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Whether you’re recently separated, divorced or have been on your own for awhile, budgeting as a single mom can be overwhelming. I want you to forget about the math of it all for just a moment and give yourself a second to breathe.
Between household responsibilities, work, pickup lines, and sporting events, you’ve got a full plate. And I’m going to guess you’re doing the best you can.
In fact, you probably found this blog post because you were researching ways to start taking control of your money. Sometimes taking that first step of researching and seeking help is the hardest part.
Related: Starting Over After Divorce: Your Guide to a New Beginning
Here are My Top 7 Tips for Budgeting as a Single Mom
I’ve been a single mom for a year now, and I can tell you it does get easier, but you have to stay on top of your income and expenses, or you’ll end up in a world of hurt.
Open Your Mail
This is probably one of the most important tips I have for single moms. If you know (or suspect) that your income isn’t enough to cover the bills, you cannot neglect your mail.
I know this seems obvious, but you’d be surprised how many people I know (myself included) who become overwhelmed and end up dropping the ball.
So if you’ve been letting the bills stack up, without opening them, it’s not too late to level set and see where you stand.
You Need a Single Mom Budget
Track your income and expenses by creating a detailed budget. List out all essential expenses like rent, groceries, utilities, and childcare first to see where your money is going.
I personally budget by paycheck, and I’m paid twice per month from my full-time job. I also have irregular income (from this blog) that I add into the budget depending on where it falls with my regular paycheck.
You have to track every dollar coming in and every dollar going out. It’s the only way to take ownership of your money so that you can make it work for you.
I have tried so many fancy budgeting spreadsheets and planners, but I always come back to old faithful: this simple household planner with pockets to hold the bills.
I simply divide each month in half and budget to pay half the bills twice/month. I write my income at the top and
Prioritize Needs Over Wants
Focus on covering the necessities first, such as housing, food, and healthcare, before spending on non-essentials. This will help ensure you have enough for the basics.
Always list the items that will take care of the people who live within your four walls first:
- Housing (rent or mortgage)
- Car expenses (monthly payments, insurance, fuel, maintenance) to get to and from work
- Utilities, such as electricity, water, sewer, gas – YouTube TV is not a utility. There are plenty of streaming options for free, such as Roku tv channels.
Build an Emergency Fund
Experts say to save at least 3-6 months’ worth of living expenses in an emergency fund. This will be your financial safety net in case of unexpected events like job loss or medical expenses.
If you are overwhelmed at the thought of this, don’t stress. Start saving as much as you can from each paycheck. Building to your first $500 or $1,000 is so satisfying and should be celebrated!!
Cut Unnecessary Expenses
Review your spending to identify areas where you can cut back, such as unused subscriptions, dining out, or impulse buys. Small changes can add up over time.
I’ve leaned a little too often towards stopping at Starbucks for a drink on the way home from the gym. Not only is it healthier to go home and have a post-workout protein shake, but it’s also significantly less expensive!
You can save money by changing small behaviors, too. Stop carrying your debit and credit cards with you and instead carry limited cash.
Never grocery shop on an empty stomach or without a plan for your money. Set a budget, write a list, and stick to it.
Consider Side Income
You may be wondering how can a single mom make money with a full time job? Explore part-time work, freelancing, or a side hustle to supplement your primary income. This can help ease financial stress and provide more flexibility in your budget.
Starting my online business (this blog and my YouTube channel) was the smartest side hustle. Honestly, it gave me extra income when I was a stay at home Mom, and I also believe the skills learned from blogging helped me land a career in tech.
There are so many free resources available online to help you learn new skills. I know it’s intimidating, but if you have knowledge or information to share with the world, starting a blog can be a great way to dip your toe into the world of entrepreneurship (on your terms).
You can learn how to start a blog here.
You may also be interested in:
Pay Down Debt
Focus on paying off high-interest debt as quickly as possible. Consolidating loans or negotiating lower interest rates can also help reduce monthly payments.
I can honestly say that debt has never served me well, so if you’ve got debt that leaves you feeling anxious and uneasy, you are not alone.
Make a list of your debts, smallest balance to largest, and consider the debt snowball method for paying off debt. By paying off the smallest balances first (regardless of interest rate), you’ll gain momentum, and those quick wins can be a major motivator to finally getting out of debt.
Involve Your Kids in Budgeting and Helping
Teach your children about money by involving them in age-appropriate financial discussions. This can help them understand the value of money and encourage smart financial habits early on.
Include your kids in your financial goals and give them the opportunity to contribute. When your kids help out around the house, doing chores like cooking and cleaning, it teaches them valuable life skills while freeing up some of your time.
You can use that time in the kitchen to connect with the kids, cooking healthy, low-budget meals, and the bonding time in the kitchen can be a lifesaver for your relationship. Your kids need this time, and so do you, mama.
Frequently Asked Questions
Q: How do single moms survive financially?
A: Having a strong foundation of faith helped me immensely. Praying has helped me through negative throughs and self doubt. It’s not easy going from a dual-income household to a single income household (or worse…having to figure out how you’re going to make it when you’ve spent your entire marriage raising kids and managing the household). You are strong. You have survived 100% of your hardest days! You can do this!
Q: How much money does the average single mom have?
Ziprecruiter shared the average household income for single parents by state. Not shockingly, Florida came in at the lowest: just $31,256/year, or about $15/hour.
If your income is within the averages, I want you to take some time to journal your thoughts around your goals. What would you do if the sky was the limit? What can you do right now to take a step towards that goal?
You don’t need a four year degree to earn a good living. In fact, I earn six figures without a college degree, and while I am a bit of an outlier, anything is possible with hard work and determination.
There are certificate programs that require six months to a year plus a couple thousand dollars of investment:
- Aesthetics
- Cosmetology
- Surgical Technician
- Radiography Technician
- Medical Assistant
If you combine these programs, say an Aesthetician license with a surgical tech certificate, you can work for a plastic surgeon and make a really decent living!
Is 75k a good salary for a single mom?
If you can earn $75,000/year, that is a gross monthly income of $6,250. Based on that income, you should aim to keep your housing costs around $1,600/month.
This is where things get tough. I know that $1,600/month won’t find you much where I live. You may have to move into an apartment or townhouse and forgo buying a home until you can increase your income, but $75,000 is a very livable wage!
Conclusion
If I can offer a piece of advice, it’s to make sure that you follow the first tip. Do not avoid budgeting as a single mom – open your mail and put together a plan. Ignoring the problem doesn’t make it go away, and I know the anxiety of the unknown.
I hope this helps you on your journey of financial peace! Which of these resonates with you? Let me know in the comments!
Life is a collection of memories and experiences. There are ups and downs. I am so grateful for God’s grace and am on the journey to a renewed spirit, free of perfectionism. Perfection Hangover offers the sober truth – no filter.
