• Skip to primary navigation
  • Skip to header navigation
  • Skip to footer navigation
  • Skip to content
  • Skip to primary sidebar
  • Skip to footer
Display Search Bar
  • About
  • Contact
  • Subscribe
Follow 5 Minutes For Mom on Facebook Follow 5 Minutes For Mom on Twitter Follow 5 Minutes For Mom on Pinterest Follow 5 Minutes For Mom on Instagram Follow 5 Minutes For Mom on YouTube Follow 5 Minutes For Mom via RSS

5 Minutes for Mom

Main navigation

  • Home
  • Recipes
    • Course
      • Breakfast and Brunch
      • Snack
      • Lunch
      • Appetizer
      • Dinner
      • Dessert
    • Ingredient
      • Apple
      • Beef
      • Blueberry
      • Chicken
      • Chocolate
      • Cranberry
      • Peach
      • Pumpkin
      • Squash
      • Strawberry
      • Tomato
      • Vegetables
      • Zucchini
    • Method
      • Air Fryer
      • Baking
      • Grilling
      • Instant Pot
      • No Bake
      • One Dish
      • Slow Cooker
    • Type
      • Breads and Rolls
      • Cakes and Muffins
      • Condiments
      • Cookies and Bars
      • Drinks
      • Food for Kids
      • Gluten-Free
      • Main Dish
      • Pies and Crisps
      • Salads
      • Sandwiches and Wraps
      • Side Dishes
      • Smoothies
      • Soup
  • Crafts & DIY
    • Crafts
    • DIY
    • Kids Crafts
    • Printables
    • Scrapbooking
    • Sewing
  • Family Life
    • Giveaways
    • Lifestyle
    • Marriage
    • Motherhood
    • Parenting
    • Pet Care
    • Special Needs
    • Time Management
    • Travel
  • Holidays
    • New Year’s
    • Valentine’s Day
    • St. Patrick’s Day
    • Easter
    • Mother’s Day
    • Fourth of July
    • Halloween
    • Thanksgiving
    • Christmas

Overwhelmed with Expenses? 5 Personal Finance Tips for Single Moms

October 4, 2017 by Jenna Cyprus

This post may contain affiliate links. Read my disclosure policy here.

ShareTweetPinPocketMail

For many single moms, there simply isn’t enough time at the end of the day to think about all of the important personal finance issues that most two-parent families are able to methodically work through.

But a lack of time, doesn’t mean you can’t be smart with your money. You owe it to yourself to give your family’s personal finance issues the attention they deserve.

5 Personal Finance Tips for Single Moms

Familiarize Yourself With These 5 Best Practices

If you’re overwhelmed and unsure where to start, these five tips will get you moving in a positive direction…

  1. Create a Monthly Budget

    The very first thing you need to do is create a family budget so that you know exactly how much money is coming in each month and precisely how much is going out.

    There are many different budgeting strategies, including some pretty complex ones, but there’s no need to overdo things. A simple zero-sum budget where you allocate every dollar you earn to a specific category should do the trick.
     

  2. Start Saving Money

    Once a budget is created, most people realize (a) that they’re spending too much on things that don’t matter, and (b) that they aren’t saving nearly enough. Even if it’s just a hundred dollars per month, start stashing some money away in a liquid savings account so that emergency expenses don’t sneak up and hurt you in the future.
     

  3. Deal With Bad Credit ASAP

    Are you plagued by bad credit? Millions of Americans are, but that doesn’t mean it’s something you just accept and suffer through. It’s time to take a hands-on approach. Here is an in-depth guide about dealing with bad credit when you want to buy a home from the Consumer Financial Protection Bureau.
     

  4. Plan for Your Child’s Future

    Want to do yourself a favor that will make you smile in 10 or 15 years? Start planning for your child’s future by saving money for things like cars and educational costs. Thanks to the power of compounding interest, saving a little bit of money every month in a growth account can yield amazing dividends over a long period of time.
     

  5. Live Within Your Means

    Most Americans, perhaps yourself included, have been sold a bill of goods when it comes to the American Dream. You’ve been told that you have to keep going into debt and eventually you’ll become financially successful. As a result, Americans spend billions of dollars each year on things they can’t actually afford in the form of car loans, mortgages, student loan debts, and credit card debt.

    While most people would agree that there’s nothing wrong with a little debt – especially when it’s an appreciating asset like a mortgage – it’s time to start living within your means. If you make $50,000 a year, don’t live a lifestyle that pretends you make $150,000 a year. You might fool yourself for a few months or years, but it’ll eventually come crumbling down.
     

Give Your Family a Strong Financial Footing

Money can be a major source of stress for any parent, but especially for a single mother who has dozens of important responsibilities to worry about.

If you’re a single mother, I hope these tips help your manage your finances and build a strong foundation for your family to build its future on.

ShareTweetPinPocketMail
Learning Creative Mindfulness — A Book That Takes Its Time
How To Save Money On Your Prescriptions With FamilyWize

About Jenna Cyprus

Jenna is a freelance writer and business consultant who covers business, technology, and entrepreneurship. She's lectured for several universities, and worked with over 100 businesses over the course of the last 15 years. She's a mother of two kids, and loves to go camping, hiking, and skiing with her family. Follow her on Twitter.

Reader Interactions


Leave a Comment Cancel reply

Recipe Rating




This site uses Akismet to reduce spam. Learn how your comment data is processed.

Primary Sidebar

Bringing Moms Together

We are Janice and Susan, twin bloggers and work-at-home moms. We're here to inspire, encourage & empower you.

Meet Us…

Work With Us…

Subscribe via Email

to be first to read new posts

Trending Now

Chirp Wheel Review (Formerly Plexus Wheel) – Back Pain Relief For The Rest Of Us

Chirp Wheel Review (Formerly Plexus Wheel) – Back Pain Relief For The Rest Of Us

How to Take The Stress Out Of Holiday Shopping

How to Take The Stress Out Of Holiday Shopping

Holiday Gift Guides and Christmas Giveaways

Holiday Gift Guides and Christmas Giveaways

Face Mask Sewing Tutorial for a Fitted Mask Without Knit Binding

Face Mask Sewing Tutorial for a Fitted Mask Without Knit Binding

browse around

  • Posts by Susan
  • Posts by Janice
  • Favorite Recipes
  • Favorite Crafts
  • Giveaways
  • All Posts

Footer

Recipes

20 Healthy Snacks For a Healthy New Year

20 Healthy Snacks For a Healthy New Year

Raspberry, Pomegranate and Pear Bellini

Raspberry, Pomegranate and Pear Bellini

Flourless Dark Chocolate Brownies

Flourless Dark Chocolate Brownies

Crafts/DIY

Yarn Pom Pom Bookmarks with Felt Hearts

Yarn Pom Pom Bookmarks with Felt Hearts

DIY Photo Backdrop – How to Make a Fabulous Photography Background for Only $10

DIY Photo Backdrop – How to Make a Fabulous Photography Background for Only $10

Merry Christmas from Our Bubble to Yours…

Merry Christmas from Our Bubble to Yours…

Giveaways

Blog Giveaway Listings – Around the Blogosphere #Giveaways

Blog Giveaway Listings – Around the Blogosphere #Giveaways

How to Take The Stress Out Of Holiday Shopping

How to Take The Stress Out Of Holiday Shopping

Holiday Gift Guides and Christmas Giveaways

Holiday Gift Guides and Christmas Giveaways

Follow 5 Minutes For Mom on Facebook Follow 5 Minutes For Mom on Twitter Follow 5 Minutes For Mom on Pinterest Follow 5 Minutes For Mom on Instagram Follow 5 Minutes For Mom on YouTube Follow 5 Minutes For Mom via RSS
  • About
  • Contact
  • Work with Us
  • Privacy Policy
Copyright © 2021 5 Minutes for MomTheme by Melissa Rose Design and Once Coupled