Single Mom's Guide: Budget and Save on Small Income

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A single parent may encounter financial difficulties that require unusual effort, courage and discipline. Living below the poverty level or on less than $20,000 per year can present an overwhelming challenge.

Steps

1. Get help. When children are involved, agencies are available for assistance. "Ask and you shall receive." 

• Contact the social service agency in your area. They will offer guidance and direction for food, medical attention, housing assistance as well as financial and legal advice.


• Local churches and charitable organizations may offer additional assistance during the holidays with food and gifts.

 

Set goals and make a plan. Realistically, you may not be able to support yourself and your children if your financial siuation remains the same. You may need to improve your income by seeking further education.

• Calculate what you can accomplish based upon the day care services in your area. Examine the expense. Local YMCA's have affordable rates. Ask friends, relatives or neighbors if they would be available to babysit before and after school or on a periodic basis.


• Contact the financial aid office at your local community college to explore what is offered. Financial aid may help with books, transportation and day care as well as tuition and fees.


• Evening classes are available after work.


• Try an online education.


• Pursue any further educational opportunities and advancements in your place of work in the meantime. Working from home may not offer these same benefits.

Live according to your income. Work with what you have and do not accumulate debt.

• Find cheap housing along with fuel and housing assistance, if needed. Some landlords will reduce rent in exchange for home improvements. Be sure of a fair exchange.


• Limit the use of utilities.


• Travel only to work or school. Do errands along the way home.


• Find inexpensive transportation, if needed. Walk, jog, ride a bike, carpool or take the bus.

Limit grocery expense.

• Use grocery coupons or buy the generic store brands.


• Look for combination discounts, such as a generic store brand on sale with a coupon.


• Sign up for a customer reward card for a discount at a store where you frequently shop.


• Learn to cook from scratch and pack a lunch.


• Maintain a simple nutritious diet of whole grains, legumes and vegetables.


• Find free recipes online or at the library.


• Crock pot recipes are economical and most freeze well.


• Three basic meals without snacks in between can be sufficient.

Limit the expense of posessions.

• Have a basic wardrobe of jeans and t-shirts, if possible.


• Visit thrift stores or consignment shops for formal clothes and shoes, if needed. Sell and trade your own used clothes for others.


• Find toys and household items at yard sales. Have your own sale with items no longer needed.


• Live with less. Buy only what you absolutely need. Better yet, do without.

Find fun for free. Go to the park, a walk in the woods or visit with your neighbors.

Treat yourselves now and then. Save change and pinch a few pennies to buy an ice cream or see a movie.

Have faith in yourself and in the future. Hard work will eventually improve your lives. Concentrate on the positive and surround yourself with positive people to spur your motivation.

Tips

• Look at your habits and activities to make sensible reductions in costs.


• Some manufacturers have a mailing list to receive coupons, samples and rebates for things such as diapers, formula, baby food, cleaning supplies and personal care products.


• Thrift stores and consignment shops offer designer clothes for a fraction of the original cost. Some things may be harder to find, such as small children's pants, which are often worn out by the time an active child is done with them. Suits or dresses may be less worn.


• Clearance racks and sales may sometimes have better deals than discount or closeout stores.


• Don't be too proud to ask for help. There may come a time when you will be in a better position to "pay it forward" and help someone else. Everyone needs help once in a while.

Related wikiHows

• How to Budget Your Money


• How to Earn and Save Money


• How to Balance Work and Parenting as a Single Parent


• How to Date on a Budget


• How to Get a Job in the Fast Food Industry

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