It’s a new year and probably time for a new or updated single mom budget. What do you typically use to create a budget? Is it something you will use again and again? Maybe you are looking for a new tool or worksheet to jump start the process.
Reasons to Create a New Single Mom Budget this Year
Maybe you don’t think you need to create another budget. Here are two reasons you might want to consider creating a new budget:
You got a raise
You lost income because of a layoff.
Regardless of the reason, it is a good idea to update your budget so you know what will happen with your money this year.
I admit, I am pretty lazy with it comes to making a budget. I’ve used several tools and either didn’t follow my budget religiously or I completely forgot about it. When unexpected expenses come up the budget goes out the window.
Me Budgeting on a Smaller Income
When I got laid off from my “regular” job budgeting was pared down to rent payment, utilities, phone, and groceries. I had to keep it simple to stay sane. In the process of reducing expenses, I can find ways to make extra money like selling electronics, putting clothes in consignment, sell jewelry and especially sell my diamond engagement ring I’ll never wear again.
To jumpstart the budget creation process, I’ve compiled a list of single mom budget worksheets to help me and you work this thing out together. I can’t promise I’ll be good, but I’ll do my best.
1. Single Mom Budget Sanity Worksheet
UPDATE: Download the Automatic Printable Single Mom Budget Worksheet!
I have created a printable single mom budget worksheet of my own that you can download for free. Simply enter your after-tax monthly income and it automatically creates your budget for each category.
Click the image below to go to the download page for the MS Word file and follow the instructions on page 2 (See the demo video below).
6 More Free Single Mom Budget Worksheets
2. Microsoft Office Budget Templates I think most people with Microsoft Office have used their budget templates. Just download to Excel or even Word to complete and print.
3. The Household Planner Free Printable Budget This budget worksheet has the typical elements most budget worksheets have. You have your income and expense columns as well as your categories to work with. It is a PDF file you have to download and print.
4. Dave Ramsey Budget Tools Dave Ramsey has three different budget worksheets to choose from. The first is a quickie budget worksheet. The next is a Cash Flow worksheets that is more comprehensive. The last is a budget worksheet for irregular income. I think these are great options.
5. Basic Budgeting Worksheet BetterBudgeting.com has a free printable worksheet to help you create a budget. It’s pretty straightforward. Like the others, you simply download and fill in your income and expenses. They also have a monthly spending worksheet to help you keep track of your expenses.
6. Home Budget Worksheets from CCC These website has a budget in your pocket worksheet. It is a mini-planner you can keep in your purse or pocket for quick reference. They also have a workbook and an Excel and PDF worksheet you can download.
7. Practical Money Skills Budgeting This is one of my favorite websites to learn about money. They have a simple (and colorful) one page budget worksheet. This is great for the person that is making their first attempt at budgeting or just want to move to a simpler method.
These worksheet should get you started on your single mom budget for the year. Feel free to play with it to find the right balance. Also, think about any emergencies you think will come up and try to factor them in. It could be a flat tire, an emergency trip to see a family member, a medical expense, or anything.
Remember to Give to Get More Money
Remember to factor in giving as well. It could be your favorite charity, helping a friend, or donation to your place of worship. Regardless of how you choose to give, just get into the habit of giving. It’s one secret way the rich use to remain prosperous, plus it just feels good!
Samantha A. Gregory is an author, consultant, and speaker. She’s a single-mom lifestyle, money, and parenting expert featured in The Washington Post, The New York Times, Essence Magazine, HuffPost, ABC News, and Mint.com.
Samantha founded the award-winning RichSingleMomma.com™, the first online magazine featuring personal finance, parenting, and personal development content and courses for single moms.
She aims to inspire women who are ready to thrive and not just survive in their single motherhood journey. Connect with her on Instagram @richsinglemomma.
Watch this video if you are curious about how to make money online with surveys, focus groups, and more. Feel free to ask me your questions about working from home or making money online. No question is dumb (just as long as it’s relevant). I’m happy to help 🙂
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Samantha A. Gregory is an author, consultant, and speaker. She’s a single-mom lifestyle, money, and parenting expert featured in The Washington Post, The New York Times, Essence Magazine, HuffPost, ABC News, and Mint.com.
Samantha founded the award-winning RichSingleMomma.com™, the first online magazine featuring personal finance, parenting, and personal development content and courses for single moms.
She aims to inspire women who are ready to thrive and not just survive in their single motherhood journey. Connect with her on Instagram @richsinglemomma.
Divorce is tough. Dealing with the fallout of kids, housing, and money issues is even tougher. It is a high-stress and potentially confusing period. It’s enough to drive you insane, but now is not the time to fall apart. Here are six ways to get your money (and your mind) straight after divorce:
Establish a New Bank Account
If you were like most couples, you probably had a joint account, if not a separate account. You and your ex used the same bank, but now it’s time for a change of scenery. After the divorce, you are free to establish new relationships, see other people, and relish your freedom. Why is meeting a new banker and establishing a relationship with a new institution any different? A new banking relationship will give you a fresh outlook, fresh new faces, and hopefully a fresh new boost to your finances. Utilize any classes offered in your city as well as the financial counseling services offered.
Establish a “Me” Fund
In marriage, you probably focused all your attention on your spouse and/or your kids. After the divorce, you can begin focusing on yourself. Create a “me” fund to fuel your life with fun and pampering. At first it might feel strange to set money aside for yourself, but you will get used to it.
This is a challenge for me, so I’m listing it to remind me to do it for myself. What a difference a day makes when you can go out a buy something you want without feeling guilty. Establish a “me” fund and bask in the feeling of financial freedom!
File Bankruptcy
This feels scary, but it’s the advice a divorce attorney gave me when I explained how much debt my ex left in my lap. I resisted for three or four years before I finally did it. My resistance came from long-held beliefs that bankruptcy would ruin my financial life and be a black spot on my credit. The reality is, I was drowning in debt I didn’t create, and my credit was already in the toilet. Filing for bankruptcy would be relief and a way to unburden me from past financial potholes.
The process was moderately painless and took less than three months to complete. The discharge happened rather quickly because there was no objection from creditors. Now I am on my way to better financial health and have a clean financial slate to rebuild my life. You can do the same if applicable.
Request Monetary Gifts on Holidays
Do you really need another scarf or toaster for your birthday or Christmas? Wouldn’t you be better off with a nicely padded emergency fund? For some people, it feels weird answering the question, “What do you want for your birthday/Christmas?” This year, answer the question loudly and proudly by saying, “Money, honey!”
Let people know you are creating an emergency fund now that you are divorced, and they will probably be happy to help. Money in the bank for emergencies has a funny way of making you feel capable of handling anything that comes your way. That is worth stretching beyond your proprietary boundaries isn’t it?
Sell Old Jewelry, Clothes, Etc.
Did your darling ex give you a big ol’ hunkin’ diamond ring, a fabulous floor-length fur, or a leather coat? How about a cute lil’ sports car? All the jewelry, clothing, and other luxury items can be sold and used to pad your bank account. The proceeds can jumpstart your new life and put you financially in the black. Forget about nostalgia and start thinking about a new wardrobe, a retirement fund, or that trip around the world you’ve been dreaming of. Selling off valuables is a great way to clear your mind, reset your life’s purpose, and keep moving forward.
Create a Realistic Spending Plan
Now that you have followed the first five steps in this financial (and mental) makeover, it is time to create a realistic spending plan. You are a now a one-income household, and barring any child support you may be eligible/entitled to receive, you must begin living on one income. Your spending plan must include all your expenses, savings, and investments you anticipate.
Review your bank account for three to six months to see your spending trends. Connect your accounts to Mint.com or some other account tracking system to get a realistic idea of where your money is going. From that information, you can create your spending plan. I recommend that you don’t include child support or alimony in the plan unless you know it is guaranteed to be consistent. Otherwise, treat it as an occasional source of income. It may sound counter-intuitive to do this, but your spending plan should only be based on your earned income. This is part of getting your finances and your mind together. Planning for the predictable is the wisest move you can make and a sure path to peace of mind.
No matter how tough divorce is on your money and your mind, you can come out smelling like a rose. It takes time, planning, and perseverance to see the other side of this life-changing event. But you can do this! I believe in you.
Author Bio:
Samantha Gregory is a single mom, financial empowerment speaker, coach, and a published author. She is the editor of RichSingleMomma.com, a personal finance, parenting, and personal development blog for solo moms. She offers the Goodbye Broke Hello Prosperity free five-day e-course on her website.
Samantha A. Gregory is an author, consultant, and speaker. She’s a single-mom lifestyle, money, and parenting expert featured in The Washington Post, The New York Times, Essence Magazine, HuffPost, ABC News, and Mint.com.
Samantha founded the award-winning RichSingleMomma.com™, the first online magazine featuring personal finance, parenting, and personal development content and courses for single moms.
She aims to inspire women who are ready to thrive and not just survive in their single motherhood journey. Connect with her on Instagram @richsinglemomma.
If you don’t you will never reach the level of prosperity you dream about. It’s all up to you and absolutely no one else. Read on to see how to do it.
Yesterday I started writing my expenses and then wrote my ideal income scenario. I kept it simple so I wouldn’t overload my brain. Here are a few tips I can pass along to you:
Decide where you want the income to come from (i.e. work, gifts, child support, side gigs, etc.)
Do a simple breakdown of what you need to do to reach the amount you set. Makes it more concrete. For example: If work goal is $35k year (which is $2,916 gross), divide the monthly amount by your hourly pay to see how many hours you need to work. Do this for your side gig and any other income generating activity you will do this year.
Believe that when God gives you a vision he will make the provision. (In this case for your finances)
Hold the vision for your best income level to happen this year. You can’t reach your goal if you are busy thinking negative thoughts feeling afraid.
Remember it has to be a combination of planning and believing you are worth receiving the income you want.
Samantha A. Gregory is an author, consultant, and speaker. She’s a single-mom lifestyle, money, and parenting expert featured in The Washington Post, The New York Times, Essence Magazine, HuffPost, ABC News, and Mint.com.
Samantha founded the award-winning RichSingleMomma.com™, the first online magazine featuring personal finance, parenting, and personal development content and courses for single moms.
She aims to inspire women who are ready to thrive and not just survive in their single motherhood journey. Connect with her on Instagram @richsinglemomma.
With the economic ups and downs of the last several years, many Americans are more motivated than ever to get their finances on track. With some financial alternatives expiring before the year’s end, there’s no better time than the present to start.
“If you’re waiting until the New Year to resolve to better your finances, you may want to think again. You could be missing out on some year-end strategies that could help bolster your retirement savings and even provide tax benefits,” says Lule Demmissie, managing director of retirement at TD Ameritrade, Inc., a broker dealer subsidiary of TD Ameritrade Holding Corporation. “By being proactive, you can really have a positive effect on your nest egg.”
Demmissie offers 10 smart year-end strategies to help you start the new year with a strong financial focus:
1. Make 401(k) contributions by the end of the year
Not good at regularly saving for retirement? Make up for it by investing part of – or your entire -year-end bonus. For 2013, the maximum 401(k) contribution for people younger than 50 is $17,500. It’s a simple way to help build your retirement savings.
2. Play catch up
If you’ll be 50 by the end of the calendar year, now may be the perfect time to make catch-up contributions. In addition to the $17,500 401(k) maximum, people 50 and older can make a $5,500 catch-up contribution. Visit the IRS website for more information on contribution amounts.
3. Invest in a traditional or a Roth IRA
While the deadline for this year is technically April 15 of the next year; some say don’t wait to make contributions to an IRA for the 2013 tax year. Take advantage of the tax benefits, such federal tax-free growth and tax-free withdrawals during retirement. For traditional IRAs, most wage earners can deduct contributions on income taxes now and pay the taxes upon qualified withdrawals in retirement. Note: Adjusted Gross Income (AGI) limits apply for deductibility for both Roth and traditional IRAs.
4. Invest in a child’s future
Give your child a head start in life by investing toward his or her education. Consider opening a 529, Coverdell or custodial account. For parents of children already in college, don’t forget to take advantage of the American Opportunity College Credit if you are currently paying your child’s college tuition. (Note: AGI limits apply).
5. Pay down high-interest debt
Having high-interest debt can make saving for anything else very challenging. By paying it down now, you can save yourself money in the long run. If you only pay the minimum amount each month, a seemingly small purchase could take months to pay off and over time could cost significantly more due to the high interest rates.
6. Own a home? Invest in it
Numerous energy-efficient home improvements qualify for a federal tax credit if done by the end of 2013. Things like new windows, doors, water heaters and skylights may qualify. Visit energy.gov to learn more. In addition to a tax credit, these improvements can save you money on your utility bills, opening up more of your monthly budget.
7. Donate to charity
Donating to charity isn’t only an act of goodwill; it can be used as a write-off come tax time. Whether a monetary gift or donation of goods, such as clothing and household items you no longer use, keep records and include the deduction when you do your taxes.
8. Adjust your W9
In 2012, the average tax refund was just under $3,000. Rather than loaning Uncle Sam the money at no cost, consider adjusting withholdings and using the funds for saving or investing
9. Save for a rainy day
It can be tempting to spend any monetary holiday gifts or bonuses from work immediately. Instead, if you don’t already have one, use that money to start an emergency fund. Some financial professionals advocate having six to nine months’ worth of expenses set aside for unforeseen emergencies.
10. Review your portfolio
Don’t delay reviewing your contributions and portfolio allocations. TD Ameritrade offers a variety of tax-deferred savings vehicles that can help you pursue your retirement goals. If you have questions, meet with a qualified financial advisor and learn what you can do to start 2014 on the right financial foot.
TD Ameritrade does not provide tax advice. -Please consult with a tax-planning professional with regard to your personal circumstances.
Provided by: TD Ameritrade, Inc. Member FINRA/SIPC /NFA & BPT
Samantha A. Gregory is an author, consultant, and speaker. She’s a single-mom lifestyle, money, and parenting expert featured in The Washington Post, The New York Times, Essence Magazine, HuffPost, ABC News, and Mint.com.
Samantha founded the award-winning RichSingleMomma.com™, the first online magazine featuring personal finance, parenting, and personal development content and courses for single moms.
She aims to inspire women who are ready to thrive and not just survive in their single motherhood journey. Connect with her on Instagram @richsinglemomma.
NOTE: This happened to me recently because I made an unusual purchase online. My financial institution (USAA) is always concerned about keeping my account from unauthorized use. I simply called and verified my purchases and they re-activated my card. On the surface it can feel annoying (especially during the Holiday Season), but when you look at the big picture, it’s better to be safe than sorry…
By Jason Alderman
We’ve all had these moments: You’re at a romantic restaurant and the evening went great. But just as you and your date are readying to leave, an embarrassed waiter appears and whispers, “I’m afraid your card has been denied.” So much for romance.
The same thing can happen at the grocery store, when shopping online or worst of all, when you’re traveling and don’t have a back-up means of payment. Why do credit card transactions get denied and what can you do to prevent it?
Banks and other credit card issuers have developed complex algorithms that track credit card behavior and highlight unusual usage patterns commonly associated with card theft or fraud.
“Unusual activities” that jump out to card issuers include:
When you ordinarily use your card only rarely, but suddenly make several charges in one day.
Making multiple purchases at the same store (or website) within a few minutes of each other.
An unusually large purchase – say for a major appliance, furniture or jewelry. Alert your card issuer before making large purchases.
One small purchase quickly followed by larger ones. Thieves will test the waters to see if a small purchase is denied; if it’s not, they’ll quickly run up major charges.
Exceeding daily spending limits. Some cards limit how much you can charge per day, even if you have sufficient remaining credit.
Making large purchases outside your geographic area.
Multiple out-of-town purchases in short succession. (Always tell your card issuer when you’ll be traveling.)
International purchases, whether online or while traveling. In fact, some card issuers automatically decline international transactions because of the high potential for fraud, so learn your issuer’s policy before attempting one.
Other common triggers for credit card denials include:
Outdated or incorrect personal information – for example, when you’re asked to enter your zip code at a gas station. Always alert your card issuer whenever you move.
Also, make sure you don’t mistype your credit card number, expiration date, security code, address or other identifying information.
Expired card. Always check the card’s expiration date. You should receive a replacement card several weeks beforehand. It’s often mailed in a plain envelope, so be careful what you toss. If the new card doesn’t arrive, contact the issuer to ensure it hasn’t been stolen.
You’ve reached your credit limit. For the sake of your credit score, try to keep your overall and individual card credit utilization ratios (credit available divided by amount used) as low as possible – ideally below 50, or even 30, percent.
A temporary hold has been placed on your card – say for a rental car or hotel reservation – that puts you over your credit limit. Always ask whether a hold will be placed, how much and for how long, and factor that into your remaining balance calculations.
You miss a monthly payment. Card issuers may let this slide once or twice, depending on your history with them, but eventually if you don’t make at least the minimum payment due, your card will probably be frozen.
The primary cardholder made changes on the account and forgot to tell other authorized users – for example, reporting his or her card stolen, lowering credit limits or removing you from the account.
One last thought: If your card is denied, don’t shoot the messenger – he’s only following instructions. Rather, call the card issuer and find out what happened. Embarrassment aside, it’s nice to know that someone is trying to ensure your card isn’t being used fraudulently.
Jason Alderman directs Visa’s financial education programs. To Follow Jason Alderman on Twitter: www.twitter.com/PracticalMoney
Samantha A. Gregory is an author, consultant, and speaker. She’s a single-mom lifestyle, money, and parenting expert featured in The Washington Post, The New York Times, Essence Magazine, HuffPost, ABC News, and Mint.com.
Samantha founded the award-winning RichSingleMomma.com™, the first online magazine featuring personal finance, parenting, and personal development content and courses for single moms.
She aims to inspire women who are ready to thrive and not just survive in their single motherhood journey. Connect with her on Instagram @richsinglemomma.
Hi! Welcome to RichSingleMomma.com. I started this website almost a decade ago because I couldn't find any blogs back then that helped single moms with money. I was having some success in that area so I decided to share what I knew about side hustles, making extra money, and managing money. Read more...
