying job would want to work with a young black single mother.
That feeling was something I made up completely in my head.
Once I got out of my own way, I realized there were plenty of opportunities where I could make more money to provide a better life for my kids.
To make more money as a single mom, you could
1. Get a new skill
2. Start a side hustle
3. Apply for a higher-paying position at your current job
4. Go back to school
5. Ask for a raise
I decided to do extra work on the side and go back to school to learn more about my field. It was hard in the beginning because I had to take care of my kids, but I used what I learned to move up in my career. Finally, securing a better-paying job making more money.
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4. Save Your Money Honey
Having a financial safety net is essential for peace of mind and security when you are a single mom.
One way to build this safety net is by setting up and maintaining an emergency fund. This fund should cover three to six months’ worth of living expenses, including rent, utilities, food, and any other necessary bills.
If 3- 6 months seems like a lot of money to save right now, use these tips to start small and save at least $1000.
- Practice mindful spending: Before making any purchase, ask yourself if it’s a necessary expense or just a want.
- Automate your savings: Set up automatic transfers to your savings account on a regular basis.
- Use cash instead of credit: It’s easier to overspend with credit cards since the money isn’t leaving your account right away..use cash instead
- Plan ahead for expected expenses: Anticipate future expenses, such as car repairs or medical bills, and start saving for them in advance.
5. Know Where You Stand With Your Credit
In 2020, I decided to stop living paycheck to paycheck and buy a house as a single mom. Of course, the first thing I did was pull my credit report. And let me tell you, my credit score was so low. I didn’t let that discourage me though.
I created a plan and was able to increase my credit score by 100 points in 12 months. I focused on the debt snowball method, which is paying off high-interest debt first and then working your way down.
Another strategy I used was to negotiate with creditors for better terms. This may include asking for lower interest rates or extending payment terms to make payments more manageable.
It’s important to communicate openly and honestly with creditors about your financial situation and explore potential options for debt relief.
6. Explore Government Grants
Find Financial Help For Single Moms In Your Area:
Your local job and family service office can help you with food, clothes, child support and even getting alimony.
Eligibility for these programs varies depending on your income, family size, and other factors.
You can also look into single mom grants and single mom scholarships to pursue further education.
These resources can help you pursue higher education or career training, which can lead to higher-paying job opportunities in the long run.
Last, affordable housing and rental assistance programs can also help you secure safe and stable housing. These programs offer subsidized rent for low-income families and may have other resources to help you afford the housing you need.
7. Learn Personal Finance
Learning personal finance can be a powerful tool when learning how to survive financially as a single mom.
Here are some ways to get started:
Learn the basics: Start with beginner-level tips like how to budget, save, invest, and manage debt. There are many resources available online, including free courses and tutorials, to help you build your financial knowledge.
Read books and attend workshops: There are so many personal finance books and workshops available that can help you look at your finances in a way you never thought of. Seek out the ones that are relevant to your goals and interests.
Follow financial experts and money blogs: Stay up-to-date with the latest news and trends in personal finance by following experts and blogs in the field. This can be a great way to learn about new strategies and approaches to managing your money.
Seek advice from professionals: Financial advisors, accountants, and other professionals can provide valuable guidance and support as you work to improve your finances. Don’t be afraid to seek out their help.
8. Buy life insurance
I don’t feel like we talk about having good insurance coverage enough as a whole but protecting yourself and your family from unexpected emergencies should be top priority on your list.
Here are some types of insurance that every single mom should consider:
Health insurance: Medical expenses can quickly add up and cause financial stress. Health insurance can help cover the cost of doctor visits, hospital stays, and prescription medication. Make sure to research different health insurance options and choose a plan that fits your needs and budget.
Life insurance: If something were to happen to you, life insurance can provide financial support for your children and other dependents. It’s important to consider how much coverage you may need to ensure your family is taken care of in the event of your passing.
Disability insurance: In the unfortunate event that you are unable to work due to an illness or injury, disability insurance can provide income replacement to help cover your bills and expenses.
Home and car insurance: Protecting your assets like your home and car is important. Home and car insurance can provide financial coverage in the event of damage or loss.
Whole life insurance: Whole life insurance provides a combination of life insurance coverage and savings that can be accessed later in life. This type of insurance can provide peace of mind knowing that you have a savings component for future financial needs.
9. Stay Connected
Building a support system can be very helpful on your journey to surviving financially as a single mother.
Reach out to other single moms going through the same thing as you. You can join online communities on Facebook or Reddit. These communities share valuable information with like-minded single moms who can offer emotional support and practical advice.
Seeking advice from financial advisors or counselors can also be beneficial. Look for free financial counseling at credit unions or non-profit organizations. They may be able to offer you personalized advice, and guidance on budgeting, debt management, and investment strategies.
10. Teach Your Children How to Manage Money
One of my “why’s” for wanting to get my financial ish together was not being able to teach my kids about finance. I had to learn the ins and outs of the financial world by myself and I did not want that for them.
Teaching them from a young age is one of the most valuable lessons I could give them, and it was up to me to set them up for success in the future.
When teaching your children about money, it’s important to make sure the lessons are age-appropriate.
You don’t want to overwhelm your child with too much information too quickly. Start small and gradually introduce more complex concepts as they grow older.
There are many resources available to help you teach your children financial literacy, including books, online courses, and workshops. And unlike us millennials, your kids may even be learning about financial literacy at school.
11. Stay Positive and Motivated
Single mom life is not for the weak. One of my biggest struggles is trying to remain positive while getting my finances together. From feeling alone to having too much stuff on your plate, try these tips to help you stay positive on this journey.
Shift your mindset: Create a mindset that sees challenges as opportunities for growth and learning. Know that nothing is loss or failure but a lesson that needs to be learned. By adopting a positive mindset, you can approach financial obstacles with strength and determination, knowing that setbacks are just a step back for a come up.
Visualize your goals: Create a vision board of your financial goals and the life you want to build for yourself and your family. Visualizing success can provide motivation and will remind you why you’re working hard.
Seek inspiration: Surround yourself with sources of inspiration that resonate with you. Read success stories of single moms who have achieved financial stability, listen to motivational podcasts or TED talks, or follow influential figures in personal finance who can provide guidance and inspiration along your journey.
Practice gratitude: Regularly express gratitude for the blessings in your life, no matter how small they may seem. Gratitude shifts your focus to what you have rather than what you lack, fostering a positive mindset and enhancing your overall well-being.
Celebrate personal growth: Celebrate yourself every day. Acknowledge the personal and financial growth. Recognize how far you’ve come and be proud, whether it’s learning to budget effectively, mastering new financial skills, or handling tough times with ease.
Frequently Asked Questions
How can I afford a home as a single mom?
To buy a house as a single mom you will need to save for a down payment, and research single mom home loans. Make sure to improve credit scores to qualify for better mortgage rates, and consider factors like location and property size to find a suitable home within budget.
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