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Wednesday, May 14

Five Money-Saving Strategies For Single Moms

As a parent, you know just how important saving money is. As a single parent, you know it is essential. Whether you are trying to support your family by working multiple jobs or one high-paying job, chances are your family is struggling in one way or another. Trying to cover all the expenses from housing to childcare to unexpected expenditures on one salary is extremely difficult.

Any way to save money will help to alleviate financial concerns, which will allow you more peace of mind, security, and carefree time with you children. Here are five money-saving tips that can help you find large and small ways to save money:

1. Stick To Your Budget
Budgeting should be one of your top priorities when looking into gaining financial security. To make the most of your income, create a zero-based budget, which means you need to account for every single dollar of your income from your job to alimony to child support to investments, etc. A zero-based budget means you know exactly where every dollar is going, whether that is in the bank or to a monthly expense. It might take a few months before the budget becomes habitual, but the effort it takes to budget will be worth it.

2. Cut Expenses
When it comes to monthly bills, look for ways you cut the prices in half. Consider cutting out unnecessary expenses like gym memberships and monthly subscriptions to magazines. Also, consider ways to consolidate your expenses. If you have a home phone, cable, and Internet on separate bills, look into companies like Directv in order to add Internet to your TV and phone bill. Most companies have bundled packages that include phone, TV, and Internet for a discounted price.

3. Make Meals Early
Because of how time consuming cooking can feel, often times it seems much easier to stop off at a drive-thru. However, fast food and restaurant meals cost more than homemade meals. Dedicate a couple of hours on the weekend to either make meals ahead of time or prep ahead of time. This will cut down on cook time, add more nutrition to your children’s diets, and will be much more affordable. There are plenty of websites that have crock-pot meals, freezer meals, and easy 30-minute meals.

4. Find Help
Too many single moms are too afraid to ask for help, for they feel like they are putting others out or worry it looks like a sign of weakness. But, asking for help is nothing to be ashamed of or afraid to ask for. Ask friends or family members to help with childcare or after school care, which will help cut down on childcare costs.

5. Debt
Even if it seems insurmountable, do your best to remove debt from your life as soon as possible. When you do not have to pay a monthly bill to pay down your debt, you will find you have much more income. If you can, cut back as much as possible so you can get out of debt quicker.

Being proactive about your financial situation can help to add financial security as soon as possible.

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