In Canada, over 50% of the population is female.
In single-parent homes, they represent the head of the house far more often than males.
Trying to maintain a family on a single income is difficult. Unless you make an extraordinary amount of money, only budgeting can ease the pressure.
Here are some budgeting tips for single moms who are trying to make ends meet with the rising cost of living.
Not only are budgets important, but budgeting also brings a lot of benefits. A good budget will make sure that you don’t overspend and leave yourself in a bad financial position. Budgeting can help control the outflow of money and will help you plan for the future.
1. Know Exactly What You Make
It’s impossible to create a budget if you don’t know exactly what you’re going to be making. This is the basis of how you’ll form your budget. Don’t try to calculate in your head and estimate when you are figuring out how much money you earn. Use accurate numbers and real data.
2. Make an Accurate Tally of Bills
The second step in your budget should be what bills you have. Avoid generalizations and make sure that you know down to a penny what you have to spend. Some bills change each month, so plan enough money to cover the usual fluctuation of those bills.
3. Be Realistic With Yourself
If you know that you’re going to want to get a coffee every morning, or perhaps buy yourself a treat once in a while, don’t overlook this. It’s easy to pretend like we aren’t going to get something we want until the moment comes upon us.
4. Let Technology Help You
There are some great budgeting apps out there that can be of great assistance. These apps help you manage and plan ahead with your budget. Make sure the app you get has the features that will help you the most.
5. Don’t Be Afraid to Get Help
A single person trying to raise children on one income isn’t easy. If you find that your income is not covering your expenses, you have options. Food banks and other assistance is available to anyone who is struggling. Don’t feel bad if you need help.
6. Set Aside as Much as Possible
The money you set aside can act as a barrier between sudden expense and financial ruin. As a single parent, you’re vulnerable to sudden expenses. These can be car repairs, appliance repair, or any number of other single time expenses. If this happens to you, and exceeds your savings, consider an emergency loan.
7. Don’t Just Budget for the Amount
When budgeting for bills, make sure to note when the bill has to be paid by. Having the money for the month won’t help if you don’t have it when you need it. Make sure to plot out when bills come due and where the money has to come from. This way you don’t accidentally spend money that was waiting on a bill.
8. A Good Budget Is a Monthly Budget
No two months are the same. Paychecks can come at different times, and so too can bills. Adjust for these variables each month to ensure you stay on budget and out of danger.
9. Keep Track of Your Budget
As the month progresses, make sure that you keep your budget up to date. This includes marking items as paid and also updating the totals. Having a roadmap like this can help you stay on budget and keep you informed as to the state of your finances.
10. Don’t Avoid Cash
If you have an area where you’re struggling, one of the best budgeting tips is not to use a bank card. Set aside the amount of money you have budgeted in cash. This way you can’t accidentally spend too much at the grocery store, for example.
11. A Budget Gives Insight
If you have fully budgeted out your income and expenses, you’ll see exactly where your money is going. Use this information to manage the amount of money going towards non-essentials. A lot of budgets can get trimmed, especially if the going gets tougher.
12. Set Goals and Meet Them
Having a budget shows you your finances in a clear and concise way. This means that when you set a goal, perhaps to make more money, you can see the progress you’re making. Once you reach the goal you had set previously, set a new one, and strive for it.
13. Prioritize Expenditures
Make sure that the most vital areas are taken care of first. These are areas that you must have money for, like food, utilities, lodging. Don’t spend on anything else until your basic needs are met.
14. Put Extra Money Where It Will Help Most
One of the biggest things that can benefit you is to pay off your debt. Schedule any extra money you have to pay off your debt. As you pay off debt, you will reduce your expenses and free up more resources for other things.
15. You Can Automate Savings
If you have a set amount you want to save out of every check, remove the temptation. You can set up your bank account so that the money is automatically placed into a savings account. This will take out a step and help your savings grow without you having to interact with it.
The Cost of Living in the Modern World
It isn’t easy to have enough money to make it in the modern world. This difficulty is true for everyone, but especially for those who are trying to raise children on their own.
Children generate expenses that single people do not. These budgeting tips will help you to make your budget more effective and helpful in your daily life.
If you need help because of an unexpected bill or are having a bad week, don’t let it ruin you. Contact us to get the money that you need.