Nearly every single Mom eventually comes across this one question, ‘how to save money with my one income?’, the answer to the question varies considerably from one person to another. The money saving tips working for a single mom would be different than a student, and a working professional and entirely different saving method would apply for a couple. Being a single parent is not an easy job and it becomes more difficult when it comes to being a single Mom. Life is not easy for Moms but when they have to play the dual room of bread-winner, and homemaker a bit of master-minding is in order.
Maintaining good finances is always a tricky task for everyone, but this task becomes more challenging when there is one income. A single mother whether earning or not needs to take to laser focus on all her finances, saving money will alleviate some of the stress in her plan. If you are a single Mom and looking for solutions to save money, then you will benefit from this article, as here I will present to you, one of the great “how-to’s”; How to save money tailor-made for single moms, using these, money saving tips:
Saving Money on Groceries
Most Mom’s are responsible for grocery shopping, meal planning, and preparation, but a single mom is responsible for doing the same and making sure it is “cost effective”. A single mom can save money by
- Planning the family meals in advance, because she can purchase in bulk, prepare in advance and freeze meals.
- Cooking in bulk that can be used over a period of 2-3 weeks, freezing the excess, would help her save on cooking expenses apart from saving a lot of time and energy.
- Purchase in-season vegetables and fruits
- Avoid expensive cuts of meat as they will heavily increase your supermarket bills.
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The Second Hand Option!
Children are always full of demands, and I won’t be exaggerating if I say their demands are never-ending, that’s typical of kids. A single mom needs to handle these demands without jeopardizing her monthly budget and savings. You can save a lot of money by buying used toys and clothes for their kids and, and even for yourself. And if second-hand clothes are not something you like, go in for recycling your clothes and save a lot of money on buying new ones. There are a number of shops that offer second-hand products used once or twice, and available at 30-50% of the original price. You can see that there are many options for saving money on clothes, you can think of others.
Look out for discounts and coupons
The life of a single mother is full of struggles and difficulties but shopping for discounts in major sales papers and online should be a major part of your shopping tour. Take advantage of shopping coupons, store loyalty, and reward points and make the most of your shopping by paying the lowest price possible for everything. You can go in for kid’s clothes shopping during sales at regular stores, and also at deep discount retail shops in searching the best answers to ‘how to save money’.
Team up with other moms
There is one famous quote saying ‘Divided we fall, United we stand’ let this be an inspiration for single Moms everywhere. Befriend single Moms in your area and form a group where you can trade babysitting with other group members, which would not only save money but also foster support and friendship within the group. Organize group activities such as cooking and freezing, excursion trips, picnics to nearby places with kids and carpooling etc.
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Save on household bills
Household bills are a necessary evil, will always be with us, so they need to be dealt with efficiently. The process of saving money on household bills begins with cutting back on cell phones, cable, electricity and water bills. Single moms can take advantage of the internet to compare various cell phone plans and make sure you can constantly upgrade to the most discount friendly plan. Always ask your electricity, water or gas companies for a subsidy or discount, as many companies give subsidized electricity and other amenities at lower rates to people belonging to certain income groups. As for electricity, don’t use what you don’t need. If there are cable channels you don’t use or can’t afford, cut those out of your cable package.
Get out of the debt trap
[sociallocker]Debt is considered to be an integral part of the lives of a single parent, especially the single Moms. Many people know that debt is actually the enemy of savings, and in order to increase savings, you need to get work to get out of the debt trap as soon as possible. I suggest you replace your big car with a small one or a big house with an apartment or small manageable home. Big assets acquired in the form of a loan only adds to your liabilities and increases the outflow of your cash by the way of down payments and loan installments. Get rid of bigger loans with huge installment payments, and high-interest rates: and save up your monthly income for a healthy budget and securing your children’s future.
We are aware of the fact that as a single mom, you know the importance of money and savings. This is the reason you can see plenty of single moms working terribly hard from morning to evening in order to earn an income for their children. But sometimes finding answers to the question ‘how to save money’ seems blurry even for the hardest working single moms, this is the reason why we’ve given you the best workable tips for achieving the task. Take advantage of these money saving tips and see your budget consistently improve over time.[/sociallocker]
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