No one ever said parenthood was easy, and that’s never more true than if you’re doing the job on your own as a single mom. Confusing, stressful, and challenging are just a few ways single moms describe their everyday lives.
Fortunately, there are lots of ways to make single motherhood easier on yourself. Here are some tips that will help you in the financial department. Tax Credits are a God send for most adults.
Get control of your finances
Supporting a child’s needs on one income can be tough. Even if finances aren’t tight, the mental space required for keeping track of all the bills can be a lot, and even take away from time you spend with your child. Proper financial management will be a great help to remove a big chunk from your worries and cares as a single mom.
1. Start a budget and keep it updated
A budget is key to keeping your head above water financially.
Understanding how much money is coming in and how much is going out will help you figure out where you need to cut back and how much you can spend on extras during the month. You can go old-school by creating your budget with pad and paper or try making one in Excel or Google sheets for an easier option.
2. Put your bills on autopay
If you know your budget can handle it, try putting monthly bills on autopay. This ensures you don’t miss a payment and incur late fees and will also save you time. Instead of sitting at your laptop paying the bills one by one each month, set up autopay, and have more time to spend with your kids.
3. Take advantage of tax breaks and government programs
Make sure you are taking advantage of breaks like the Child Tax Credit and the Child Care Tax Credit. Do your research to ensure that you are saving whatever money you are entitled to when filing your taxes.
If money is tight, there are several government programs and grants available for single mothers. SNAP is a government-run program aimed at providing food-buying assistance to low-income families and single mothers. WIC provides state and Federal grants to eligible moms who need supplemental food, health care referrals, and nutritional guidance. Take a look at the grants available to single moms and see if there is anything you can use to help make your financial situation better.
4. Learn how to say “no”
You don’t need to get into the nitty-gritty of your finances with your kids, but it’s good to teach them to prioritize what matters in life. It will help them understand the value of a dollar and to be more discerning about what they buy as they get older. If there’s something they have their heart set on, teach them to save up for it or put it on a holiday or birthday list.
The essence of being a good parent is separating needs from wants. This does not mean compromising your parenting. It does mean keeping yourself as grounded and as stress-free as possible so you can give your kids the wonderful childhood they deserve.
Thank you,
Glenda, Charlie and David Cates
