money saving tips

Money Saving Tips For Single Moms

Money saving tips

Money saving tips for single moms at Msfinancialsavvy

Creating a list of money saving tips is essential for all single moms
, and the list will vary considerably from one person to another. The money saving tips working for a single Mom would be different than for a student, and a working professional and entirely unique saving methods would apply for a couple.

Being a single parent is not an easy job and this job becomes even more difficult when a single mother is pressed to save money. Life is not easy for mothers especially in today’s financial climate  when Mom’s must play the dual role of breadwinner and homemaker, a lot of introspection is in order.

A single mother needs to take care of every personal financial detail, this is the main reason why financial success is possible. If you are a single mom and looking for techniques to save  money, then you’ve  come to the right place, I will present you with some of the most successful money saving tips available for single moms.

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  • Food issues

A mother is responsible for providing her children a balanced diet and nutritious food, but a single mom is responsible for doing the same in an affordable way. A single mom can save a lot of money by planning family meals in advance. You can also receive bulk and coupon discounts from grocery and retail stores. Cooking in bulk that can be used over a period of 1-2 weeks when you freeze the excess, can help you save on cooking expenses and save a lot of time and energy. Try to purchase seasoned vegetables and fruits and avoid expensive cuts of meat and off-season vegetables as they will heavily increase your supermarket bills.

  • The second-hand option!

Children are always full of demands, and in fact, I won’t be exaggerating if I say that their demands are never-ending. As a single Mom, you need to handle these demands without jeopardizing your 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 several shops that offer second-hand products used and in good condition, and available at 70-80% of the original price. These include consignment shops, thrift shops or Salvation Army type shops. 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 one should never feel hesitant or shy in asking for discounts from some stores, and shopping only at the lowest prices. Take advantage of different types of shopping coupons, store loyalty, and reward cards and make the most of your shopping experience by paying the lowest price as a rule and not an exception. You can go in for kid’s clothes shopping during sales at regular stores and at deep discount retail shops when looking for money saving tips.

  • Team up with other moms

There is one famous quote saying ‘Divided we fall, United we stand’,  this is an inspirational quote for all single Moms.  Befriend single Moms in your area and form a group where you can all trade babysitting when any of the group members are in need, which would not just save money, but also foster friendships within the group. Organize group activities such as cooking demonstrations, excursion trips, picnics to nearby places with kids and carpooling.

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  • Save on household bills

Household bills will always be with us, but unnecessary bills can be cut out. 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 cellular plans and should consider discount friendly options only. 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. Take advantage of government offers for moderate income people.

  • The tip jar

For those of you who complain that you can’t save any money in an account. Start with a tip jar.  Choose any large jar in your home. Place it somewhere safe. Whenever you have an excess of  change in your wallet or purse, place most of the change in your jar. In anywhere from 4-12 months, you will  notice the jar filling up, depending of course on the size. The larger the better, 1 to 1/2 feet high is good. When you have an emergency you can turn in your coins to a local store coin deposit machine and get cash for something pressing. In addition to your jar, I suggest you open a bank account at a bank, a regular passbook savings account. At this point you are not concerned about interest, your goal is to accumulate money for a rainy day. It doesn’t matter if it is $20 a month or $200 a month. Make this a bill, pay into to the savings account every single month when you pay your bills, it’s even better if it is auto-deducted from your checking account or payroll check, that makes it easier.

  • Get out of the debt trap

[sociallocker]Debt is an integral part of the lives of a single parent, the trick is to keep it low. Many people know that debt is the enemy of savings, and to increase savings, one needs 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 outflow of your cash by the way of down payments, loan installments, and big repair bills. 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 know as a single mom, you  know the importance of money and savings. This is the reason why you can see plenty of single moms working terribly hard from morning to evening to earn an income for their children. This is the reason why we’ve given you the best workable tips for achieving the task. Take advantage of the money saving tips here and see your budget consistently improve over time. [/sociallocker]

These are just a few of the money saving tips for single moms, look for more in my downloadable kindle eBook.

Lois Center-Shabazz
author of, Live Rich Save Money! Budget Planner
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author of, Live Rich Save Money! 68 Powerful Ways to Save Money, Now and Forever
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&  Get Out of Debt Forever in 17 Amazing Ways

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