Budget Tips For The Single Mum

How can a single mum save money? Here are some combined budget tips and tricks for learning to live on a budget as a single mum.

It’s unquestionable that one of the biggest challenges for a single parent whether it be mother or father is the financial impact that it has not only on the children but the parents too. According to a survey done by ‘Raising Children, 2019’, single mums have 47% less disposable income than coupled’ families! To the eye this can be mildly worrying, however, it’s definitely a reason to become proactive in making more money and save for what’s most important.

Save money in your home

Do you absolutely need to heat or cool your house? If so due to major weather conditions be mindful of the power costs as they are normally quite hefty. Finding ways to cut the timeline of these appliances can and will save you hundreds of dollars a year.

Borrow tools and machines for home maintenance. Being able to cut down on labourers coming into your home and fixing minor issues will always save you major dollars throughout each year. 

Save water, save money. Get into the habit of timing your showers for both you and your children, even your pets! Long showers or baths can in fact affect your water bill yearly. 

Use your freezer, more than your fridge. Instead of buying fresh food from week to week, get into the habit of buying in bulk and freezing your food. Buy in season and freeze. 

Teach your kids to save. When you think the time is right, get your kids to do chores for pocket money. Encouraging them to save will get them to value the importance of finance in day to day life. 

Use personal apps for finances! Best apps for spending tracking can and will save you money. They help you budget correctly and ultimately save! Some major personal finance apps are extremely interactive so speaking to a real person over the course of your journey is an option. Keep an eye out for free ones! 

Why do single mums struggle financially?

Single mothers as well as any kind of single parent have said that having insufficient funds to meet daily needs undermines all areas including, housing security, results in children missing out on the education they need, reduction in food budgets as well as delays in health. This then creates an even higher chance of poverty and homelessness. Here are the main reasons why single mums struggle financially.

Guilt

Is there really any end to guilt a single parents feels? If you know that some of the decisions you made contributed to the status of your family now, it’s extremely present.

Guilt can range from, providing, to spending time away to also just not being able to do all the things you would like to do or once did. Regardless of how you children became the kids of a single parent, you worry daily about all these contributing factors and those feelings tend to never go away.

To conquer these feelings of guilt, spend as much time with your kids, or when you can add as much value into their life as possible. Be a great example today for them and they will forever be filled with gratitude.

Decision pressure

To parent ‘properly’ is hard. There are so many decision factors in the life of a single parent. Juggling all of these can almost be impossible. Being accountable to a parenting mentor or friend can help with the hard decisions you may face as a single parent.

Rather than doing it all alone, confide in others you trust. Discussing and being open with others will help you come to the right decision every time. Like everything, communication is key.

Financial Strain

Common life events such as death, divorce and job loss upset more than just marital status. They sadly upset your finances and typically leave one of the adults shouldering a load that normally is carried by two.

While you cannot control anything that others do, you can control your own decisions and take control of the situation. Consulting with a free financial planner is always suggested. Get your finances in order will always be one of the best budget tips for a single mum and typically the rest should follow. Getting on top of your finances as best you can should cut out a lot of the stress as a single parent. 

How you should cope as a single mum? 

Stay positive as much as possible. It’s extremely easy to become overwhelmed by all the responsibilities of being a parent. Your mood affects your children more than you know and attending to their needs always needs to be made a priority.

Take time for both your children and yourself. Taking time for yourself can be as simple as taking a bath, reading a book or simply just having a chat with a friend. Spending time with your kids is more valuable to them then it is you, so it’s extremely important. Being open and transparent with everyone along your journey is extremely important as well. 

If you liked our ‘’Budget tips for a single mum” and took away some valuable information, check our blog space regularly for more updates on the best budget planning app and apps for finances in Australia.