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Balancing Your Monthly Budget as A Single Mom

by Guest Post September 8, 2017

As a single mother, I know how hard it can be to balance a monthly budget. The kids hit me up for money here, there, and everywhere. I constantly feel like I am handing out a fiver to someone somewhere. I am always trying to figure out where my money goes, but can never figure it out, so I almost gave up on it until one day I was determined to make it happen – a budget.

I sat down and I balanced out my monthly budget and I am much happier now that I have a grasp on my finances. If you are looking for ways to budget as a single mother, take a look at the tips I am about to offer below. I am confident that you will find them helpful too.

monthly budget

1. Use an App to Track Your Expenses and Increase Revenue

One of the first things that I do every month is I use my handy dandy phone app to track my expenses and increase the revenue that I have in my bank account. This app allows me to input how much money I make per month, how much in bills I need to pay out, and how I allocate the rest of my money. I am able to see what exactly I do with my money and how much I am left with each month. Since I started using this app, I have saved a couple of hundred dollars from cutting random, unnecessary expenses.

2. Know Your Priorities

It sounds easy, right? It is not always as easy as it looks, and I have found myself struggling in this area too. I know some of my priorities are the mortgage, utilities, and food, but other priorities fall wayside because they slip my mind. I took the initiative and I created a budget that addresses and ranks my priorities on a totem pole. Since doing this, I have been able to save money for some of the extra expenses we needed to cover such as a new toilet and a new dishwasher.

3. Plan for the Future

You never know what the future holds in store for you or your children and as a single mom, I know that I need to focus on this more than ever since my children do not have a father figure to help out. I have established goals that allow me to save money in my retirement account and I also allocate some money to an education fund for my little one. This way, I know that education expenses are covered and so will they should I pass before I get to use my retirement account money.

4. Create a Safety Net

This is one of those that sounds easier than it is actually done and trust me, I know all about how difficult it is. Prior to the job I hold now, I literally lived paycheck to paycheck. There were some paychecks where I was left with only $5 or less for the entire week. It was scary and difficult, and I was hungry. However, I had to make it work. In these situations, I did not even have a dime to spare to put into an account for a safety net. So, I get it, I really do.

Now that I have a better job, I am able to put money away to provide myself and my child with a safety net in case anything does happen. While this safety net is not large by any means, it is enough to cover some of the expenses that could occur such as the car breaking down, a broken window, or an emergency toothache. I am glad to have this safety net there now because if something like that happened before, I don’t know what I would have done in those situations.

Take Your Time and Think

Before you can have a budget in place that works, you need to think about your budget along with your expenses and what your goals are. If you are saving up for a car, then your budget will look different than someone who needs to save money for private school or someone who wants to start an emergency fund.

No matter what, you can make it happen with a little work and planning. I know I was able to make it work and am glad I took the leap to figure it out.

Author Bio:

Patty Moore is the mom and blogger at WorkingMotherLife.com. You can also follow Patty on Twitter @WorkMomLife!

Need more help with your finances?

How I Saved Over $1100 In One Afternoon

How To Pay Off Debt In 8 Steps

5 Steps For Creating A Budget You Can Actually Stick To

7 Tips For Preparing Your Finances For Maternity Leave

monthly budget

Finances

How I Saved Over $1100 In One Afternoon

by Karly Wood March 30, 2017

written by Karly Wood

Like most moms, I worry a lot. About my work, my daughter, my relationships, what I’m going to make for dinner and especially finances. If you think about it, so many things are tied up in your household finances, and it’s easy to get overwhelmed. Deciding what to do on a boring afternoon turns into weighing the pros and cons of spending money on a paid (but exciting) activity. Should you add meat to your dinner? Because meat costs more. Do you sign your kids up for the activity they’ve been wanting, even though it will cut into your checking account buffer?

While many of these scenarios seem to be luxury items, they are just life. As moms, we want to provide the best experience for our kids but it comes at a financial cost. Lately, I’ve been tired of constantly fretting over every penny I spend and save so I decided to do something about it. Despite being a two income household, I felt like there were places I could cut back on spending so we had more wiggle room in our budget. In the course of an afternoon, I made some small changes that means I will have an extra $1100 in my pocket every year. Here’s what I did.

save money

1. I Got Rid Of The Extras

The easiest way to make room in your budget is to ditch your non-essential items. For our house, that was paying $25 a month for a water service. Living in Southern California means we don’t drink the tap water, and we have an older fridge that doesn’t have a handy water dispenser. When I signed up to get bottled water a few years ago, it worked for our family. As I look back, it was definitely a convenience factor that helped me avoid lugging home gallons of water from the store. But over the same amount of time, the price continued to rise from $19, up to $29 per month! After some negotiating, we settled on $25. In the end, it still wasn’t worth paying the $300 per year when I could buy generic water from the grocery store at a quarter of the cost. All it took was a call to my vendor and I started saving in 1 afternoon. In your family, extras may come in the form of TV subscriptions, housecleaners (p.s. I’m jealous), massages or regular blowouts (things I’ve also had to get rid of over the last year). If you’re trying to save money, consider letting some of them go. My guess is, you won’t miss them all that much and when you do get to indulge, they’ll be much more special.

Money Saved Per Year: $300

2. I Asked For A Discount

You never know what kind of discounts may be lurking in things you already pay for. For me, it was a gym membership. And no- I didn’t cancel it to save money. I actually USE my gym a TON. Four times a week in fact and it’s part of what keeps me sane. However, I also pay for kids care to the tune of $26.99 a month. With some digging, I found out that they were offering a new price of $17.99 per month. That saves me $9 a month and while that doesn’t seem like a lot, it adds up over time. It never hurts to check into the current things you pay for and ask if there’s a way to save money. It pays off!

Money Saved Per Year: $108

3. I Downgraded Some Services

As a work from home mom, there are certain amenities I have to have- and internet is one of them. But after seeing my cable and internet bill continue to rise, I had enough. Yes, I need internet and I do enjoy having a nice cable package, but it’s not a necessity that I have every channel known to man. I called my cable and internet provider and honestly, they weren’t helpful at first. Their initial offer was to downgrade my cable package and I would save a whopping $7 a month. When I told them I may have to leave them as a customer, they offered me an alternative- switching to satellite. This change would save me over $40 a month, which is HUGE.

Now, I know you’re probably going to say- you don’t NEED television, just cancel it! And no, nobody needs television. But we aren’t in dire straights and as a family we enjoy watching sports and our favorite shows. Until it’s completely out of budget, I’m going to keep it. Sitting down after a long day and catching up on my favorite shows is my “me time.”

If you’re trying to save some cash, it wouldn’t hurt to call your cell phone, cable, internet and even your utility providers and see if there is a way to downgrade your services. You never know what your options are!

Money Saved Per Year: $504

4. I Had A Little Luck

I’ve been paying my cell phone bill for several years and it’s always the same amount. However, this last bill I noticed it was $20 cheaper. Turns out, when my husband upgraded his phone, they prorated his payments on our bill. I had no idea! That $20 adds up, saving me over $200 a year now. Yes, I didn’t intentionally save that money but it’s going in my pocket all the same. I think if you’re keep your eyes open, you can find easy or “lucky” ways to save money. Instead of spending that $20 you found in your old jeans, save it! When there’s a sale at the grocery store, don’t buy 10 items when you only need one- actually save the money from not paying full price.

Money Saved Per Year: $240

Everyone’s financial situation is different and some of you may be looking to save some serious cash. I hope my experiences have helped you in some way, but if you are hoping for more ideas on finances, budgeting and debt we have some great articles that you can find below.

5 Steps For Creating A Budget You Can Actually Stick To

How To Pay Off Debt In 8 Steps

7 Tips For Preparing Your Finances For Maternity Leave

7 Tips On Saving Money When You Have Kids

We love to hear from our readers. Do you have any tips on saving money? Comment below!

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Karly Wood

Editor at Red Tricycle

I'm a born and bred Southern California native and currently the managing editor at Red Tri. I get to share my life with my husband of 13 years and our beautiful, 5-year old daughter. In my free time you'll catch me cheering for the Dodgers, cooking, baking, reading, crafting and probably watching a little HGTV!

Latest posts by Karly Wood (see all)

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How To Transition Your Family To A Single Income

by Amanda Foust March 14, 2017

written by Amanda Foust

One of the biggest barriers to being a stay-at-home mom is making it on a single income.

All moms have different opinions or desires when it comes to whether or not they choose to stay at home with their kids, work from home, or work outside of the home! No matter the choice, there is no right or wrong. Mothers are doing what’s best for their families. But this particular post is for mamas who may have been working outside of the home but now find they want to stay home.

We gave advice for the big things to consider about transitioning to a single-income in this post, but we wanted to take it a step further by breaking down the big steps into little ones. Even after you’ve done all the planning ahead and budgeting, you may still find yourself in a difficult spot trying to live off one income.

How To Transition Your Family To A Single Income

Here are a few things you can do:

1. Say “No” to wants and “Yes” to needs.

Wanting things is natural. We are impulsive and see a trendy outfit that’s on sale or we find toys that we know our kids would love. Any mom who walks through the doors of Target can attest to how 95% of Target purchases are based on “wants” instead of “needs.” We go in for batteries and come out with a cart full of tea towels, wall decor, stationary, boots, etc. When you want to make it on a single income, wants are no longer as much of an option. Sure, every now and then you can splurge, but it should be rare. Money is meant to cover “needs.”

2. Shop second-hand.

Most anything that’s not a consumable product can be bought second-hand. Nowadays, there are many online places to buy and sell used goods, and of course, there are thrift stores as well. Before you buy, see if you can find something second-hand. I’ve even known friend groups who swap clothes and home decor on a regular basis to change up their wardrobe and environment. Living in a consumerist nation, most second-hand shops are still full of great quality items because most people don’t keep things long enough to really be considered “used.” You’d be surprised at the quality you can find!

3. Switch grocery stores.

Have you ever shopped at Aldi? When an Aldi store came to my town, my family tried it out right away. My husband and I had a cart full of food and were giddy in the checkout line when the cashier told us the total. We had literally cut our grocery bill in half and had purchased so much more than we ever had! Aldi is super affordable. However, there aren’t as many brand options available. I’m totally okay with that as their food is great! But if you’re a brand junky, you may not have the best luck shopping there. But remember, the brand is just a label and you’re goal now is to save money! Buying the Aldi brand may be just what you need to save more money!

If you don’t believe me, read number one in this article! If you don’t have an Aldi in your area, do your research on grocery brands. Certain stores are known to be more expensive than others, no matter the product, so stay clear!

4. Stream your T.V. shows.

Paying a monthly fee for Netflix and Hulu is a lot cheaper than getting cable or dish. You can stream your favorite shows online and even have a special parental control for your children where they can only login to watch kids shows. What’s even better? You don’t have to wait for certain shows to be on to watch them!

5. Wait for the sale.

I am an online shopper. So something that I do is stay logged into my favorite websites and keep the things in my “cart” that I want/need, but I don’t purchase until I have a promo code of 30% off or more! Those type of codes pop up fairly often, so just don’t let yourself be in a rush. Every now and then I lose something that goes out of stock, but it’s never something I needed anyway. It’s worth waiting for the sale! Also, after several days, sometimes my mind changes on a few items, and I realize I didn’t want them anymore — also saving me money!

6. Cut back on unnecessary monthly expenses.

Go through your bank account and write down every monthly payment you make that’s outside of the basic/necessary budget. You’ll be amazed how many subscription services or monthly activities you are involved in that aren’t necessary. Find other ways to have fun together as a family until you can afford the extra activities. And sacrifice the monthly subscriptions because the stress on your finances isn’t worth it.

Tell us in the comments, what are you doing to help you become a one-income family?

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Amanda Foust

Amanda is a wife, mother, writer/editor, and certified life coach. Pen and paper make her spirit come alive. She spends her creative time reading, decorating, and handwriting fonts. Her world is better with an assortment of chocolate and a stack of books packed and ready for travel. She works each day to be a creative maker and a light bringer. You can find more of her writing at Downs, Ups & Teacups and TheDailyPositive.com.

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7 Tips For Preparing Your Finances For Maternity Leave

by Karly Wood June 2, 2016

written by Karly Wood

Finding out you are pregnant is an exciting time. There’s much to look forward, and while most of it is pretty darn fun (nursery essentials, baby clothes, a growing baby bump.) there are many serious things to start organizing too. If you’re a working gal, planning for your maternity leave should start the moment you see that big positive sign. All women will take at least 4-6 weeks off from work, and many up to 6 months. Needless to say, there is some major financial planning that goes into taking your maternity leave! No new mama wants to worry about having the money to pay bills, so start preparing your finances early with these tips.

shutterstock_216799669

1. Research Maternity Leave Laws In Your Home State

Knowledge is power, and especially so when it comes to knowing the laws that outline your state’s maternity leave. Despite each state and employer having their own laws about paid portions of your leave, the Feds have outlined that all employees are entitled to 12 weeks of unpaid, job-protected leave to care for the birth of a newborn or adopted child. You are required to have the same pay when you return as well. Aside from having three months of job protection, individual states also have additional time they may allow for job-protected leave, as well as wage replacement programs like state paid disability. It’s your responsibility to know what you’re entitled to, especially since it could determine how long you can afford to be off work.

2. Reduce Expenses Now

Despite your maternity leave only being a small amount of time (big picture wise), the arrival of your baby is really the signal that everything is about to change for your budget. You will now have to account for doctor co-pays, diapers, clothes and many other items you don’t currently spend money on. Expenses for your child will only grow as they do, so now is as good as any to take a look at your expenses and start reducing them. Stop paying for things you don’t use, like gym memberships or those extra 150 cable TV channels. Get in the habit of eating at home, and meal planning to stop wasting money on food you end up throwing away. Your peace of mind will be so worth it when you have just one paycheck coming in!

3. Start Saving

Just because your maternity leave doesn’t start for 6 months, doesn’t mean you should wait to prepare financially. Begin saving money from every paycheck and from those reduced expenses. It’s tempting to take those savings and spend them on other things you need, but you never know what your maternity leave may hold for you. You could have a difficult delivery that involves extra time in the hospital, a sick baby, or a spouse that loses their job. None of these things are things you really want to think about, but they should be planned for. Ideally, you should save enough money to mimic your paycheck while you are on leave, and then some. It may sound impossible, but with careful planning and the reduction of your expenses, you can do it!

4. Investigate Your Medical Insurance

Depending on your employer and state laws, your medical insurance can change while on maternity leave so it’s important to know your coverage. For example, my employer offered up to 6 months of unpaid maternity leave with job protection. However, my medical insurance was only covered for 4 months, after which I would have to pay Cobra to keep my coverage. Cobra was going to cost me $1,000 per month! That was a make or break deal for me, and I’m so glad I knew that going in. It’s also important to know the enrollment period for adding your new baby. You do not want to miss adding your child to your insurance, because paying out of pocket expenses for a newborn will definitely mean a hit to your budget.

5. Live By Your New Budget

Don’t wait for your bundle of joy to arrive to start creating and living by your new budget. “When the baby is here” is not a good mantra to have to jump into when you’re sleep-deprived. Good habits only take a month to set in stone, so take charge of your finances and make a budget that’s doable. You and your spouse should stick as close as possible to your new budget, and make adjustments before the baby arrives so you can live affordably.

6. Try To Pay Off Debt

Do you have a lingering credit card payment or just a little left on a car loan? Consider paying off any small debts to reduce your monthly expenses and give your budget some wiggle room. You will have less liability to worry about and your budget will be in better shape. I realize this is not an option for everyone, but it’s definitely something to consider. Even paying off a small debt that’s $700 can mean the difference in $50 every month. That’s a big pack of diapers, if you didn’t know!

7. Meal Plan

Why am I talking about cooking and food on a finance post? Because I’ve had a newborn and let me tell you- no zombie-mom even wants to THINK about cooking meals in the first few weeks of maternity leave. Well-intentioned family and friends will help out by providing meals the first two weeks, but after that you are usually on your own. Costs for constantly getting take out will add up fast, and are double or even triple what it would cost to make a visit to the grocery store. Do yourself a favor and plan out meals well before your due date, even taking time to stock your freezer with meals that already put together and just require heating. Don’t waste your hard earned and saved money on a $20 pizza!

Tips & Ideas

10 Ways To Save Thousands During Your Baby’s First Year

by Karly Wood May 22, 2015

written by Karly Wood

One of the most universally accepted ideas when it comes to having kids is that they are expensive. You may not feel the full weight of how much your new bundle of joy costs just yet, but over time you will come to see that, even though they are worth every penny, having children can be a strain on your wallet. Last year, the U.S. Department of Agriculture released a report stating that the average middle class family will spend $240,340 raising a child. And that’s just 1 child! It’s safe to say that being able to save money wherever you can will only benefit you in the long run. Check out our list of 10 ways you can save money, starting from the first year of your child’s life!

family-home-700225_640

1. Cramped Quarters? Don’t Move Just Yet.

Of the entire amount attributed to raising a child, 30% of it is dedicated to housing. That’s roughly over $76,000! While it’s tempting to move to a large apartment or home in preparation for a new baby, you may want to think twice about doing it so soon. There will be tons of unexpected costs during your child’s first year, and if you are straining your budget with higher housing costs already, it will add even more stress to your life. Babies are small and don’t really need a lot of stuff (it’s all that baby STUFF that takes up all the room!). They will be sleeping in your room for the first few months, and in many families for much longer. You can still go through nesting without having an entire nursery to decorate. It will save you on rent and mortgage, in addition to not purchasing another room’s worth of furniture!

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Source: Target

2. Use Double Duty Items

As mentioned above, baby paraphernalia takes up 10 times more space than your little baby. Instead of buying a single item that serves just one purpose, consider those that are double duty. For example, Graco makes an entire line of “duo” products, such as their Duo-Diner. It’s a high chair that comes apart and serves as a booster seat. They also make a swing that unhooks and can just be a bouncy seat. Don’t waste money on a bassinet, instead use a pack n’play that you will undoubtedly need for stays at grandma’s house, or just buy a smaller sized crib that will work in the nursery once your baby is sleeping on their own. These are awesome items that will save you space and best of all, money.

619ZZCuPeeL._SL1200_

Source: Amazon

3. Borrow, Borrow, Borrow

Being a first time mom, I wanted everything to be brand new and clean. I didn’t want to borrow anyone else’s used stuff and needed to experience picking out each item myself. But if I knew then what I know now, I would have saved myself a ton of money and a bunch of room on my registry list. So many items have a short time of use, such as a baby swing. Some kids don’t even end up liking them! Borrow items like these that you can give back when you’re done. You won’t just save money, but space in your attic!

Tips & Ideas

7 Frugal Tips That Will Save You Over $700 A Year

by Mary Mulroney April 22, 2015

written by Mary Mulroney

No matter what your financial situation we could all use a little extra money each year. Whether you need the money for vacation, to buy a car, or to buy some clothes for your kids, saving that money can sometimes be difficult and seem all together impossible. However, there are some easy and clever ways to save money without completely depriving yourself. Check out these 7 frugal tips to help you save money. I don’t know about you, but I would love an extra $700 in my pocket.

Feel free to use this image just link to www.rentvine.com

Source: Dave Dugdale via Flickr

1. Create A Cash Jar

Whether you usually carry cash in your wallet or not, somehow we always end up with cash every now and again. Designate a special jar or container for saving money and when you end up with that random extra cash in your wallet, drop it in the jar. Whether you only put in a one dollar bill, or a five dollar bill, if you do this every time you have cash in your wallet it will add up fast. Let’s just say you put in $1 every week. That’s $52 over a whole year. Imagine how much money you would have at the end of the year if you put in more than just $1 a week!

Tips & Ideas

8 Ways To Trick Yourself Into Saving Money

by Mary Mulroney January 31, 2015

written by Mary Mulroney

Saving money is not easy, especially when you love to shop, like I do. Not only do bad spending habits make it hard to save money, but so does a small budget. Whatever our financial situation, we can all save a little money here and there without putting too much thought into it. To relieve some of the stress of building up your saving account, try some of these tips that will trick yourself into saving some extra cash.

Source: ahelicoptermom.com

1. Do the 52 Week Money Challenge

Since the new year is still pretty fresh, this is a perfect way to save money for a whole year. The process is simple, by putting money in your savings account that corresponds with what week of the year it is. For example, you would put in $1 for week 1, $2 for week 2, $3 for week 3, and so on. If this sounds a little confusing, print out a worksheet where you can follow your progress such as the one A Helicopter Mom made. Now, I know what you are thinking: “Putting only a few dollars in each week will not save that much money.” That couldn’t be farther from the truth. If you continue doing this for 52 weeks you will have saved $1,378! That’s quit a lot of money for not even putting that much money in your savings each week. The maximum amount you’ll ever put in is $52 and even that won’t drain your paycheck.

Kids Tips & Ideas

10 Creative Ways To Teach Children About Money

by Jennifer Corter September 9, 2014

written by Jennifer Corter

It is definitely one of the more important life lessons that we have to teach our children about. In order to help set them up for a successful financial future, we have to teach our children about money, how to earn it, how save it, investing it, and more. Luckily, this doesn’t have to a boring task for the kids to sit through. There are quite a number of creative ways that we can use to teach kids all about finances. Keep reading for our favorite tips and techniques!

#1 – Ditch The Pig

While piggy banks are traditional, cute and fun, the truth is that they don’t give kids the opportunity to watch their savings add up over time. A great idea is to grab a clear jar, A Mason jar would do just fine in this instance, and have your children put their earnings in there. As they see their dollar bills and change adding up, they will understand the value of saving.

Source: Pixabay