How to Budget & Save Money as a Single Mom
- 1). Review all of your monthly expenses, including bills, debts, day care, groceries and other discretionary spending. Separate the numbers into required expenses, like rent and utilities, and expenses that are negotiable or able to be reduced, such as groceries and entertainment.
- 2). Calculate the amount of money you bring home each month. Include your salary as well as other sources, such as child support.
- 3). Meet with a financial adviser if you need help figuring out your finances. Look for a non-profit counseling center for an affordable option.
- 4). Call the lenders that have your mortgage, auto loan, student loans and other debts to determine if you are able to renegotiate your payment arrangements. You may have the option to defer payments for a period or change the terms of the loan to make your budget more affordable.
- 5). Shop around for new service providers for expenses like insurance, cable TV and cell phones. Look for better deals on these services to save money. Consider cutting unnecessary services, such as cable, if you need to cut a larger amount in your budget.
- 6). Shop with a particular purpose in mind. Shop from a list, whether you're buying groceries or new clothes, to keep your spending under control. Buy items on sale or clearance when possible for additional savings.
- 7). Swap clothes and toys with other parents. Gather several parents to bring items their children no longer use so everyone goes home with new items without spending any money.