Being a parent is a true bliss. Most people describe it as one of the best feelings in the world. However, it is not all fun and games & rather comes with great responsibility. And if such responsibility is born by a single parent, it becomes enough tougher.
Being a single parent let alone a single mom has its own list of challenges. It takes courage, hard work, and a lot of patience to manage your work, your household, your finances, your future and your child altogether.
If you are that superwomen aka single mom too and want to manage all of that and take control of your expenses along with planning a robust future, you’re at the right place.
It all begins with Budgeting.
Budgeting As a Single Mom –
A budget is a solid plan for your money. It takes into account your total net income and necessary expenditures along with making room for savings.
A superwoman aka single mom budget will help you avoid financial anxiety. It will keep your finances organized and provide you extra hours to relax while the pre-made budget takes care of your money.
5 tips to excel in budgeting as a single mom
Here is a list of 5 tips for single moms that will help you excel in budgeting and ensure your financial peace of mind.
1. Prioritize your and your children’s expenses
When setting up a budget, you want to take care of your & your children’s necessary expenses foremost. Expenses like school fees, clothes, weekend fun, and tuition should be taken into account for your children. Also, don’t forget to log in your monthly expenses like cab/bus fare, groceries, etc.
2. Build an emergency fund
The goal of an emergency fund is to cover at least three to six months of your basic living expenses like housing and food. You must build an emergency fund to be kept away for any unfortunate circumstances.
An emergency fund will give you financial freedom and stress-free life.
3. Budget for long-term saving goals
While budgeting, make sure you plan for the long-term. As a single mom, you need to take care of your children’s future alone. Make sure you plan it out and set aside money for their higher studies and other needs in advance.
4. Grab on freebies
Make a list of fun activities you can do with your children for free. Take your kids out to that nearby park more often. Being a single mom doesn’t have to be boring, live with your kids, but smartly.
5. Automate your finances
Being a single mom keeps you busy already. Try to automate parts of your life, like finances. Set up automatic bill payments and live stress-free.
Bonus Tip – Get debt free as soon as you can. If living below your means for a few months/years can free you of high-interest debt. Do it. You’ll thank yourself later.
Take some time out today, set your budget right & celebrate yourself, for you are doing a great job as a Single Mom.
Hope these tips help you in budgeting like a pro.