Being a single mom is challenging. There’s always a struggle between work, mommy time, and me time, that you probably lose a lot of sleep trying to balance everything all at once. You’ll end up stressed, cranky, and exhausted that you have no choice but to leave your baby with their Grandma just so you can catch up a few hours of sleep.
Add to the fact that being a single parent is one of the most tiring jobs in the world, and you aren’t even paid a cent. So how do you, as a single mommy, budget time and money?
If you need to go out to buy shoes, clothes, or other items, try shopping online. You won’t have to go out of the house and leave your kids if you need to buy new clothes or other items. Another upside to this is that you don’t have to wait in long queues to pay for your purchase, plus you won’t have to go through the hassle of getting stuck in traffic for hours with a screaming toddler.
Track & Trim Your Expenses
List down all your savings and expenses each month. Make a detailed list of what you earn, save, and spend, and keep the notes in a notebook or through a mobile app. Find out where you need to trim down your spending so you can lessen your expenses.
Create a Family Budget
Remember, you are taking care of a child, so think of them as well when you make your budget. When budgeting your groceries, think of both your and your child’s needs. If you can consolidate some items that you and your child can use together, such as soap, shampoo, and so on, it would be better to spend on those than have separate toiletries that will lead to more expenses.
Set Up an Emergency Fund
It might be difficult considering all the expenses you will be making as a single parent, but don’t worry! Even the smallest amount can turn up to be great savings if you keep adding to your emergency funds daily, weekly, or monthly. Just remember that you should never, ever touch that fund.
This emergency fund can help you when you or your child is in a pinch and need financial support. If you’re freelancing or in between jobs, this could also help you fill in the gap before you can get a new job. You can also use the emergency fund for unexpected expenses, such as unplanned house repairs or medical expenses.
As a “just in case” move, get yourself insurance. Apply for a comprehensive health insurance to make sure that you’re covered for your and your child’s medical expenses. This will come in handy in the event that you or your child falls ill. If you have a car and have the responsibility of taking your child to school, then apply for car insurance as well. Also, don’t be afraid to ask for help. You can’t be Super Mom 100% of the time! It’s also important that you take a bit of “me” time every once in a while, to relax and remember that there are lots of things to be grateful for.
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