10 Money Tips For Single Moms
/Raising little ones is a full-time job, even when there are two parents involved. As a single mom, you are doing countless full-time jobs all at once. You’re the chef, the therapist, the chauffeur, and the CFO. Hopefully, these ten tips will help you navigate the financial side of your life with a little more ease and create more space for peace and prosperity.
Here are ten money tips for single moms.
Choose one day to complete shopping.
One of the easiest ways for money to slip through the cracks is during those “one-off” trips to the grocery or convenience store. Instead, keep a running list of items that you need to purchase. Then, choose one day during the week to go visit the stores. By keeping a list, you eliminate any potential impulse purchases and give yourself the space to plan your finances.
Cook meals in batches.
When the kids are at home, it probably seems like the kitchen sink is always overflowing. By cooking meals in batches you not only manage the dish situation but also maximize every dollar. Choose one day that is most convenient for you to cook and prepare all the meals on that day. If your children are old enough to help, involve them in the process and make it a fun activity. For breakfast, you could prepare oatmeal to last the week. For lunch, you can chop vegetables and prepare a warm salad that can be easily be microwaved by the bowl during the week. For dinner, you can make a huge pot of stir fry to last the week. For snacks, keep apples, dried fruit, or other grab and go items on hand.
Buy clothes in the off-season.
Retailers mark down clothes according to the seasons. For instance, when it is summer, coats, and gloves will be on sale. And vice versa. During the winter, bathing suits, tank tops, and shorts will be on clearance. Assuming that your child is past the hyper-growth stage, you could purchase clothes during the off-season and save anywhere from 30-90% on the items. If your child is growing quickly, making it tough to buy clothes months ahead of time, consider shopping on resale.
Prioritize savings over debt payments.
One of the mistakes many people make, including single moms, is aggressively paying off debt when they have little in savings. Your savings account is akin to your oxygen mask. When you are on a plane, the flight attendant says that you have to put on your mask first before helping others. The same goes for your savings account. You need to prioritize your access to cash before you fund other people’s savings accounts. Yes, paying off debt is necessary but if you do not match that with funding your cash reserves, you are putting your financial health in jeopardy. For instance, if you pay off your credit cards and then lose your income - you are back to square one of using debt to get through the season. Instead, you could be in a position where you have cash savings to fall back on and the ability to negotiate your monthly payments with the credit card companies.
Involve your children in money talks.
One of the tenets of a healthy financial well-being is financial socialization. The sooner your children are involved in financial discussions, the easier it will be for them to know how to make healthy, financial decisions for themselves. Not familiar with financial well-being. Click here to read more about it and why the Consumer Financial Protection Bureau released a 100+ page report on it in 2017.
Practice visualization.
Daydreaming and imagination may seem like worthless child’s play, but the practice is imperative to reducing financial stress and elevating your financial health. Watch your children as they play make-believe and take note of their emotional states. They are in total joy and bliss. This is the power of visualization. Gift yourself 5-10 minutes every day to visualize the life you wish to lead. The emotional rewards alone are incredible. Never mind the financial blessings that will pour into your life.
Further reading: 7 simple daily practices to shift from a scarcity to an abundant mindset
Diversify your income streams.
As a single mom, your schedule is jam-packed. You may be wondering how you could add income streams given your current schedule. While it will take effort and energy, there are now - more than ever- opportunities to boost your income without committing heaps of time. You could teach virtual classes to students on a variety of topics, be a virtual assistant that has complete control of her schedule, or a number of other things. Check out the articles below for more ideas.
Further reading: How one woman added $1,200 a month to her income teaching English a few hours a week
Further reading: 22 ways to make money from your couch
Set up bank alerts on your phone.
Keeping tabs on your bank accounts is important to track your own spending and to be immediately aware of any fraudulent activity. Most banks give you the option to receive a text or alert with your daily balance and every time you spend over a specific dollar amount. I recommend doing both and setting the dollar amount to $20.
Carve out me-time in your calendar.
Taking care of yourself is the best way to take care of your family’s financial health and overall well-being. Whether it’s 20 minutes for a quick sweat sesh or five deep, cleansing breaths, it is necessary to be intentional about your self-care. As I always say, your net-worth is directly tied to your self-worth. The best way to boost your self-worth, and subsequently your net-worth, is to take time for yourself. You deserve it, mama.
Further reading: Why your net-worth is directly tied to your self-worth
Schedule a weekly money date.
Every Friday, I recommend having a money date. This is your time to review your income, expenses, set goals, and - most importantly- celebrate your wins. Your money date brings awareness, intention, and purpose to your financial life. While giving you the opportunity to reduce feelings of stress and introduce peace and bliss to your finances. If you’d like a step-by-step guide for your money date, click here to download your free checklist.
Want to learn more about money dates? Check out this video:
About Money & Mimosas: Money & Mimosas was started as a passion project by Danetha. A former NFL cheerleader turned entrepreneur, she started blogging as a way to combine all of her passions into a career. Money & Mimosas is now enjoyed by readers in over fifty countries with the same dream of achieving financial freedom without living frugally.
