Single parents have a lot of responsibility resting on their shoulders. And as a single parent, this means it’s even more important for you to come up with a monthly budget.
A monthly budget will help you manage your expenses, pay down debt, and continue to save for you and your children’s future. This article will review seven steps you can take to develop a monthly budget as a single parent.
Budgeting as a single parent isn’t easy, but it is possible. Use these seven steps to take control of your money and come up with a budget that works for you.
The best way to have peace of mind with your finances is to save up an emergency fund. If you don’t have anything saved, start by saving up a $1,000 emergency fund. From there, you can work to save between three to six months of monthly expenses.
[article post=”1″]The most important part of saving an emergency fund is to leave it untouched. Some people want to use their emergency fund to pay off debt, but this isn’t a good plan.
That’s because when an emergency does hit, you won’t have the savings in place to deal with it. So you may end up putting those expenses on a credit card and going right back into debt.
When creating your monthly budget, it’s essential to factor in any child support you receive. You can add this as another income source when setting up your budget.
However, you only want to include child support in your budget if it’s consistent and happens every month. So if you receive child support sporadically, just put it toward your number one financial goal when you receive it.
As a single parent, you can stretch your money further by keeping your expenses low. This is especially important if you find that you’re constantly stretched for cash each month.
Look for ways to save on your money subscription plans first. For instance, you may be able to save money on your phone bill by switching to another provider. Instead of paying for cable, open a Netflix account.
And always be on the lookout for ways to save on your daily expenses. For instance, you can make coffee at home instead of going to Starbucks every week. And activities and outings can cost a lot of money, so look for free things you can do with your kids.
And if you share joint custody with your ex, there may be times when your expenses are lower since your kids aren’t with you. Use these lower budget months to put more money towards your savings or pay down debt.
Once you have an emergency fund built up, you should start to focus on paying down high-interest credit card debt. Paying off even one credit card can save you thousands of dollars in interest.
If you have multiple credit cards to pay down, focus on paying off one at a time. As you’re paying off one card, you can make minimum payments on the rest. The debt snowball and the debt avalanche are two debt payoff strategies you can try.
In addition to saving an emergency fund and paying down debt, it’s crucial to think about any additional savings goals you have. For instance, you may want to create a sinking fund for things like Christmas, vacations, and birthdays. By saving for these expenses ahead of time, you won’t be tempted to put them on a credit card.
And you also want to plan for long-term financial goals, like your kids’ college and your own retirement. If you’re unsure where to start, you might consider working with a financial planner. That person can help you come up with a realistic plan based on your situation.
Being a single parent isn’t easy, and it can get very lonely at times. It’s hard when you feel like everything is resting on your shoulders, and there’s no one available to help you.
[article post=”2″]So if you want to be successful with managing your budget, you need to focus on your why. What is the motivation that’s going to drive you to create and stick with a budget every month?
For instance, do you want to be able to pay for your kids to go to college someday? Or take them on vacation to Disney World? It doesn’t matter what your why is, as long as it motivates you to stick to your financial goals.
And finally, you need to work on letting go of mom guilt whenever it creeps up. Mom guilt is the fear that you’re not a good enough mom and aren’t doing enough for your kids.
To a certain extent, this is a normal feeling all moms experience, but you don’t want it to be the primary emotion you experience. If you’re constantly overwhelmed by feelings of mom guilt, this can lead to negative coping strategies (like overspending) or poor mental health.
Here are a few tips for getting over mom guilt:
The final thought I want to leave you with is that you’re 100% capable of managing your budget as a single parent. By focusing on your why and implementing the strategies outlined in this article, you can change your financial situation for the better.
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Great article!Im a single mom with share custody and the steps you described are crucial for peace of mind and good financial health.
Thank you!
Thank you so much for this. I became a single mom last summer and I’m so thankful for the shared custody I have with their dad, but financial fear still creeps in when I think about not having a backup income in the house.
In tears as I read this. My son in 9 and I have been a solo parent now for 8 years. I wouldn’t trade it for anything, but man is it just really hard some days. I found you almost 2 years ago and it took time to really get started, but you have really saved me financially. I am able to say “yes” more and do fun things with my son that I would of never been able to in the past. Baby steps, but we are getting there. Forever grateful for you Miko!!
Wow I really needed this. I’m a single mom of a 13 yr old with no support from child father and I have a lot of mom guilt! Thanks Miko!!!!! I’m new here to the team but look forward to starting my financial saving journey
My husband and I share a 9 month old. We went into debt after I gave birth and had to quit my job. He started over the road driving so I am single parenting a lot with our daughter. This is such an inclusive article. RELATABLE.
I am a single mom of three; I am the parent that provides their needs such as medical, dental, vision, prescriptions, and it’s expenses. I only get $300 a month for child support for one child, since she’s the youngest. The other two the father gives them their child support directly.
I am a flight attendant for 10 years and struggled with handling my finances for years. I have a spending problem and gambling when I get really depressed. I am tired of living that life and took a step in bettering myself. I got together my budget by starting the first step. MY WHY. My why will sound selfish but, my children are well taken cared of as far as their needs. I have a 106k student loan and still in school for my Master’s in Social Work. I gave up my childhood and young adulthood to raise a family. But 10 years ago I decided to take care of me.
I recently got discharged with a Chapter 7 bankruptcy and lets just say I build up too much credit way too fast. I need your help. I watch many of your youtube video, but unfortunately I do not have social media. It’s a distraction for me.
This is a long shot, but it doesn’t hurt to try. Not to mention my youngest daughter midde name Kumiko. I could use your help.
My name is Yvette, I’m a widow and a single Mom. I’m 53 years old. I received social security benefits while my 2 kids were growing up. The benefits are ending in July and I currently make $1800 a month. My kids are 19 and 17. My daughter who is 19 has her own apartment so it’s my son and myself. My rent is $750 a month. Any advice you have would be greatly appreciated.