In today’s society, being a single parent is often seen as a bad thing. But in many cases, these single parents have no other option but to go it alone and will do whatever is necessary for their children – even if that includes working two jobs or living away from home just so they can survive until another paycheck comes around. The countless sacrifices made each day by single parents are often ignored because people live in a world where only married couples with children can be considered “normal.” However, there are many things that any single mother (or father) can do in order to cut costs on their daily routine while also getting more money put back for emergencies or future needs. These 10 budgeting hacks for single moms in 2021 are great ways to help that parent get to the next level financially.
1. Pay off debt in-full each month
This may seem like common sense, but it is still something that many people often ignore on their quest to save money as a single parent. People buy things they don’t need using credit cards or loans and let the interest pile up over time, making it harder for them to ever catch up with what they owe at the end of each month after all bills are paid. But any single parent would benefit from taking out a calculator and doing some math on how much extra money could be going into their pockets if they only owed $50 less every month. It might not sound like much, but that $50 can add up in no time and make it easier to put money aside for emergencies or even just taking your child on a short vacation. The earlier you get started with paying off debt, the more benefits you will see as time goes by.
2. Use credit cards wisely
As someone who is raising children alone while working multiple jobs, probably the last thing a single parent needs is a credit card bill to contend with each month. It’s also almost impossible for this person to manage their finances properly using only cash because they do not have enough time to stand in line at an ATM every other day – which means they would need to use a debit card anyway if they want access their cash right away. However, if you’re a single parent who already has a credit card, there are ways to make this tool work for your family instead of against it. Each month, the balance on your credit card should be paid in full – not just the minimum amount due that barely covers the interest and fees that come along with every purchase. By paying off the entire balance each month, you give yourself an extra cushion against unexpected expenses while building up points or cash back rewards that can help save money more down the road.
3. Organize finances at home and make sure all bills get paid on time
If you have kids (or even pets) running around your house making messes everywhere, chances are everything is probably going to end up covered in dust or dirt by the time you get around to cleaning up. When it comes to organizing your finances and making sure all of your payments are made on time, don’t let distractions come between you and your money. Take a day or two out of every week to focus solely on handling bills and other financial matters in order to avoid missing due dates. Many single parents who fail at money management simply allow life’s distractions take over so much that they forget about important things like paying for school lunches or even saving for their kids’ future college funds.
4. Keep an emergency fund in place
No matter how hard our single parents work, there is always the potential for emergencies as anything can happen when children are involved. From teachers calling out sick with no notice to cars breaking down unexpectedly, even a single parent with the best of plans is bound to run into some speed bumps along the way that requires more money than what they are prepared for at the moment. The best thing a single parent can do to avoid panic attacks when emergencies arise is by having an emergency fund on hand – which should be three to six months’ worth of savings in case something big enough comes up that it makes it difficult to work for a while.
5. Don’t just make ends meet, save some cash as well
One of the most common mistakes made by any person (regardless of marital status or number of children) who tends to live paycheck-to-paycheck each month is not putting away anything – no matter how small – for the future. A single parent is not exempt from this problem, so it’s important to set aside some money for savings as well – even if that means cutting back on other expenses that are not considered a necessity. One simple way to do this is by cooking more of your own meals at home instead of eating out or buying prepared food at the grocery store. While homemade food may take longer to prepare and clean up after, you’ll save money in the long run while giving yourself an opportunity for regular family bonding time during mealtime.
6. Prioritize education
If both parents work full-time jobs and there are still children involved, it can be difficult enough trying to maintain a healthy balance between work and family life without worrying about whether or not your child is doing well in school or falling behind. To avoid this dilemma, make sure you are setting aside enough time during the week to sit down with your children and find out how their classes are going – as well as what they need help on if any of their grades start slipping. If your budget allows for it, consider hiring a tutor from an online service such as VIP Tutoring so that you can spend more one-on-one time with each child learning what makes them tick and what challenges they may be facing at home and in the classroom.
7. Stick to a budget
No matter how hard single parents work or how creative they get trying to balance everything together, there’s always a chance something will go wrong when it comes to spending. While there’s never a way to completely avoid overspending, it is important for single parents to stick to a tight budget in order to avoid unnecessary debt as much as possible – which can lead down a slippery slope that will only make the future more difficult. With this in mind, make sure you know exactly what your income situation looks like (and how much wiggle room you have with regard to monthly expenses) before starting up any new financial obligations such as taking on credit card debt or opening up an auto loan so that you won’t find yourself drowning when unexpected bills pop up later on down the line.
8. Negotiate payments
A lot of single parents get overwhelmed with bills and must find ways to cut back on expenses so that everything is paid on time each month. One way to do this is by calling up your creditors and letting them know that you are working hard every day but may need some additional time in order to make the full payment, which can give you a few more weeks or months before the next one arrives. This tactic can be helpful for single parents who have very little wiggle room when it comes to cutting back on costs such as food or transportation, yet don’t want their credit score to take a huge hit because of their current financial situation.
9. Keep an eye out for potential scams
As much as we would like to believe otherwise, there are people out there who look at single parents as an easy target – especially those with young children who can’t fend for themselves. While that may seem like a harsh reality to face, it’s important not to let your guard down because there are scammers out there looking to make a quick buck in any way they can (including impersonating government agencies).
10. Avoid credit card debt
If you have ever tried looking for a loan of any kind – especially credit card debt – you probably know there are lenders out there who take advantage of people in desperate situations by charging them exorbitant fees and interest rates. With this in mind, make sure single parents are not only aware of these potential risks but are also ready to avoid them at all costs as they can quickly become overwhelming if left unchecked. If it is possible, try to get a secured credit card (this will usually involve holding money on deposit with the bank) or taking out a small loan to cover any tiny emergency that pops up instead of going down the path of easy money that only leads to more stress later on.
The article above shows 10 Budgeting Hacks for Single Moms in 2021 and avoiding credit card debt. It goes in-depth about single parenting saving hacks and provides tips for saving as a single mom.
Check out this related article on how you can get financial help during Covid-19!
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