Budget Tips for Single Moms

Budget Tips for Single Moms : More than 8 million families in the U.S. were headed up by single moms last year, over 5 million more than in 1970. Being a single mom means that you’ve got the sole responsibility of managing the often limited household budget. But handling your family’s finances can be a lot easier if you are willing to put in some time and effort in upfront. Creating a monthly budget will help you know exactly what you are spending, what money is coming in, and should help you to find the areas where you can save money.

Review all household outgoings

It is important that you make a comprehensive list of all of your monthly outgoings. This needs to include all financial obligations you have including household bills and any debt repayments. Make sure you include the bills you pay during the course of the year but not necessarily due each month. Add all of your bills together so you have a total figure that covers all of your outgoings. Then take away your total outgoings from your monthly income to see what you have left over.

Cut back on your spending

While you may not want to reduce how much you spend on groceries, there may be other things you can cut back on. This might be a good time to talk to your kids about the budget you’ve created and how they can help you stick to it. It might mean they have to go without the latest pair of trainers but it can also be a valuable opportunity to teach them about the value of money.

Draw up your new family budget

Now that you know what you spend and what you have to live on, you can draw up a weekly or monthly family budget. Include as much detail as you can and prioritize your spending. This means putting things like your rent, bills and groceries at the top. One of the biggest benefits of a budget is that it can help you to identify extra money that you can use for savings and building up your credit. Once you have divided up your budget to prioritize the right spending for your family, add a section for savings so that it becomes a priority.

Supporting your family on one income may not always be easy. But with the help of a good budget and cutting back on any unnecessary spending, you will hopefully be able to keep on top of your bills and living costs each month. If you are struggling to make ends meet, then make sure you seek professional advice. Don’t let worries about money spoil family life.