Through the month of September you will see tips to help you as a single mom deal with your finances in a positive way.

The first tip in this series is develop a spending plan to avoid overspending. With this tool you are light years ahead of most people. Not surprisingly, the word budget conjures up the feeling of restriction and lack; so I like the word spending plan.

When you develop a plan you feel more in control and it’s easier to stop overspending. Taking care of your needs and including wants does much to calm your mind.

Take into account everything you need first. List it all; rent, clothes, medication, etc., and then assign a dollar amount to each item.

It may take looking at past spending trends to get an accurate view of how much you spend for bills, food, clothing, car/transportation, and entertainment. Review your receipts, your checkbook, credit card statements, and bank statements to see where your money is going.

If you bank online you have a ready source for seeing where your money goes. Most banks have this option so you are not plugged in now is a good time to start.

Now that you what you want and where you money is going, developing your spending plan is a lot easier.

Write your spending plan in a notebook and call it your money diary. If you’d rather keep it online try Google Docs, Mint.com, or any other online budgeting program.

Check out this Spending Plan Online Calculator to create an instant budget. http://www.crown.org/tools/calculators/budgeting_spendingplan.asp

Samantha Gregory

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.