Being a single parent is hard enough without worrying about budgeting your money. Juggling work, kids, and a household can be challenging – but it doesn’t have to be problematic when it comes to money.
Playing catch up is the first thing (and most important step) in budgeting for single moms. You can’t budget appropriately until all of your overdue bills are caught up. That will give you a fresh start and help you get organized.
Create a simple spending plan to start. Pay for the four walls first (housing, electric, food, heat, and car expenses). Then add the other pieces like loans, obligations like child care, debts, and entertainment.
After you have a budget, it’s time to cut unnecessary expenses. It’s important to find areas where you can save to put more money toward your family’s needs. Trimming your spending may mean giving up your daily latte or canceling your gym membership.