5 Single Mom Budget Tips from Personal Finance Experts

Sounds easy enough right? Be clear about your budgeting goals with your circle that way you can all share advice and tips to help one another. You’ll be surprised how much easier it is to reach a goal with some accountability.

2. Take advantage of local resources!

I’m a book junkie, I love buying books to read. I recently calculated how much money I could save by just going to the library. Even better, when I signed up for a library card I found out that some libraries also give you access to books via audio! *Cancels Audible subscription*

Breonna Vereen, Owner/Designer of Imani Cowrie IG: bre_thejeweler

 

My bank allows me to set up different bank accounts that I can personally name. So I have set up an account for each of my major bills. Then I set up automatic drafts from my primary checking account on payday to put the specific amount I need to pay each bill into the different accounts I set up. What’s left in my checking account is what I have for discretionary spending.

I have the bills paid via electronic draft too so I don’t have to remember to pay a bill or accidentally pay one late. When I have extra money I add some of it to each bill accounts so that I can get a full month ahead. This cushion gives me more flexibility if something comes up.

Acquania Escarne – The Purpose of Money

Here are six more tips to get your mind right about controlling your spending:

1. Keep it Simple

To get your financial life under control develop a simple spending plan to avoid overspending. There is no need to overcomplicate the process. You can create a budget each time you get paid or create a budget ahead of time. Both ways include listing your income and expenses, then subtracting your expenses from your income. Here is a free budget worksheet to get you started.

2. Change your thoughts about budgeting

The word budget conjures up the feeling of restriction and lack; so I like the word spending plan. A spending plan puts you in control of how your money flows into and out of your life. When you are in control you are also responsible for what happens (both good and bad). Your decisions determine how much you get to keep vs. release to the others.

3. Take Control

When you develop a plan you feel more in control and it’s easier to stop overspending. We talked about this in the previous tip. Taking control of every purchase, every bill and every debt gives you a sense of accomplishment.

4. Inventory your needs and wants

Think about and list everything you need, and then assign a dollar amount to each item. Once you have listed everything, including your children’s items, add them to a spreadsheet and review monthly. Some things may stay and other things may fall off because you may find it is more of a want than a need.

5. Study the trends

Look at past spending trends to get an accurate view of how much you spend on bills, food, clothing, car/ transportation, and entertainment. This information will help you see where you can maintain or stop spending in a certain area.

6. Use modern money tools

Review your bank account online for a ready source for seeing where your money goes. Use tools like Mint.com, budgeting apps, or my Google Money Tracker.

If you are dealing with living on a low income you want to watch these single mom budget videos I created. Subscribe to the playlist to come back and watch the videos when you have more time.