If you are a single mom, you would want to know how single moms should plan their budget. And because you’re reading this, you know of the everyday struggles. It’s a tough job taking care of children on your own. But what’s even tougher is creating the budget for your finances; including bills and utilities, monthly allowances, extra cash for your groceries and cash for the random problems that life has to offer; like medication or other emergency circumstances that might happen in your life or the lives of your family members.
It’s very important that you know how to spend your money wisely as well as knowing when to spend and where to spend it. You need to be open to simple but effective cost cutting techniques like driving that extra mile for grocery shopping that has great deals, cutting coupons and comparing the price of the products before you decide to purchase it. This can help you a great deal when it comes to saving up. There is a number of companies that gives free trials and samples of their new products free of charge, you should always keep track.
The first thing you need to do is to write a list of your monthly expenses and never leave out the littlest things like groceries and gas. Always include your bills’ due dates just to make sure that you are well informed about them. Nothing is worse than having to look past due dates and remember them at the very last minute!
Scan through your past bank statements as well as your past expenses; keep a close eye on what to cut down when it comes to expenses like those from restaurants or fast food chains. By doing this, you can plan your finances for the months to come. Another great idea is to closely monitor your credit score.
Another way on how single moms should plan their budget is to always keep track with the dates of their salary and how much they receive on said dates. Always include child support or alimony if you receive it. Single moms would like to consider their assets in the list just to make sure if they need to use it. These steps should be done separately.
Subtract this, just so you can see if you have leftovers. Once you do, you need to put these into a separate account; one that you have no easy access to like a close withdrawal location or a debit card. You might need this in case of emergencies or when you tragically fall short financially.
When you have none left over, you need to do something extra to meet your budget. The trick on how single moms should plan their budget is to forecast all of their financial needs in advance; this way it helps with reducing the stress of money because of the knowledge that they already have with advanced planning.
Without proper planning, being a single mom would be difficult; but with precise planning and proper budgeting, you are assured to be worry free and keep enjoying motherhood all at the same time.
What kind of budgeting tips can you give other single moms? Is there a special budgeting trick that’s helped you?