Savings Tips for Single Moms
Thank you Chrissy for the wonderful guest post about Savings Tips for Single Moms.
Raising children is expensive even in a two parent home, but when you are a single mom it’s even tougher. You don’t have a partner to help take on the financial burdens but you don’t want your children to go without a single thing,so you sacrifice something that you need or want for your kids to be happy and have everything they need. But you don’t always have to sacrifice. Here are some savings tips for single moms that will help you to save some money and start building your savings.
Savings Tips for Single Moms:
Never spend loose change. Get a jar or a coffee can and keep it in the same area that you put your purse or wallet when you come home for the day. When you make any type of purchase, use bills, never coins. If you buy a cup of coffee for $1.25 pay with $2 and put the 75 cents in your pocket and do not spend it. If your next purchase for the day is $1.75, pay with $2 and put the 25 cents change in your pocket. When you get home, put the change in your jar. At the end of the month, add the change that you saved to your savings account. This can easily save you $200 a year or even a lot more depending on how many purchases you make each month.
Put together a grown up babysitters club. Paying a babysitter can cost a lot and many single moms don’t have family close by to help. If you have a few friends that are moms also, you can agree to take turns watching each other’s kids for free. If you need to run errands, go to an appointment, or just need some time to yourself, having someone to call that can take your children for a couple of hours can be a lifesaver. Being able to “pay” for their help by returning the favor can save mega bucks. Let’s just say you use a babysitter 3 times a month for 3 hours each time and you pay the babysitter $15 for those 3 hours.That is pretty low, especially if you have more than 1 child, so you are likely spending even more than that, but that’s $45 per month, which adds up to $540 for the year.
Pay attention to store brands. Even on sale and with a coupon name brands can still cost more than the store brand version of the same item. Things like store brand oats, frozen vegetables, dry beans, jarred pickles, and dry spices usually taste exactly the same but cost a lot less than the name brands. So, before you use your coupon, compare the price of the store brand version and see how much you can save. Just buying the store brand of a few items instead of a name brand each time you go shopping, you can easily save hundreds of dollars every year.
Don’t try to keep up with the Jones’. No matter how tempted you are, don’t live beyond your means. Your kids may have friends with the newest technology. Your friends may have designer wardrobes. Don’t start building debt with credit cards so that you or your kids can have the newest trend. If you really want something that isn't a necessity, try shopping for it used or buying a slightly older version. You can still have nice things and enjoy them without spending top dollar and the money you save can go towards more important, necessary things.
Quality time with the kids doesn't have to cost an arm and a leg. If you and your kids have a standing movie date, skip the theater and subscribe to Netflix, buy microwave popcorn and juice boxes, turn off the lights and enjoy the movie, while saving hundreds of dollars a year without sacrificing the fun. Find cheap or free versions of the things you love to do with your kids. Use your imagination and get creative. When you realize how much money you can save you will be astounded!
When you have a savings, even a small one, it gives you a safety net. In an emergency or even just a day where you want to splurge on your kids and yourself, it allows you the freedom to take care of things that come up unexpectedly and have a little bit of fun without worrying about getting yourself into debt. It’s hard to save money when you are a single mom but you have to start somewhere and these tips can give you a place to begin.
Also, you can take a look at this great book You Can Be A Stay At Home Mom On One Income.
More Ways to Save Money:
Improve Your Credit ScoreCreating a BudgetStop Living Paycheck to Paycheck7 Ways To Save On ProduceAlso, make sure you checkout the Frugal Fanatic Facebook page and follow us on Pinterest for DIY projects, recipes, money saving tips and more. Do you have any savings tips for single moms, please share in the comments below. 