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How to Save Money as a Single Mother

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How to Save Money as a Single Mother

Raising a family on a single income boils down to budgeting in many cases. It’s a daunting task, no matter the age of the child or the income of the mother. You need a lot of creativity and strategy to build up your savings account, control what you spend each month, and save for retirement as a single parent. Here are ideas that can boost and jump start your savings plan, whether you are a single mom to one or five.

Base Your Meal Plan from the Grocery Store Sales

Each week you go grocery shopping, make sure that you base many of your meals from what’s in the sale sections. This can help a tight budget save lots of money each week. In addition, make sure to use rewards cards, loyalty plans, and coupons to further cut down on the costs.

Finally, if you are shopping at high-end grocery stores, look into changing to low-cost markets. You might be surprised to find that shops like Lidl and Aldi have high-quality products for many times less than other stores.

Take Hand-me-downs

You could save thousands of dollars by saying yes when someone asks if you want something their child has grown out of using. Don’t look at this as a failure or a humiliation. Look at this is a long-term strategy that will help stabilize your personal finances and enable you to have more spending money for their education and health.

Visit the Local Library

If you are looking for a place that the entire family can go to learn and relax, then the library is the place for you. You’ll have the chance to do crafts, rent books, and pick up a movie for movie night. In addition, this can be a great way to help children learn during the summer when summer camp or advanced learning classes aren’t an option.

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Smart Use of Credit Cards

Though many savings tips will tell you not to use credit cards, there is nothing wrong with them. In fact, they can be vital when it comes to budgeting for the month. However, you should work always have the card paid off at the end of each month or on the way there. Never put things on your card that you don’t need and make sure that anything you do put on there, had a plan of being paid off within three months.

Buy Generic Brands

This tip might often be talked about in relation to groceries. However, shopping generic applied to shoes, food, and clothes as well. Growing children won’t wear the same clothes for more than a year. As such, shopping from thrift stores and avoiding premium brands is the only logical choice for those looking to save money.

Get a short term loan

If you need assistance in making it to the next week, a short term loan from iCASH can help. As an alternative to payday loans and cash loans, these same day loans can be applied for online from a smartphone or computer. It it gives you a chance to pay for the emergency at hand without worrying about waiting for the paycheck next week.

Alex Charbonneau

Alex Charbonneau hands-on approach to financial planning, investments, and leadership won him the respect of many. Alex is a trustworthy individual & someone that many in Canada aspire to work with.