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As a single mom, it’s important to make every dollar count. It’s a new year and now is the perfect time to begin applying some money-saving strategies that can help you stretch your budget further. Here are seven money-saving tips to help you get started:
#1 | CREATE A BUDGET
The first step in saving money is to know exactly where your money is going. Make a list of all your monthly expenses, including bills, groceries, gifts, necessities, and entertainment, and compare it to your income. This will help you identify areas where you can cut back. Research free apps to help you keep track of your expenses. In most cases, banks offer this service for free.
#2 | CUT UNNECESSARY EXPENSES
Once you have a good idea of where your money is going, look for ways to trim the extra spending. This might look like canceling subscriptions you don’t use, eating out less often, or switching to cheaper cell phone, internet or cable plans.
#3 | USE THE ENVELOPE METHOD FOR SAVING
Once you create a budget, you pull out the funds and label the envelopes. It’s an easy way to stick to your budget. You can also do the same for savings. For example, if you’re planning a family vacation next year, label the envelope with the target vacation date. You’ll be surprised how much money you can save up in a year simply stashing five dollars or ten dollars at a time!
#4 | SHOP AROUND FOR THE BEST PRICE
Don’t be afraid to shop around for the best prices on groceries, household items, and other necessities. Look for sales and use coupons whenever possible. Some stores will price match the items you’ve found somewhere else, which saves you time and transportation costs.
#5 | USE CASH
Studies have shown that people tend to spend less when they pay with cash, as it feels more “real” than using a credit or debit card. Consider switching to a cash-only budget for non-essential purchases. It’ll also help prevent you from overspending.
#6 | LOOK FOR WAYS TO INCREASE INCOME
Calling all side hustles! If you’re falling short on your budget, consider taking on a part-time job or finding ways to earn extra money on the side. This might include freelancing, selling items online, reselling items you find at garage sales, or taking on odd jobs in your community. Nowadays, there are sites designed specifically for utilizing your talents through freelance work, which allows for more flexibility versus physically going into a brick-and-mortar job.
#7 | LOOK FOR WAYS TO SAVE ON CHILDCARE
Child care can be one of the biggest expenses for single moms. Look for ways to save on this cost, such as sharing child care duties with a trusted friend, relative, or neighbor, or by finding a cheaper daycare or babysitting option. There are legitimate websites dedicated to providing sitters or nannies that have been vetted by their systems, which saves you time and eases anxiety so you can focus on providing for your little ones.
Moreover, there are endless possibilities for planning for the future. Even small amounts can add up over time. By taking small steps in the right direction and implementing these seven money-saving tips, you can start the new year off on the right foot and build a more secure financial future for you and your family.
Reach your financial goals with Single Mom University!
MEET THE AUTHOR
For over 28 years, Michele Meza, also known as, Coach Michele D, has been a leader in business and academia industries and is the Branding Strategist at Luksi Coaching & Consulting; Michele has been featured in several well-known industry publications and podcasts.
She has received multiple recognitions, including local and national leadership awards. She is formally trained in Organizational Leadership, holds an MBA and a B.S. degree in Entrepreneurship. She holds certifications as a Business Process Manager, Green Belt in LSS, and a REBT & EI Mindset Coach. She’s a single mom who’s passionate about generational wealth and breaking the stigma against single motherhood.
WHO WE ARE
The Life of a Single Mom is a national, faith-based, nonprofit that exists to see that no single mom walks alone. To date, the organization has worked with hundreds of churches to start a single mom’s support group in cities throughout the U.S. and beyond, as well as having served hundreds of thousands of single mothers with a variety of programs. Offering a large array of books, curriculum, training materials, online instructional videos, podcasts, newsletters, life skills education, and more, TLSM is one of the largest single mom organizations in the U.S. The robust selection of single mom programs focus on empowering single moms to grow spiritually, emotionally, financially, and parentally through Single Mom University, Single Moms Across America, the National TLSM Single Moms Conference, boot camps, and a variety of other programs. For more information, visitthelifeofasinglemom.com.
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TLSMSTAFF2023-12-07T10:14:36-05:00February 20th, 2023|Michele Meza, Single Mom Encouragement, Single Mom Solace|Comments Off on Money-Saving Tips for Single Moms to Kick Off the New Year by Michele Meza
