How To Survive Financially As A Single Mom | A Complete Guide

Are all single mothers doomed to a life of poverty, loneliness, and dysfunctional children? In a nutshell, I would respond “No” to this question. It’s difficult to raise a family on one paycheck or no money at all, especially if you’re a single mother. When you’re a single parent, you could find yourself caught with continual financial concerns, such as how to manage your spending or how to raise your child alone when you don’t have enough money.

You’d be concerned since your children rely on you and you’re unable to fulfil his responsibilities. If you don’t get any aid from your other side, this way of thinking might lead to worry and sadness. So, to help you get out of this stressful position, let me assure you that surviving with your infant as a single parent is not difficult. You simply need to plan things out, and with some simple financial planning, you can put your life on a more relaxing and lucrative path, free of financial worries.

Let’s look at some ways for surviving financially as a single mother in today’s world, where being a single working mother is seen as a difficult task. It’s all about becoming a parent.

Single Mum With Low Income?

Knowing that you are regressing in your life as a result of financial difficulties is a really depressing experience. Perhaps you weren’t a financially comfortable single mom before your marriage; instead, you were a financially secure single mom. But, you know what, now that your assets have been divided and your shares have been divided, it may appear that it is too late to start over. Don’t worry, you won’t be the only one who suffers as a result of this split. Because, according to Belinda Eldridge, a Financial Separation Specialist at Divide,

“Neither side is all that pleased with the outcome, once the assets are divided in a financial split between a couple.”

After you divorce your spouse, the idea is that you must adjust to a change in your income, and if you are a mother, keep in mind that your child should always come first. You must accept reality and understand that your actions from now on will determine your future. Accept it, be confident, and do everything you can to become a financially secure mother who can easily fulfil her single motherhood responsibilities.

Steps to Living a Rich Life for Single Moms

Allow yourself to let go of the past, assumptions, and life goals that you and your ex-partner established. Accept the realities of being a single mother. The sooner you do so, the sooner you may start a new life with your infant. Manage your funds and devote all of your time and effort to creating a better, happier, richer, and more comfortable life for you and your child. Opening a bank account, reviewing your credit score, consolidating your debts, streamlining your monthly budget, purchasing life insurance, and producing more and more money are some of these stages. Let’s take a look at how you might have a richer, better life as a single mom.

1- Open a bank account:

If you don’t already have one, I strongly advise you to do so right away. But why is that? Because doing so will make getting everything else done much easier. It makes life a lot simpler and easier to be able to cash checks, send money, and buy money orders all in one spot. Furthermore, it eliminates the need for payload loans and check-cashing services.

You’ll earn interest on your CIT checking account! There are no monthly or ATM fees, and you have access to Zelle. This software is incredible.

2- Create a budget:

If you’re worried about money, you’re more likely to have financial problems. If you don’t stick to your budget or don’t have one at all, you’re not alone. Have you failed to meet your savings or investment objectives? Credit ratings and debt are unmanageable? You should avoid it until you have a good knowledge of your money. Failure to open invoices on time, missing due dates, skipping payments and turning a blind eye, or humming and tapping your foot while friends talk investments could indicate that you need a financial support system or that you could benefit from financial counselling.

So, first and foremost, let’s go through the fundamentals. Make an honest assessment of yourself.

It means that you should open all of your bills as soon as they arrive. Never overlook them. You are, after all, an adult now! Second, use a third-party tool like ‘You Need A Budget’ to link all of your accounts. Using the YNAB app or website, you may build budgets and meet your financial goals, such as paying off debt, saving for an emergency, buying a car, house, or paying for school. So, let’s get started with YNAB right now while it’s still free for 34 days.

The goal is to get a complete, thorough view of all of your finances in one place. Do you want to learn more about budgeting for single moms? Take a look around!

3- Protect your family with life insurance:

If you’re a single mother, you’ll have to make some difficult decisions for the wellbeing of your children. It’s terrifying to think about your family being struck by catastrophe. However, if you do not prepare for the worst, you may make the biggest mistake of all. You can purchase a life insurance policy that is really reasonable, simple to obtain, and simply prudent. People frequently avoid purchasing life insurance because they believe it would be prohibitively expensive. In the vast majority of cases, this is far from the truth and a common misunderstanding in our society.

Term life insurance is as simple as pie with Bestow. Bestow does not require a medical exam or a lab test for coverage up to $1.5 million. It has an A+ Better Business Bureau rating and monthly subscriptions start at $10. One of the leading life insurance firms in the United States, Bestow, offers policies that are rated A+ (Superior).

4- Cut your expenses:

It’s time to trim the deadwood after you have a good knowledge of where your money is going. We all have the usuals, such as unused gym subscriptions (oh, single mum!). Get serious with yourself, there are a lot of alternative methods to work out for free), Hulu, and restaurant meals, and so on. After your breakup, you’re done with shopping therapy. You can no longer justify spending a lot of money on shopping since you cannot afford it. You should aim to keep your expenses to a bare minimum.

You shouldn’t overspend on extravagant meals that you can’t afford, expensive clothes that are out of your price range, or baby gifts that are out of your budget. Financial stress is not a threat; rather, it is a form of self-punishment! Are you having trouble meeting your fundamental needs? Find out where you can get free or low-cost accommodation, phones, laptops, and more.

Consume the contents of your cupboard and freezer. Before you go out and buy more soap, shampoo, toothpaste, or mascara, make sure you’ve used up all you have. Don’t buy things at the store without first checking your cupboards and closets. Make a rigorous shopping list before entering Target or Walmart, and don’t go into the cosmetics aisles for a “treat” – no matter how good a deal you find! Making conscientious purchases can empower you and give you the confidence you need to achieve your financial goals.

5- Make more Money and Save it:

You can undertake other chores that will improve your bottom line while keeping you focused on improving your income as a single mom and how to afford to live, in addition to minimising your expenses such as Netflix, restaurants, raising the temperature, reducing coupons, and negotiating your insurance. However, cutting more than you can is difficult, and considering a super budget is naïve.

6- Consolidate Your Credit Cards and Manage your Debt

Is your debt too much for you to bear, or are you juggling many credit cards and other obligations? Do you have a lot of debt or a bad credit score? This is a difficult, time-consuming task that must be completed IMMEDIATELY!

The first step is to apply for a credit card with 0% balance transfer interest, which will help you pay off your debt faster by lowering your interest and fees. The best outcomes are likely to come from sticking to a strict budget, devising a debt repayment strategy, and rebuilding your credit.

7- Set Your Financial Goals – Long Term or Short Term

According to think tank demos, four out of every five single mothers and their children live in poverty. You shouldn’t have to be one of the four impoverished single mothers. It doesn’t have to be your tale if you’re having financial difficulties.

Setting some goals for yourself will help you avoid falling into the single-mother trap. Paying off a credit card bill, preparing for a vacation, or building an emergency savings account are all examples of short-term goals. Long-term goals include saving for your children’s college education, updating your kitchen, purchasing your first house, and investing for your retirement. So, start setting financial objectives RIGHT NOW and dreaming about a life with your baby free of financial worries.

Valuable Tips to Thrive Financially for Single Mamas

Children under the age of 18 make up 36.6 percent of all children in female-headed homes in the United States. As a result, dealing with financial difficulties is a difficult condition for many single mothers.

So, if you’re worried about how to make ends meet as a single mom, take a look at some helpful financial advice for single moms.

• Make use of an app that keeps track of your spending.
• Take note of your surroundings! Is it really necessary to have everything you own at home? Consider putting the stuff you don’t use on the market. Old workout equipment, unused furniture, and baby toys are just a few examples.
• Allowing your children to hound you for stuff they can’t afford is a bad idea. Teach children about money so that they can appreciate its worth.

A Final Verdict

Of course, it will take some time to adjust to and embrace the realities of being a single mother, and financial independence can be daunting at first, but it can also be motivating and exhilarating. Things will start to get simpler for you once you grasp how to survive financially as a single mother.

Get rid of your single mom’s guilt as soon as possible, and don’t forget that you are entirely in charge. It is up to you to set financial goals and achieve them. And I’m sure you’ll be very pleased with yourself once they’re finished. The moment has arrived to live by your own set of rules.