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Personal Finance Tips for Single Moms
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items Being a single mom is hard, but being on one income in this economy is harder. Here are several tips I've been implementing that have ACTUALLY been working for me and changing my financial habits!
If you're like me, you never really learned how to minimize spending, because really there was never enough. Learning new things is hard, but if I can do it, so can YOU!
Give yourself GRACE
Allocate any funds that are needed for bills or other expenses that can ONLY be paid online, pull the rest out in cash. This allows you to physically see what you're spending. It's proven you become more mindful!
Operate in Cash
When cooking, ask yourself if the recipe freezes well, if you expect leftovers, freeze in individual portions. If you're a larger family double the recipe and batch freezer for a night you don't feel like cooking!
Make Freezer Meals and Portions
Shopping grocery sales in your area can be a HUGE $ saver! Also don't forget to check the grocery clearance sections. There's often one in produce, bakery, meat, deli, and sometimes other. Unfortunately living in this economy sometimes means you eat ...
Shop Sales!
Today is 8/27/24, I started using Acorns to help save and invest my money without thinking on 7/17/24. Just 40 days later and I've saved over 80 dollars! Definitely worth signing up! I use round-ups to save the most!!
Sign up for Acorns
Adding less expensive ingredients to your meals can help them stretch and lower the grocery bill. Vegetables, rice, beans, and riced veggies are great options!
Add bulk ingredients to stretch your meals.
Link your primary accounts to rocketmoney! Rocket Money basically performs a financial audit on your personal accounts to track finances. You'll probably be surprised once you see where your money is going!
Link your accounts to Rocket Money
One of the most important, when it's cold, keep your unit to Heat and set between 66-68 degrees Fahrenheit. When it's warm, set your AC between 72-74. The KEY - DO NOT CHANGE IT AROUND. Acclimate with more or less clothing, blankets, fans, etc.
Manage your electricity usage!
Thriftiness is a great way to lower your expenses and help our environment. The overconsumption of our world that is at a rate, we're actively producing and manufacturing trash.
GO THRIFTING!
We all know we're going to treat ourselves every once in a while. When you do, if you have an account with the restaurant, you'll earn points, coupons, and FREE items! Never pass up FREE options!
Use Food Apps & Rewards
Coupons, both paper and digital are EVERYWHERE! Another way to get major financial relief and sometimes FREE products. You can find them online or even sign up through some stores to receive paper coupons - Kroger has it!
Use Coupons!
Ibotta is a rebate app where you can submit your receipt for money back for items you've already purchased! I've been using it for months and have made back over $50!
Ibotta
I've been using inbox dollars in my spare time to take surveys and other little tasks on the app, I'm currently sitting with a balance of $54.67, I personally will continue building up my balance for an Amazon gift card at Christmas!
Take Surveys on Inbox Dollars!
Savings challenges can be a great motivator to save, and be financially prepared, especially for goal seekers! Give it a try, there's Free downloadable ones online or you can get fancy and order a challenge kit online!
Do a savings challenge!
When it comes to finances, Groceries are a large part. Often times we've forgotten what we already have and go buy more. Shopping your pantry and fridge first can stop over buying AND food waste!
Shop your pantry FIRST!
Budgeting is not just about sticking to what you set, it's about helping you track, analyze, and adjust your spending. Swiping a card is too easy, we lose track of our funds on a daily basis. Starting to follow a budget even if you mess up daily will...
Create a Budget
Things happen, most American's are one tragedy away from homelessness. Being prepared for unfortunate circumstances is best. It may be another slow process, like following a budget, but will be more than worth it in the long run!
Build an Emergency Fund