I came across an article about budgeting tips for single moms, and I thought it had some really helpful advice. Since being a single mom comes with so many financial challenges, I wanted to share these tips and get your feedback. They mention things like crafting a budget, saving for emergencies, cutting expenses, and using apps like Cleo and Empower. It also talks about leveraging tax breaks, picking up extra jobs, and staying debt-free. What do you think is the most important advice for budgeting as a single parent? Any tips that have worked well for you?
There’s a lot of good info out there. I’d also recommend checking out r/PersonalFinance for helpful reading, and r/TheMoneyGuy has a financial order of operations. YNAB is great too, they offer a free trial for a month, and there are lots of videos online to help. Many people say it’s worth paying for, and it helps to track and plan for inevitable expenses.
@Ari
I’ve heard great things about YNAB but haven’t tried it yet. Do you find it’s really worth the subscription? I’m definitely looking for something that can help me stay on top of my bills and budget better.
@Ari
Yeah, I think it’s worth it, especially if you’re looking to be more proactive about budgeting. It helps you plan ahead and really see where your money is going. Plus, the student deal is awesome if you qualify.
I’m a single mom and I’ve found that prioritizing expenses based on the 50/30/20 rule (needs, wants, savings) has really helped. Cutting down on non-essentials, like subscriptions or impulse buys, is tough but necessary when you’re on a tight budget.
@Lennon
That’s a great point about the 50/30/20 rule! I need to start applying that more seriously. It’s easy to let small non-essentials add up, but I guess cutting them could make a huge difference.
One of the things that helped me was automating my payments and savings. I use an app to automatically pay my bills and send money to savings so I don’t have to think about it. It’s a good way to stay on track, especially with everything else going on as a single mom.
@Blaze
That sounds like a lifesaver. I’m always forgetting a payment or two, so automating would definitely take some stress off. What app are you using for that?
@Blaze
I’m using Stellarfi for bills and Cleo for budgeting. It’s been working really well for me so far.
I’d suggest looking into any local support or single-parent groups. Sometimes they offer resources like childcare or financial workshops. Building a support system can really help reduce stress and give you time to focus on work or side gigs without feeling overwhelmed.
@Abi
That’s a really good idea. I haven’t tapped into local resources as much as I probably should. I’ll look into some groups in my area.
If you can, try to set aside just a little bit for an emergency fund. Even if it’s $20 here or $50 there, it’ll add up over time and you’ll feel more secure knowing you have a safety net.
Remy said:
If you can, try to set aside just a little bit for an emergency fund. Even if it’s $20 here or $50 there, it’ll add up over time and you’ll feel more secure knowing you have a safety net.
That’s my goal! I’ve been meaning to start an emergency fund but it’s tough with so many other expenses. I’ll try to set something aside each month, even if it’s small.