10 Insanely Good Secrets To A Better Single Mom Budget

It’s no secret that being a single parent is job for the strongest among us. Between trying to raise a well rounded little person and managing the household on your own, you’ve got your hands full. As the sole provider for your family, things can get EXPENSIVE! Trust me, I know, because it’s the story of my life. That’s why it is more important than ever to create a single mom budget that helps you win.

When you are doing a two person job alone, you need a budget that can withstand the unexpected. Planning every penny becomes a necessity, not an option. Save yourself some stress with our best budgeting tips for single mamas.

Why Successful Moms Budget

There’s a lot that goes into being a great mom, and the term is so subjective. But showing up as your best self and providing the basics for your family, is universal. If you’re stressing about money, you are unable to show up as your best self. Budgeting means telling your money where to go and making your money work for you!

With a single mom budget, you may feel constrained. Again, this was meant to be a two-person job. Even with some financial help from the other parent, you’re still paying for individual things when they should’ve been share. Think rent/mortgage, utilities, insurance, etc. These are usually not what you’re using the money you receive for when you have things like childcare, food, and clothes to provide for your little one.

This type of budget strain is the exact reason why you need to be both spending and saving with a purpose. Planning out your finances will either eliminate any doubt that you’re able to afford what you need, or it will identify a problem that you need to address as soon as possible to create a plan of action.

Budgeting Tips For Single Moms

Here are 10 of my best tips for a rock solid single mom budget.

1. Figure out where you stand

The first step to creating ANY budget is to assess where you stand financially. What does that mean? Identity how much you make on a consistent basis. If you receive one time or spotty payment from a source, don’t factor that into your budget. Instead, add that into your actuals in the month they occur. Why? It’s unreliable, to expect it and plan how you’re going to spend it is setting you up for failure.

After you determine how much you bring in, get real with yourself about how much you actually spend. List you fixed expenses (daycare, rent, car payment, etc.) first. Then, list out a good estimate (based on prior months and any upcoming seasonal changes) of your variable expenses. These include gas, utilities, groceries, and much more.

Equally as important, figure out your debts! What are your credit card balances? How much do you owe in loans? What are your minimum payments. The first starting point in budgeting AND debt payoff is to identify your starting point.

2. Build your emergency fund!

I cannot stress enough the importance of an emergency fund. Before paying off any debt, set up an emergency fund and don’t touch it until…an emergency. It is easy when you owe money to want to use the money that you have to pay it down. While it may seem like it saves you money because you’re paying less in interest, it isn’t. Not having money set aside for emergencies is the exact thing that will have you using your lines of credit again. The key is to build self reliance in knowing that when something comes up, you’re prepared.

Typically, 3-6 months of expenses is a good goal for an emergency fund. The very least you should have, that is a popular amount, is $1,000 (much less than 3 months of expenses). 6 months is a stretch goal – a long term rock solid fund. The amount of your emergency fund should not be based on some arbitrary number you found on the internet. Consider rent, childcare, car payments, and debt in this figure as they will significantly increase the target savings amount.

You may be thinking “I don’t have that to spare” but it’s a marathon, not a race. A little bit over time adds up, but this is one of your first steps to financial freedom.

3. Plan Family Fun But Make It Budget Friendly

Having a child means you’re always in entertainer mode. Kids need stimulation and there are tons of free and inexpensive options that are still fun. Between museums and parks, you’ve got a couple options to keep your child busy. Sometimes even just taking certain toys outside, like their basketball hoop or a ball can still be fun to your child. Get creative but you don’t always have to reinvent the wheel to keep a small child entertained.

Check out Pinterest for great suggestions for frugal ways to have fun!

4. Don’t Skip On Insurance and Retirement Saving

One topic I was naive about until I started as a financial consultant, is retirement and insurance. I thought it was standard. Anytime I’d start a new job, the first thing I did was sign up for benefits and whatever retirement plans they had. I wouldn’t do anything extra for them, just the baseline. However, this isn’t standard.

I’ve heard stories of people with no health insurance, no car insurance, no life insurance, just out here living reckless. While I understand everyone can’t afford every insurance, these are usually the same people that cannot afford to not have them. Retirement is the only one that is, somewhat, optional. But I’m pleading with you to be insured.

Word to the wise, get yourself all of your basic insurance needs. This includes life, car, and home/renter’s. This is a major step in your financial journey to avoid unnecessarily high expenses at times when you can least bear them.

5. Automate Your Expenses

I know we’ve all seen the memes. “I don’t care how rich I get, I’m never setting up autopay.” Huh? But, why? I get it — it can be scary setting things up to automatically leave your account when you don’t know if the money will be there. BUT it has to get paid right?

Set your bills on autopay so you never miss a deadline. A trick that I’ve found useful is adding my bill payment dates (they’re usually the same each month unless it falls on a weekend). How does this help? Knowing what date something is going to come out makes it easier to budget your checks.

Imagine you create the perfect monthly budget but then, what is this, overdraft?? How could that have happened? It doesn’t help you any to create a perfect monthly budget but all your bills hit the first of the month and you get paid biweekly. Check number 1 likely won’t cover everything and now you’re stressing for the next 2 weeks.

Tips To Automate And Stick To Your Single Mom Budget:

Stagger payments when possible – have bills due at the beginning and middle of the month.

Review bills before they’re due

Budget expenses by check

6. Save When You Spend

Budgets often require a lifestyle change. But sometimes baby steps can be more useful than going cold turkey. Think about it like dieting. When you cut off all the things you love completely, you often find yourself binging on the thing when the “diet” is over, or just quitting!

Instead of completely cutting things you enjoy, consider cutting back or getting thrifty. Start clipping coupons. Find a Groupon for that family fun day. Love clothes and fashion? Go to the thrift store or checkout Shein. You have to get creative when long term financial success is the goal.

7. Get out of debt

This is one of the biggest money savers that will allow you to live the lifestyle you desire. Imagine what you could do debt free? To never have to make a payment again, it’s a paradise. Getting serious about your debt starts with at least making the minimum payments.

Once you’re consistently doing that, you graduate to creating a debt payoff plan. This includes picking your payoff method, and sticking with it. Whether you want to snowball or avalanche, you have to devise a plan from start to finish. You can’t payoff a couple things and get complacent. The journey may seem long, but it’s worth it. See it through!

8. Downsize

Often times, you are sitting in your biggest expense and you’ve become accustomed to a certain lifestyle. I’m guilty. This is something I will not compromise on, so I have to find other areas of my life that I can save money. If everything else is more important to you, then consider moving to an area where you can pay less for housing.

Downsizing can also include getting a cheaper vehicle so you have lower, or no payments. This can also mean selling your extra belongings for cash. I make it a point after each season to sell my son’s clothes and toys that he’s grown out of.

9. Increase Your Income

This one is a tough one when you’re a single parent. You are likely strained for time and have your hands full with your full time job and children. But sometimes that’s the only way you can get to where you’re trying to be when your fixed expenses alone outweigh your income.

In these cases, the only way to make your single mom budget work is to…work. When being present at home is the main barrier, finding work from home opportunities is your best bet. I’ve heard of people being paid for copywriting, taking surveys, food delivery (door dash, ubereats, postmates), customer service support, selling printables, or creating a side hustle of your own.

My mom friend, Jasmine. over at Mom2Mogul helps moms like you monetize and sell your skills. She talks about finding the thing that you’re good at, turning it into a course or master class, and selling it. Check her out if you’re looking to build something that could make you fast cash in as little as a weekend.

10. Get help!

As moms, our pride can take precedence over our needs. But when the babies are involved, don’t be afraid to ask for support and help when you can. In some cases, there’s genuinely no one to lean on, but if you have someone to ask and you are in a tight spot, ask. What does this look like? Having your mom babysit while you go to your side hustle. Asking your child’s father to provide a negotiated amount each month or to take the kids on a set schedule so you can work while they’re gone.

Help can also look like seeking out a professional. You may spend some money initially for their services but if they set you up with the tools you need for success, then it was an investment. Money can be as simple as you have it or you don’t. But it can also be as complicated as it’s actually in your budget and here’s how you can find it. Having a financial consultant, like me, can set you on the right path. And, consultations are completely FREE!

You should reserve asking for financial assistance for dire situations. If you’re constantly having to ask for additional assistance then there’s a flaw in your single mom budget that needs addressed.

Does Your Single Mom Budget Work?

Now that you’ve read all these great tips, which areas are working best in your budget, and which could use some improvement? What’s the number 1 thing that you will be implementing into your new budget plan?