Financial Tips to Create a Winning Single Mom Budget

Raising a child is a rewarding experience, even if you’re doing it on your own, but it has its challenges. Being the sole breadwinner can be tough for some, especially in today’s precarious economy. Single moms doing it all on their mom face numerous financial challenges, as they have bills to pay, children to raise, and households to manage. According to Investopedia, middle-income parents will spend an average of $310,605 by the time a child born in 2015 turns 17 years old in 2032. However, this number can vary based on the economic climate and inflation rate. 

The good news is an efficient budget can reduce stress and allow you to focus on more important things in life, such as creating memories with your children. Following the right steps and knowing when and how to save can help you better manage your finances. Consider the following tips to get started.

One of the most important elements of a budget involves cutting down expenses, which requires you to prioritize certain expenses. When creating your budget, consider expenses for both you and your children. You should include food, school activities, clothes, and weekend activities. Prioritizing certain expenses and eliminating unnecessary ones can help you plan your monthly income.

For new single moms trying to figure out the ideal budget, consider additional expenses you may incur. If you’re a working mother with a young child, you may need to account for daycare expenses if no one is available to watch your children. 

The government offers a range of support for single mothers. The benefits can vary depending on your location and income. Learning more about these supports and using them to simplify your finances is essential. 

According to the Single Mother Guide, some grants available for single mothers include TANF cash assistance, food stamps, WIC, and CCAP. These grants help struggling single mothers manage their money in times of financial hardship. You may also find grants that help students pay for college in the form of tax credits for low-income families. 

An important part of budgeting involves building an emergency fund for rainy days. You want to avoid not having the funds in case of emergencies, such as for home or car repairs, medical bills, or unexpected job loss. Start building an emergency fund that covers at least three to six months of your basic living expenses. When you have kids, you need to account for a few additional expenses that may arise, such as textbooks, school supplies, unexpected school trips, etc.

Building an emergency fund as a single mother isn’t easy. So, it’s okay to ask for some help. If you don’t have sufficient funds to cover an emergency or have difficulty building a fund due to a lack of disposable income, consider getting a short-term loan to cover your expenses. Platforms like GoDay offer online loans with flexible terms and simple application processes. Taking a short-term loan can help you manage your finances and deal with unexpected expenses without tapping into money you may have saved for your child’s future.

Building a winning single mom budget comes with challenges, but the right strategies can help you gain control of your finances. Follow the steps above to better manage your money as the sole breadwinner in the family.