6 Ways A Single Mom Can Teach You How to Save Money

Single Mom’s Are Some of The Best Money Savers, Here Are A Few, How to Save Money Tips

Nearly every single mom eventually comes across this one question,  ‘how to save money?,  and interestingly the answer to the question varies considerably from one person to another. The saving tips working for a single mom would be different than a student, and  a working professional, and entirely unique saving methods would apply for a couple.  Being a single parent is not an easy job and this job becomes all the more difficult, when a single mother is the subject. Life is not easy for mothers especially in today’s financial climate, when she  has to play the dual role of breadwinner and homemaker. 

Maintaining a great financial position is always a tricky task,  and this task somehow becomes more challenging when a single mom is in question. A single mother whether earning or not, needs to take care of each and every personal  financial detail,  this is the main reason why saving money is so important for her. If you are a single mom and looking  for techniques to save some extra bucks, then you’ve surely come to the right place,  as here we present to you some of the most usable ways about;  how to save money tailor-made for single moms:

  • Food issues

A mother is responsible for nurturing her children by providing them a balanced diet and nutritious food, but a single mom is responsible for doing the same in an affordable way. A single mom can save a lot of money by planning the meals of her family in advance, because then she can receive bulk discounts and freebies from grocery and retail shops. Also, cooking in bulk that can be used over a period of 2-3 weeks and freezing the excess, would help her save on cooking expenses apart from saving a lot of time and energy. Try to purchase seasoned vegetables and fruits and avoid expensive cuts of meat and off-season vegetables as they will heavily increase your supermarket bills.

  • The second hand option!

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Children are always full of demands, and in fact I won’t be exaggerating if I say that their demands are never ending, but that’s kids. A  single mom needs to handle these demands without jeopardizing her monthly budget and savings. You can save a lot of money by buying used toys and clothes for their kids and, and even for yourself. And if second hand clothes are not something you like, go in for recycling your clothes and save a lot of money on buying new ones. There are a number of shops that offer second hand products used once or twice, and available at 70-80% of  the original price. You can see that there are many options for saving money on clothes, you can think of others.

  • Look out for discounts and coupons

The life of a single mother is full of struggles and difficulties but one should never feel hesitant or shy in asking for discounts from discount stores, and shopping only at the best prices. Take advantage of different types of shopping coupons, store loyalty, and card points and make the most of your shopping experience by paying the lowest price, for the same articles and services. You can go in for kid’s clothes shopping during sales at regular stores,  and  also  at deep discount retail shops for searching the best answers to ‘how to save money’.

  • Team up with other moms

There is one famous quote saying ‘Divided we fall, United we stand’ and this is what every single mom should get inspired from. Befriend single moms in your area and form a group where you can all trade babysitting when any of the group member’s are in need, which would not just save extra bucks, but also fosters friendships within the group. Organize group activities such as cooking and freezing, excursion trips, picnics to nearby places with kids and car pooling etc., that’ll help all the single moms save a lot of money.

  • Save on household bills

Household bills are often considered as extra burden on one’s income, but in fact they will never go away, and must be dealt with. The process of saving money on household bills begins with cutting back on cell phones, cable, electricity and water bills. Single moms can take advantage of the internet to compare various mobile plans and should consider discount  friendly options only. Always ask your electricity, water or gas companies for a  subsidy or discount, as many companies give subsidized electricity and other amenities at lower rates to people belonging to certain income groups. Take advantage of government offers for moderate income people.

  • Get out of the debt trap
[sociallocker]Debt is considered to be an integral part of the lives of a single parent, especially the single moms. Many people know that debt is actually the enemy of savings,  and in order to increase savings, one needs to get out of the debt trap as soon as possible. I sugggest  you replace your big car with a small one, or a big house with an apartment or small manageable home.  Big assets acquired in the form of a  loan only adds  to your liabilities and increases outflow of your cash by the way of down payments and loan installments. Get rid of bigger loans with huge installment payments, and high interest rates; and save up your monthly income for a healthy budget and securing your children’s future.

We are aware of the fact that as a single mom, you very well know the importance of money and savings. This is the reason why you can see plenty of single moms working terribly hard from morning to evening in order to earn an income for their children. But sometimes finding answers to the question of ‘how to save money’ seems blurry even for the hardest working single moms,  this is the reason why we’ve given you the best workable tips for achieving the task. Take advantage of these money saving tips and see your budget consistantly improve over time.[/sociallocker]

These are just a few of the, “how to save money” tips. Look for more in Lois’ books below.
Lois Center-Shabazz
author of, Live Rich Save Money! Budget Diary
Download “Budget Diary” Instantly  Now

author of, Live Rich Save Money! 68 Powerful Ways to Save Money, Now and Forever
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