How To Survive Financially As A Single Mom: 9 Steps To A Rich Life

Last Updated on May 7, 2024 by Kathy

I don’t have to tell you how it feels to be a single mom about the financial struggles every day. It’s hard to raise a family without a steady income. So, how to survive financially as a single mom?

It is possible to make ends meet as a single mother. You will not only survive financially, but you will also come out with the knowledge and understanding to make your financial future a success.

Being a single mother is difficult because everything is more difficult when you are broke. There are ways to take control of your finances and not live paycheck to paycheck. You can also build wealth and stop worrying about money.

Are You A Single Mum Starting Over With A Low Income?

There’s nothing worse than feeling like your life is going backward. Perhaps you were financially secure in your marriage, but now your share of the assets is too small to start a new life. You will need to adjust to the change in income after your divorce. Accept it and realize that what you do next is important.

Single Mothers Survive Financially By Saving

Simple savings are powerful. Never think that you cannot save simply because you don’t have enough money. Everyone can save. There are many ways to save money, and you don’t have to have any money to do so. Here’s how you can save money.

• To ensure that your recurring bills are accurate and you get the best deal, make sure to check all of them. If you need to, call around for better deals. Do you really need to pay more for something?
• To determine if there are any unnecessary purchases, run a review of your weekly spending. Then, find out where your money is going.
• Set a weekly budget so that you are able to only spend a set amount each week. 
• Every time you receive a check, save a portion of your income. Ideal is to have this percentage at around 30%, but even 5% can be a good starting point. You can always increase it as you get back on track.

After you have started saving, you should open a high interest savings account.

Helpful Financial Tips For Single Mothers

After you have mastered your savings, you can now focus on other areas of your finances. What can you do to ensure financial success and financial security? The possibilities are endless with savings. Here are some suggestions to help you get started.

• Many families find that grocery bills and rent/mortgage are the largest outgoings. You can organize your kitchen by shopping online, bulk buying, cooking, and utilizing your freezer.
• Look around you! Are you sure that you need everything in your home? Sell it if you don’t use it. You can sell your old equipment, toys for kids, and furniture that you don’t need.
• Your children should learn about money which can prevent them from pushing you to buy things the budget can’t afford. Encourage them to help with the household and to learn how to save money, just like you do.
• Consider house sharing with a single mother or moving in with relatives if living costs are really affecting you. You’ll save money and be able to share household chores as well as childcare.

10 Steps to a Rich Life | How To Survive Financially As A Single Mom

1. Open a Bank Account

You should open a bank account if you don’t already have one. Why? It makes it so much easier to do everything on this list. This makes life easier by allowing you to cash checks, transfer money and receive money orders. It also reduces the likelihood that you will need to use a check cashing or payday loan service.

2. Consider Switching Bank Accounts

Navigating the financial terrain as a single mom can be challenging, but there are proactive steps you can take to strengthen your financial stability. One crucial move is considering switching business bank accounts. A well-informed switch can save you money and offer more tailored services. To make this process smoother, consult a switching business bank accounts guide. These guides provide valuable insights into comparing fees, interest rates, and features offered by different banks, ensuring you make a choice that aligns with your financial goals. By strategically managing your finances, including your business accounts, you can take a significant step toward securing a more stable financial future.

3. Create a Budget

You may also be financially inept if you’re stressed about money. Are you unable to keep a budget in place? Are you alone? You can’t achieve your savings or investment goals. Are you in debt? You might be avoiding your money situation if you aren’t clear about it.

You could be late opening bills, not paying due dates, missing payments, looking the other way or tapping your feet when friends mention investing. There are two things that you need to remember:

• Be honest with yourself. This means that you should open all of your bills when they arrive because bills should not be ignored. 
• Connect all accounts into a third party app

4. Protect Your Family With Life Insurance

Life insurance is affordable, simple to obtain, and smart. As a single mother, life insurance is one of your most important decisions. No one wants to imagine a family suffering from tragedy. However, not planning for the worst is one of the most costly mistakes you can make. 

People don’t purchase life insurance because they think it will be too costly. However, in most cases this is not true. All you have to do is find or research the best and most suitable life insurance you need. 

5. Cut Expenses

It’s time to get rid of the junk once you have a better understanding of where your money is going. Through this, you won’t be tempted to buy food with the money you don’t have, clothing that is too expensive, or presents for your children that are beyond your means. Learn more about free or reduced-cost housing options, smartphones, and other resources if you need help with basic needs.

Shopping is not something you can do if you’re broke. Financial stress is not a treat, it is self-punishment. Before you purchase more shampoo, soap and toothpaste, make sure that your home is clean. You can save money by avoiding buying paper products and cleaning supplies at the market. Do not shop in Target’s cosmetics department for a “treat”. It doesn’t matter how good the deal is! You will feel confident and empowered about each purchase when you make it conscious.

6. Make More Money

You can reduce costs such as Netflix and restaurant prices, increase the thermostat, cut coupons and negotiate your insurance. However, this will not help you focus on how to survive financially as a single mother and how to live comfortably.

Super-budget thinking can also be small thinking. The sky’s the limit if you are focused on growing wealth and earning more. Today, take action to improve your income, credit, and bottom line. Recalibrate your energy to create wealth.

Here are some ideas to make more money.

• To learn more about your profession, meet up with a mentor for lunch.
• Go back to school and do some research.
• Start your own business.
• Get involved in a national or local networking group.
• You can only attend one networking event.
• Talk to your boss about telecommuting or other arrangements for life balance.

It’s easier than ever to make extra money online. Single moms have many options to make extra money at home. If you’re already employed, you can negotiate for a raise. Or, if you’re planning to go back to school, you can look for scholarships.

7. Check Your Credit Score For Free—Regularly

You probably don’t think much about your credit score. Let’s face it, most people don’t spend much time worrying about their score. But that could be a big mistake. Credit score can have a significant impact on many areas of your life. It could make all the difference between getting approved for a loan and getting a mortgage. This will also affect the interest rates you receive on your loans.

Renters with poor credit scores may be denied apartments. Your credit score may also be checked by your employer when you apply for a job. A poor credit score can prevent you from getting that dream job or new apartment.

8. Consolidate Your Credit Cards And Manage Debt

Do you struggle with debt or balancing multiple credit cards and other bills? Do you have a poor credit score? This is a time-consuming and complicated juggling act that you must resolve ASAP!

Applying for a balance transfer credit card is an important step. This can significantly speed up your debt repayment process and save you thousands of dollars in interest. Most likely, the answer is a combination of a strict budget and a debt repayment plan.

9. Set Short- And Long-Term Financial Goals

To break the single-mom trap, you need to set goals. Your short-term goals could be to pay off your credit card bills, open an emergency savings account or save for a vacation. You can save for college or invest for retirement by setting long-term goals such as buying a house, starting a company, remodeling your kitchen, and saving for the future.

You might be nervous about opening a brokerage account or building a portfolio if you haven’t yet delved into the world of investment. This post will explain the basics of investing.

10. Understand your new tax situation as a single parent

It is much easier to file your taxes as a single person than it is as a married individual. While I don’t expect that you will understand every tax rule, it is important to be able to comprehend the consequences of properly filing taxes.

How To Survive As A Single Parent Without Help

A single mom’s success in financial matters is crucial. The guide above will show you smart money decisions to make right now . It should help you get on the right track. Your mental health and your money are closely connected. That’s why it’s important to consider your mental health.