Single moms have many titles: career woman, grocery shopper, personal chef, cleaner-upper, chauffer, chief financial officer.
If you’re a single mom (or dad), we see you. We know how hard you work and how many plates you have to keep spinning every single day—including your finances.
That said, we’re sharing some effective budgeting tips for single moms to help you start budgeting and make the most of your money each month.
How to Budget as a Single Mom
Managing your household finances by yourself (on top of everything else) can feel intimidating. But the truth is, you can confidently take control of your money—no matter your income, marital status or financial past.
It all starts with a budget. There are a lot of budgeting methods out there, but a zero-based budget is the most helpful. Here’s how it works:
List your income: This includes your normal paycheck, side hustles, child support or alimony, and any money you get from selling stuff. If you have an irregular income, budget low (you can adjust and add more money into your budget later if you need to).
List your expenses: First, set aside money for giving (we recommend 10% of your income). Next, budget for savings. Then you want to make sure you cover your essentials: food, utilities, housing and transportation. Lastly, list all your other expenses for the month—important things like childcare, debt payments and insurance, followed by nonessentials like entertainment, clothing and personal.
Subtract expenses from income: The goal is for the math to equal zero. No, that doesn’t mean you blow all your money. Zero-based means you give every single dollar a job to do in your budget—whether it’s saving, paying off debt, giving or spending.
Keep in mind, every single-mom budget is going to look different (depending on your income, how many kids you have, and where you live).
And if you realize that your expenses are more than your income for the month, don’t worry. That’s totally normal when you first budget! But in that case, you’ll need to do some adjusting. Go through your budget and see where you can cut back so you’re not in the red (more on that in a minute).
11 Effective Budgeting Tips for Single Moms
Now that we’ve covered the budgeting basics, let’s talk about how to actually stick to your budget. Here are 11 things you can do to save money as a single mom and feel more in control of your money:
1. Focus on the Four Walls.
Don’t be discouraged if your income isn’t where you want it to be right now. You can (and should) still budget with a low income. The most important thing is that you prioritize what we call the Four Walls: food, utilities, shelter and transportation. Plan for those before you budget for anything else.
You want to make sure you’ve got enough to feed your kids and yourself, keep the lights on, and put gas in the tank to get to work. If you can at least do those things, you won’t have to stress as much about making it to the end of the month.
2. Find ways to save on essentials.
Speaking of your Four Walls, let’s talk about how to save money on food, household items and other necessities.
Here are some money-saving tips for single moms:
Shop what’s on sale and use coupons.
Choose generic over name-brand items.
Take advantage of store price-matching policies (including at Amazon, Walmart, Costco and Target).
Carpool to work or set up a carpool for your kids if you usually drive them to school.
Meal plan (yes, it takes time, but it does save you a good amount of money).
Bulk buy nonperishable items you know you’ll use.
3. Cut expenses where you can.
We know it’s hard to say no—whether it’s to your kids or to yourself. But every expense adds up! So take a look at your budget and see what spending you can cut.
Do you really need all those streaming services when your kids just watch Disney+? Even little treats like lattes and pizza deliveries add up. Decide what you’re willing to live without in order to save more each month.
4. Adjust your budget as needed.
Don’t feel like you have to get your budget right immediately. In fact, it usually takes about three months to get the hang of it. If you overspend in some categories, just go into your budget and adjust it as needed throughout the month.
Your budget should work for you, not against you. Start with this month, stick with it, and give yourself some grace.
5. Save for emergencies.
You get a flat tire on the way to work. Your kid needs a tooth pulled. Emergencies happen—usually at the most inconvenient times. That’s why it’s important to have an emergency fund.
If you’re a single parent, the goal is to have about six months of expenses saved up. But if you’ve got debt to pay off, start with $1,000 (this is part of the proven money plan called the 7 Baby Steps).
Maybe you’ve never even had $1,000 in the bank before. But you can save $1,000 faster than you think! And it’s definitely worth the peace of mind.
6. Increase your income.
A huge thing you can do to boost your financial situation is to increase your income. Now, we know that as a single parent, you only have so much time and energy to add more work onto your plate. But there are things you can do to earn more money.
Here are some ways for single moms to make more money:
Sell stuff you no longer need.
Find a side hustle that works with your current schedule.
Monetize a skill you already have (like photography, art, jewelry making or baking).
Ask your boss for a raise.
Earn passive income by advertising on your car (yep, it’s a real thing).
Decide if you need to get a new job (there are plenty of high-paying jobs that don’t require a degree).
7. Avoid and pay off debt.
The truth about debt: It keeps you stuck. Stuck paying for the past. Stuck in a defeated state of mind. We understand you may have had to use debt to make ends meet before. But if you follow the tips we’ve already given, you won’t need to rely on credit cards or loans to get by.
Decide right now that you’re done with debt. And start taking the steps to pay off any debt you currently have. (Again, you can get out of debt even on a low income.) The best way to make progress is with the debt snowball—once you knock out that smallest debt, you’ll have unbelievable momentum to keep going!
8. Consider downsizing or refinancing.
If your housing budget line is what’s causing you the most stress, consider downsizing into a house or apartment you can better afford.
We know this can be particularly emotional if you just recently became a single parent and you’re afraid of too much change at once (for both you and your child). But you want your housing situation to be a blessing, not a burden—so do what makes the most sense for your family and your budget.
If you have a mortgage, look into refinancing. It could help lower your payments and give you some breathing room while you take care of other money priorities.
9. Communicate with your kids.
We understand wanting to protect your children from your own financial worries. But children can sense when you’re stressed or when finances are tight. It’s best to be honest and talk to your kids about money—in an age-appropriate way, of course.
Let them know what your spending priorities are and what you may have to say no to as a family, so they know what to expect. And don’t be afraid to share money goals with your kids. They usually enjoy pitching in, helping you track progress, and celebrating with you when you hit a milestone!
10. Seek out single-mom resources.
Listen, there’s no shame in taking advantage of programs and discounts for single parents—that’s what they’re there for! But watch out for loans disguised as financial help (because remember, you’re avoiding debt).
Here are some financial assistance programs for single moms to look into:
The Single Parent Project: provides financial assistance for single parents
Helping Hands for Single Moms: helps low-income single moms who are earning their college degree
Low Income Home Energy Assistance Program (LIHEAP): assists with covering energy bills and home repairs
Medicaid: offers low-cost or free medical insurance to single-parent families
Supplemental Nutrition Assistance Program (SNAP): allows families to buy healthy food with a prepaid debit card
Head Start: allows children five and under to go to preschool at no cost
Child and Dependent Care Credit: allows parents to deduct childcare costs from their taxable income
These resources can help you get back on your feet. But keep in mind, you usually have to meet certain low-income standards to qualify.
11. Build your community.
You may be a single parent, but that doesn’t mean you have to do it all by yourself. Having a solid support system can help you mentally, emotionally and financially. You need people who will encourage you—especially when times are tough.
A local church can be a great source of community, and they may have resources or groups specifically for single moms. It’s also a great idea to find a therapist that can help you navigate the ups and downs of life.
And when it comes to money, a financial coach can answer your questions and help set you up for financial success. Whatever you do, know you don’t have to go it alone.
Whether you’ve been a single mom for a while or the title is new to you, know this: You have the power to take control of your money and not just survive—but thrive. You got this!
