I was looking for information about how single moms can manage on a low income budget. It’s easy to find information for two parent households but rarely for one parent households.
I found something that might be helpful for single moms (with one child) who make less than $25k a year. The following image shows the percentage that could be spent for three income amounts. They are broken up over about 10-15 categories.
If you make more or less you could still take the percentages and apply it to your situation. Amounts shown could increase because of Earned Income Credit, government assistance, child support, or food stamps.
From Crown Financial Ministries
How to Budget on a Low Income
If you are struggling on a low income or think you can’t possibly live on a low income budget, take a look at this video series. I describe exactly how I was able to survive on $12,000 a year when my kids were young. It is totally possible but I encourage you to make a decision and plan to increase your income. It is totally possible to make as much money as you want to make. Living on a low income is a temporary situation if you want it to be.
Budget Worksheet for Single Moms
Be sure to grab my Budget Sanity Worksheet so you can create your own budget. It’s not your typical worksheet that you print out and fill in the blanks. With the Budget Sanity Worksheet you simply enter your paycheck amount in the first field and then your budget is created for you! Here is a video that shows you have it’s done:
Stretch Your Budget with More Income
I believe it is easier to add to your budget than subtract from it. You can only cut things out so much. Depriving yourself only leads to feeling defeated which can lead to depression. Being a single mom on a low income is hard enough without the added pressure of cutting out things you probably need. Choosing between food and diapers or shoes for your kid is a decision no one should have to make.
The best thing to do is add to your income. It might feel challenging at first but with determination and creativity you can add an extra $100 or more to your monthly budget. To add to your income start off babysitting, baking and selling cookies, creating wonderful smelling lotions or soaps, or being a virtual assistant. Sell to family, friends, and co-workers at first then learn marketing so you can attract new customers. Don’t forget about using Facebook Marketplace and other online sources to make sells too.
Making extra money will help relieve any pressure you are feeling. It will also make you feel happier and more in control of your life. Now that you know how to budget on a lower income you will have no problems budgeting your higher income.
If you want to learn how to attract larger amounts of money in shorter periods of time you should check out my book The Magic Money Manifestation Formula. I used money manifestation techniques to attract $10,000 in less than a week. I believe you can to if you follow my steps.
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.
