Effective Tips for Single Moms to Manage Finances

You dreamt of a future where everything was in sync—a harmonious blend of career, family, and personal aspirations. 

But life isn’t a bed of roses. It throws curveballs sometimes—and now you’re a single mother. Navigating life as a single mother is not just about mastering quick dinner recipes or juggling schedules. It’s also about handling the financial aspects. 

Research reveals that most single mothers have very low levels of financial reserve. That makes it harder for them to manage day-to-day expenses and handle emergencies.

Managing finances as a single mom is not easy. But there are ways to stay on top of your finances without adding extra stress to your busy life.

Here, we’ll share some tips that can help you manage finances effectively.

#1 Budgeting is Your Best Friend

We know—the word budget sounds boring. But it’s really the foundation of managing your finances. It’s like a financial roadmap. You can see where your money is coming from and where it’s going. That will empower you to make better decisions. 

Be realistic when creating a budget. The founder and CEO of Curtis Financial Planning in Oakland, California, Cathy Curtis, advises single moms to list all their fixed expenses. That would include insurance, rent or mortgage payments, utilities, and debt obligations. 

Take into account variable and miscellaneous expenses like clothing and medical expenses. 

Budgeting isn’t about depriving yourself, however. It’s about knowing your limits and making your money work for you. Hence, don’t forget to leave room for fun. It’ll be hard to stick to if you cut out all the little joys, like the occasional coffee or movie night.

Create a budget, but make sure to follow it. It will prevent you from overspending. 

#2 Start a Side Hustle

You’re a single mom; you already know how to multitask like a pro. Why not put those skills to work so you can make an extra income?

Take on a side gig. Opt for something you enjoy so that it doesn’t feel like an extra burden on top of your existing responsibilities. 

Think about your talents. Do you have a knack for freelance work, such as writing? Or are you good at baking? There are tons of flexible options that you can fit around your schedule. Websites like Upwork and Etsy can help you get started. 

You could even consider pet sitting. Pet sitting is lucrative. Expect to pocket $16.04/hour on average, though you can rake in as high as $24.35. 

Registering on platforms like Rover.com can help you kickstart as a pet sitter. But they will charge you commissions. 

If you don’t want to lose a cut of your earnings to commissions, build your own website. AI website builders have simplified the task of website creation. You can design a simple, professional, and engaging website in the blink of an eye without any coding knowledge or design skills. 

Powered by AI, Hocoos explains that these website builders use a set of predefined rules to handle design tasks. That includes selecting stylish fonts, creating eye-catching layouts, and choosing colors that echo a business’ personality. 

Once your website is created, list your services, pricing, and contact details. Market your website through social media, community groups, or local advertising. This way, you can attract clients directly and keep all your earnings.

A side gig can be a creative outlet, and who knows? It might even grow into something bigger. 

#3 Look for Discounts, Coupons, and Freebies

Raising kids isn’t cheap. It costs an average of $237,482 to raise a child from birth until they turn 18. That doesn’t even include the cost of college. 

From school supplies to extracurricular activities, the expenses can quickly add up. But you don’t always have to pay full price for things. There are so many opportunities to save—you just have to keep an eye out.

Look out for discounts, coupons, and freebie opportunities whenever you can. Many stores have loyalty programs or apps where you can rack up points, get coupons, or access special sales.

Just this week, Good Morning America revealed that Walmart’s Baby Days sale is back. You can buy all essentials, from wipes and diapers to nursery furniture, at a fraction of the regular prices. 

If you’re a newbie parent, take advantage of this sale and stock up on all the essentials you’ll need. You have the opportunity to purchase products from well-known brands like Graco, Babyjoy, and others at a discounted price. 

Don’t be afraid to join local mom groups or community forums. Many parents are willing to trade gently used items as well as share tips on where to find the best deals.

Every little bit adds up. You’ll be amazed at how much you can save by making small changes.

Managing finances as a single mom can sometimes feel overwhelming. But you don’t have to do everything at once. Take small, steady steps; they’ll make a big difference.  

Just be mindful of where your money goes, and keep looking for ways to save wherever possible. Rest assured that you will be able to take control of your finances and create a more stable future for yourself and your family.