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How To Survive Financially As A Single Mom | A Complete Guide

Are all single mothers doomed to poverty, loneliness, and effed-up kids? I would say “No” to this question in a nutshell. It’s a hard effort to bring your family up with just one income or no income at all, especially for a single mama. When you are a single parent, you might keep stuck with constant financial life problems like how you will manage your expenses or how you will bring your child up alone with not enough money.

You would likely be worried, your kids rely on you and you are unable to fulfill his duties. This thinking can even lead you to anxiety and depression especially if you do not get any help from your other side. So, to get out of this stressful situation, just let me tell you that it’s not a big deal to survive with your baby if you are a single parent for him. You just need to plan things and with some basic financial planning, you can make your life come to a soothing and prosperous track, with no need to worry about money situations.

Let’s provide you with strategies for how to survive financially as a single mom in today’s society where being a single working mom is considered a tough job. It’s all about at Y Parenting.

Single Mum With Low Income?

Knowing that you are slipping backward in your life due to crises in your financial situation is a very depressing experience. Perhaps, you weren’t a single mom struggling financially in your marriage; you were financially secure before. But you know what, now that your assets have been divided and your shares might seem too small to start over. By this separation, don’t worry, you will not only be the one who will suffer. Because Belinda Eldridge, Financial Separation Specialist at Divide says that,

“Neither side is all that pleased with the outcome, once the assets are divided in a financial split between a couple.”

After you separate from your spouse, the point is that you have to adapt to a change in your income and if you are a mom, keep it in your mind that your baby should be your first preference. You have to embrace the reality and recognize what you do from here on out will determine your future. Accept that, be confident and do everything you can to become a financially strong mommy who will easily accomplish her single motherhood duties.

Steps to Living a Rich Life for Single Moms

Let go of past, assumptions, and life goals you and your ex-partner set. Embrace the reality of being a single mom. The sooner you will do so, the sooner a happy new life you will have with your baby. Manage your finances and focus all your energy and effort into setting up a new happier, richer, and more comfortable life with your young one. Some of these steps involve logistical items such as opening a bank account, checking your credit score, consolidating your debts, simplifying your monthly budget, buying life insurance, and making more and more money. Let’s dive into the steps of how you, as a single mom can live a rich better life.

1- Open a bank account:

I strongly urge you to open a bank account immediately if you don’t already have one. But why? Because doing so will make accomplishing everything else much more manageable. Having the ability to cash checks, send money, and purchase money orders all in one place makes life a great deal simpler and easier. Additionally, it reduces the need to rely on payload loans and check-cashing services.

With your CIT’s checking account, you’ll earn interest! There are no monthly fees or ATM fees, plus Zelle access is included. This app is just amazing.

2- Create a budget:

money saving tips

Financial disruption is most likely to happen if you’re stressed out about money. You aren’t alone if you fail to adhere to your budget or maybe you don’t even have one. Didn’t achieve your savings or investment goals? Credit scores and debt are unmanageable? Until you have a clear understanding of your finances, you might stay away from it. Behavior such as failing to open your bills on time, forgetting due dates, skipping payments and looking the other way, or humming and tapping your foot when friends discuss investments, could suggest you need a financial support system or you can benefit from financial counseling.

So, first, let’s start with the basics. Get honest with yourself. It means to be sure to open all your bills as they come in. Never disregard them. After all, you are an adult now! Second, link all your accounts with a third-party app such as ‘You Need A Budget. You can create budgets and achieve your financial goals whether it’s paying off debt, saving for an emergency, buying a car, house, or paying the educational fee through using the YNAB app or website. So, let’s get started with YNAB now, FREE for 34 days.

The point is to get a single, comprehensive, detailed picture of all of your finances in one spot. Want to learn more about making a budget for single moms? Visit here!

3- Protect your family with life insurance:

You’ll have to make some serious decisions regarding your loved ones’ welfare, especially if you are a single mom. It’s scary to consider tragedy striking your family. You could, however, make the biggest mistake of all if you do not plan for the worst. You can buy a life insurance policy that’s incredibly affordable, easy to get, and just plain smart. Often, people refrain from buying life insurance because they anticipate it will be too expensive. In most cases, this is far from the truth and a misconception in our society.

With Bestow, getting term life insurance is as easy as pie. For coverage up to $1.5 million, Bestow requires no medical examination or lab test. It has an A+ Better Business Bureau rating and is priced starting at $10/month. Bestow’s policies are offered by one of the largest life insurance companies in the United States and rated A+ (Superior).

4- Cut your expenses:

Once you have a fair understanding of where your money is going, it is time to cut the deadwood. We all have the usuals such as gym memberships we don’t use (O single mommy! C’mon get real with yourself, lot of other ways you have to work out for free), Hulu, and restaurant meals, etc. You’re done with retail therapy now after you broke up. Spending a lot of money on shopping isn’t plausible for you anymore as you can’t afford it. You should try to decrease your spending to the minimum.

You shouldn’t splurge on lavish meals that you can’t afford, designer clothes that drive your budget too high, or gifts for your baby beyond your means. The stress associated with financial woes is not a threat, it’s a self-punishment! Are you having a hard time affording basic needs? Get to know where to get free and reduced-cost housing, phones, laptops, and much more.

Eat what’s in your pantry and freezer. Make sure you use up all the soap, shampoo, toothpaste, and mascara in the house before buying more. Don’t pick up products blindly in the market without checking your cupboards and closets. Prior to entering Target or Walmart, make a strict list of shopping and do not venture into the cosmetics departments for a “treat” – irrespective of how great of a deal you find! Making conscious purchases will empower you and help you feel confident about your money goals.

5- Make more Money and Save it:

single mom struggling financially

Besides cutting your expenses such as Netflix, restaurants, raising the thermostat, reducing coupons, negotiating your insurance, you can also do other tasks that will help your bottom line while keeping you focused on increasing income as a single mom and how to afford to live. But it’s difficult to slash more than you can and thinking about the idea of a super budget is naive.

However, if you intend to earn more, build credit, and grow your bottom line, the sky is the limit for you! So, dear single moms! Decide today to save money, build wealth, and achieve success. Transform your energy and put yourself in the zone of building wealth. There are several ideas for making more money. Let’s check them out.

  • Speak to your boss about telecommuting and other options for achieving a work-life balance.
  • Learn about opportunities you can get in your field by taking your mentor out to lunch.
  • Getting back to school to do research.
  • Become a member of a local or national networking organization.
  • Attend, at least, one networking event.
  • Take the plunge and start your own business.

Earn more, and focus on money-saving tips to support you and your baby in the future. Fortunately, the internet exists, and now can single moms survive financially because they have the opportunity to work from home in their flexible hours and make some extra money online on the side.

6- Consolidate Your Credit Cards and Manage your Debt

Is your debt too much to handle, or are you juggling multiple credit cards and other bills? Is debt overwhelming you, or is your credit score poor? This is a demanding, time-consuming task that needs to be resolved RIGHT NOW!

The first step is to apply for a credit card with zero percent balance transfer interest – this will significantly accelerate your debt payoff process through lowered interest and fees. Creating a strict budget, putting together a debt payoff plan, and repairing your credit is likely to yield the best results.

7- Set Your Financial Goals – Long Term or Short Term

Set-Financial-Goals

According to think tank demos, four in five single moms and their babies live below the poverty line. You should not have to be one of those four single moms who live in poverty. Suffering from financial issues does not have to be your story.

The single-mother trap must be beaten by setting some goals for yourself. An example of short-term goals would be to pay off a credit card bill, save up for a vacation, or build an emergency savings account. Saving money for your children’s college, remodeling the kitchen, purchasing your first home, and investing for your retirement are all long-term goals. So, set your financial goals from NOW and start to dream of living a life with your baby without financial worries.

If you haven’t experimented with investments before, you might be nervous about opening a brokerage account or building a portfolio.

Valuable Tips to Thrive Financially for Single Mamas

Children under 18 living in poverty represent 36.6% of all the children in female-headed households in the U.S. So, having to cope with financial hardship is a tough situation for many single moms.

So, if you are concerned about how to survive financially as a single mom, go through some valuable financial tips for single mom success.

  • Take advantage of an app that tracks your expenditures.
  • Check out your surroundings! Does everything you have at home really need to be there? Consider selling the items you don’t need. These may include old exercise equipment, the furniture you no longer use, and baby toys.
  • Don’t let your kids nag you for things they can’t afford. Teach them about money so they understand its value. For their pocket money, get them to help around the house and teach them how to save.
  • In order to cut costs for living, consider house sharing with another single mother family or taking up residence with a relative … temporarily of course! It will not only save money for you, but you can also share household chores and private childcare.

Benefits that Single Moms Entitled to

Obtaining assistance from government programs is possible if you find yourself in financial difficulty. Seek out government assistance if you qualify. There is a vast array of benefits available to single moms, depending on their circumstances.

For instance:

  • Child care subsidy
  • Dental services
  • Rent assistance
  • Pension or concession cards
  • Child support
  • Family tax benefit
  • Parenting payments
  • Legal aid
  • Rent assistance

Moreover, you can also get help from student loans for your child. It’s okay to ask for financial help at times when you need it.

A Final Verdict

Initially, of course, it will take time to adjust to and accept the realities of being a single mother, and having financial independence may seem intimidating at first but it’s also galvanizing and exciting. But once you get an understanding of how to survive financially as a single mom, things will start getting easier for you.

Come out of your single mom guilt as early as possible and don’t lose sight of the fact that you are completely in control. Choosing your financial goals and achieving them is up to you. And the moment they are done, I am sure you will feel incredibly proud. The time has come to live according to your own rules. End-of-the-day, your objective should not just be to survive, but also to thrive, to thrive with your baby, to learn to love life, and to never look back.

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