Helpful Financial Tips for Single Moms

Single moms don’t have it easy when it comes to finances.  It’s a cold hard fact that we provide for our kids out of our own pockets.  Well, if you’re lucky enough to have been blessed with deep pockets, or if you regularly get a fat sum of money deposited from your ex-husband’s to your bank account, then putting food-and more- on the table should not be so much of a problem.

For the most part, it’s us and us alone when it comes to dealing with financial matters- from the heart-pounding task of filing a tax extension to clearing up credit card debt.  Dealing with finances is merely a chunk in the whole single-parenting pie, but we do have to straight-facedly take a bite of it.  Here are some things we can do to sort out our finances and save money:

Cut down on luxuries.  Whether you’re a mom who can’t last a day without a tall Starbucks latte or you find it extremely difficult to say no to your friend who keeps selling you fine jewelry, you have to try to cut down on unnecessary expenses.  Sure, we all need to reward ourselves, but that can be done once in a while.  Let’s face it, they’re called luxuries because they are things which we can do without.

Make it a habit to save.  That old piggy bank which has been gathering dust in the deepest recesses of your kid’s toy chest may have to once and for all see the light of day.  Try to put aside some money each day, and before you know it, it’ll amount to something big enough to pay for something really important.

Sort out those taxes.  Even if you happen to be a work at home mom, you still can’t escape paying taxes.  Try to avail of a good type of tax preparation software to help you take the guesswork out of tax-paying.  With all the intricacies of paying taxes, you may need some help.

Clear out debt.  If you can help it, don’t loan money from any entity, living or otherwise, unless it’s for something worthwhile such as a house.  If you still have a huge credit card bill staring you in the face, try to pay it off all at once with whatever money you’ve already saved.  Nothing can make you breathe more freely than being debt-free.

If we didn’t have our kid’s future to think about, splurging on shoes would be ok to add to our daily to-do list.   But the thing is, we single moms must save up for their future while having to cut corners today.  In the end, giving up dreams of having that gorgeous Louis Vuitton bag will pay off.

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About Pepper

I am a single working mom, trying to raise my kid the best way I know how. Join me as I navigate my way through the jungle that is Single Mom-hood, armed with rose-colored glasses and strength of spirit. As pepper adds spice to food, so does my daughter add spice to my life. She makes life no less than…PEPPERRIFIC!

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Comments

  1. But I miss my shoes!!! ;-)

  2. Yes, as a single Mom it get’s harder financially.Luxuries are out of my list even before because I was used to having a simple life..the only treat that I have given to myself was to go to a salon and have my hair a cellophane primer every eight months hahaha..aside from that I don’t really spend for myself..I was usually spending for my kids..

    Savings is really a Must because you don’t know until when will you be financially capable of..and I think the best thing is having a Proper but Reasonable Budget..having less Spending But not comprising your kids health and happiness

    *passing by Peps :) *

  3. this is very interesting and helpful tips sis…these tips also applies to everybody…great to be here!

  4. being a single mom is not an easy task. you really have to give up those unnecessary things especially if you are not that financially stable.

  5. good tips, i know a few single moms tht need this advices, will tell them :)

  6. Keeping life as simple as possible, devoid of luxuries can help sustain single parents whether moms or dads. I’ve lived a life like this. Often times than not, belts have to be tightened and I find it really practical this way. It’s even more rewarding if you would reach this far. I am proud to say that I consider it now as an accomplishment that I have seen my children through these years.

  7. As a single parent life can be very hard bills kids with only 1 check coming in it can be very hard but think of the reward when those little ones can grow up and help you.

  8. Love this post! I personally know how hard it can be to handle the finances an stay sane! This post was a great little reminder of just what it takes to stay focused.
    One area where I have found the greatest out go of money is in the food budget. I have 6 mouths to feed and I keep our weekly grocery (and eating out) budget to $20 per person/per week. I have been doing this budget for about 3 years now and it has made a world of difference in our health a our family bank account. For instance, we are having chicken enchiladas and homemade chicken noodle soup off of one $5 whole chicken I bought yesterday. I’ll make the tortillas tomorrow and I have carrots an celery from last week and the chicken stock in the freezer from the last whole chicken I cooked so I am all set.
    I have friends that are always asking, ” How do you do it all?” Well, maybe you can relate, we just do. I work 50 hours a week, my kids do school via online distance ed, and I am back in college full time and I still meal plan. We single moms just get it done!

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