Money Saving Tips For Single Moms

Single moms face a variety of challenges, but being able to manage finances always comes out on top as the most unsettling. Although living off one income is difficult, it is possible if you are willing to let go, open up and work hard! Although there are many pitfalls involved in living off one salary, you should be looking at this as an opportunity to make your own money decisions, and finally have financial control, and freedom.

We’ve rounded up a few simple ways to save money effectively.

• Look at downsizing – look at moving into a smaller place, or renting a little cottage. It’s less maintenance to worry about and will save you money in the long run. This could also mean you need to buy a smaller, cost effective car that doesn’t guzzle petrol – especially if you travel far distances regularly.
• Make sacrifices – You might need to prolong your salon appointments or cut cable completely. Any unnecessary costs that you’ve become accustomed too, need to be decreased. Why not save this money and create an ‘emergency’ fund?
• Enjoy home cooking – there’s no need to spend a large amount of money on lavish foods, or dining out at the top restaurants. Cook simply and in bulk. That way you will have leftovers which you can freeze and use for the next few days.
• Dodge debt – avoid using your credit cards. Rather buy everything in cash, so you are guaranteed to pay it all off in one go.
• Think about your priorities – decide where most of your money needs to be spent. Is it for water and electricity, groceries or kids school fees? Keep this in mind when feeling the need to spend on luxuries.
• Carpooling is cool – there are plenty of other moms in your situation. You are likely to be stronger as a unit than on your own. Branch out and create connections. You’ll be surprised how much you can save monthly if your kids carpool regularly with other children from their school.
• Create a monthly budget – allocate where and what your money gets spent on each month. This will help you realise how much you’re spending, and on what. Stick to the budget, and see if it’s possible to cut a few costs here and there.

August 23 2017 By Noble Wealth Management Financial Planning