Being a single mom is like being a superhero, but without a financial sidekick to split the bills. You get to manage everything on your own, from groceries to your child’s unending needs (seriously, how do they always seem to need something new just when you think you’ve caught up?).
I totally understand how you feel. It can be extremely tough to save money as a single mom, especially when the average cost of raising a child in the United States is over $233,000.
Well, there are some smart money-saving strategies that can help reduce financial stress and stretch your income without feeling deprived.
In this article, I’ll walk you through:
- Budgeting hacks to track every dollar.
- Expense-cutting strategies that won’t make life miserable.
- Smart ways to increase your income.
- How to build an emergency fund—even on a tight budget.
Budgeting and Financial Planning For Single Moms
The first step to save money as a single mom is knowing where your money is going. Budgeting is the foundation of financial stability and clarity.
As a single parent, a solid budget gives you control over your finances and helps you prioritise needs over wants.
Let’s look at some ways to create and stick to a budget.
1. Create a Realistic Budget
If you’re not budgeting, you are basically driving blind when it comes to your finances. I know you might say creating a budget is a bit complicated, but trust me, it’s simple and straightforward. Here’s how you can budget smartly:
- List all your sources of income, including salary, child support, side hustle, or government support.
- Track your monthly spending. For example, your rent, utility, childcare, and groceries.
- Make use of a budget planner template or free budgeting apps like YNAB or Mint to stay on track.
- Cut out all unnecessary expenses and prioritise needs over wants. You should also leave room for occasional treats; you do need them.
Sadly, unexpected expenses, like kids’ school treats or doctor’s visits, pop up almost all the time, so your budget needs to be flexible.
If something urgent comes up, adjust your spending rather than just swiping your credit card.
2. Automate Your Savings
If you’re a single mom living paycheck to paycheck, saving money can be difficult. That’s why you need a system that makes saving effortless.
For a start, you can set up an automatic transfer of at least $20 to $40 per paycheck to a high-yield savings account to earn interest. A study by the Consumer Federation of America even shows that people who automatically save have a high chance of reaching their financial goals.
Also, you can make use of savings apps like Digit or Acorns that round up your purchases and save the difference.
3. Use Cash Envelopes
Have you ever looked at your bank account at the end of the month and thought, “Where did all my money go?” Well, I’ve been there. You start with a decent paycheck, pay for a few things here and there, and before you know it—poof!—It’s almost gone.
Thankfully, there’s a system that can help you control your spending by assigning each dollar to a certain job. This is called the cash envelope system. All you have to do is:
- Label envelopes with categories like groceries, gas, eating out, and fun money
- Put the budgeted amount of cash for each category into the envelope at the beginning of the month
- Spend only from the envelope; when the cash is gone, that’s it! No swiping your debit card for “just one more thing.”
With this system, you get to think twice before spending. However, if you prefer digital banking, you can use a cashless version, such as a budgeting app. You could try out Goodbudget or EveryDollar to track spending by category.
4. Take Advantage of Tax Credits to Save Money as a Single Mom
If you’re not claiming tax credits, you might as well be handing the IRS a tip, and let’s be real, they don’t really need it.
Being a single parent comes with a lot of responsibilities, both literally and financially, so why not grab every dollar you’re entitled to?
You can start by applying for the Earned Income Tax Credit (EITC) and Child Tax Credit. Here’s the deal:
- The Earned Income Tax Credit can add up to $7000 to your refund. That’s a lot of funds for grocery runs, school supplies, or stress-free takeout nights when cooking feels like a chore.
- Child Tax Credit is worth up to $2,000 per child; basically, a little bonus for keeping tiny humans alive and well.
To get every penny you deserve, you’ll have to file your taxes correctly and on time. But if you’re not sure how to go about the process, it’s best that you seek help from a tax professional to avoid errors.
How To Cut Daily Expenses To Save Money As a Single Mom
5. Meal Plan and Cook at Home
Feeding kids isn’t cheap, and eating out too often can quietly drain your wallet. Before you know it, you’ve spent over $200 in a month on takeout!
To save up cash on meals, you can plan your meals. The U.S Bureau of Labour Statistics says families who plan meals save up to 30% on food costs. That’s enough cash you could use for other needs.
Not sure where to start? Here’s how you can plan your meals at home without overspending:
- Plan your meals weekly and write them down.
- Stick to a grocery list to avoid overspending.
- Cook in batches and store leftovers for busy days.
- Use affordable ingredients, like rice, beans, and seasonal veggies.
- Only dine out during special occasions and enjoy home-cooked meals instead.
6. Buy Second-Hand Clothes and Shoes
Kids outgrow their clothes and shoes faster than we can keep up, and buying new ones can drain your budget.
Instead of buying new ones, you can buy secondhand from thrift stores or online marketplaces. For free or cheap items, you can join Facebook Marketplace or mom swap groups.
7. Cancel Unused Subscription
Honestly, do you really need all the streaming services, gym memberships, or meal kits you subscribed to? If you’re not using them regularly, they’re just draining your wallet.
Take a moment to review your bank statements and check for subscriptions you rarely use. If you can’t afford to cancel them, you can split the cost with a friend or family member to cut expenses.
8. Use Coupons and Cashback Apps To Save Money As a Single Mom
I used to think couponing was too much trouble, until I saw how much it could actually save! Turns out, the average American household could save over $1,000 a year just by using coupons for everyday purchases.
That’s like getting a bonus paycheck without any extra effort! The best part? You don’t have to clip paper coupons anymore. Apps like Honey, Ibotta, and Rakuten make it super easy to find and apply discounts while you shop.
That’s like getting a bonus paycheck without any extra work!
Housing and Utilities for Single Parent
9. Consider House Hacking To Save Money As a Single Mom
If you’re struggling with paying your rent, house hacking might be the solution you need to save money as a single mom.
All you have to do is rent out a spare room or look for house sharing options to reduce cost. You can also look into income-based housing programs for affordable housing.
10. Lower Utility Bills
A few adjustments here and there in your home can help you save money as a single mom on utility bills. Whenever an appliance isn’t in use, be sure to unplug it to save energy.
If possible, make use of energy-efficient light bulbs and appliances. However, if you’re struggling to pay your utility bills, you can apply for the utility assistance program.
How To Do Childcare and Education Savings for Single Moms
11. Look for Free or Low-Cost Childcare
Childcare can take a big chunk out of your paycheck—sometimes it feels like you’re working just to cover daycare fees.
But the good news? There are ways to cut down on those costs. Before you stress about juggling work and parenting, check out these options that can help you save on childcare and early education:
- State Child Care Assistance Programs – Many states offer programs that help cover childcare costs based on your income. Some of these programs include, child care financial assistance, state-funded prekindergarten, and head start and early head start.
- YMCA and Local Programs – Groups like the YMCA and some community groups help you watch your kids without spending too much money. They also save you the stress of having to search through a bunch of random babysitter ads.
- Take Turns Babysitting with Other Moms – If you know other single moms nearby, you can help each other out. You both can agree to take turns watching the kids. You can maybe watch their kids one night, and they watch yours another night.
12. Take Advantage of School and Library Resources
Instead of spending money on new books or hiring a tutor, check out what your local library has to offer. Many libraries have free books, storytime sessions, and even tutoring help for kids.
Schools also offer free meals like breakfast and lunch, which can really help cut down on grocery costs. That’s two fewer meals to worry about each day.
Transportation and Lifestyle Hacks to Save Money as a Single Mom
It’s okay to own a car as a single mom but it can get financially overwhelming. From car maintenance to gas, and those surprise repairs, there can be a lot to handle.
However, transportation and lifestyle expenses can be minimised.
13. Use Public Transport or Carpool
If you’re looking to save some cash, public transport and carpooling can be lifesavers. Buses and trains might not be the most glamorous way to travel, but trust me, they get the job done for way less. To free up extra cash for more important things, you can split gas costs and take turns driving.
And if your destination isn’t too far? Walking or biking is a win-win. This will help you save money while getting some free exercise. Who needs a gym membership when you can power-walk your way to savings?
14. DIY When Possible To Save Money As a Single Mom
As a single mom, picking up a few simple do-it-yourself (DIY) skills can go a long way in saving money. You don’t have to be an expert; just knowing the basics can help you cut back on small expenses that add up over time.
Here are a few things you can start with:
- Cut Your Child’s Hair At Home – A few YouTube tutorials and a little practice can save you trips to the barber or salon.
- Handle Small Home Repairs – Things like fixing a leaky tap or patching up a wall can often be done yourself with online guides.
- Do Your Own Hair and Nails – Treat yourself to a little self-care at home instead of spending money at the salon.
Every little bit counts. Learning these skills can also boost your confidence and help you stretch your budget further, for both you and your kids.
15. Negotiate Bills
You might be surprised how much money you can save just by asking! Call your phone, internet, or insurance company and ask if they have any discounts or better deals. Sometimes they won’t tell you unless you ask.
If you find a cheaper price somewhere else, let them know; many companies would rather give you a discount than lose you as a customer. A quick phone call could save you a lot of money each month! Thankfully, there are companies that offer hardship programs for single moms.
Some Extra Ways to Save Money as a Single Mom
Cutting back on coffee or skipping takeout isn’t the only way you can save money as a single mom. You can also:
1. Evaluate Your Debts
Debt can easily eat away at your savings. So, be sure to list all your debts, prioritise high-interest ones, and look into debt consolidation or refinancing options. Once you’re able to pay off your debts faster, you can easily save money.
2. Purchase Life Insurance
It may not seem like a way to save money as a single mom, but purchasing life insurance is a necessary financial step.
If anything happens to you, your life insurance will help your children be financially secure.
3. Selling Unwanted Items
If you have some old or unwanted items, be sure to declutter your home. You can make some extra cash from selling these items online.
You can sell these items on platforms like Facebook Marketplace, eBay, and Poshmark. Once you make money from selling your unwanted items, you can save it or use it to pay off your debts.
4. Seek Professional Advice To Save Money As a Single Mom
It can be really exhausting trying to plan for the future and make ends meet but things aren’t adding up. Rather than go through the stress over again, you can seek financial advice from a professional.
You can contact nonprofit financial counselling services to help you evaluate your debts and create a realistic budget. By doing this, you can easily save money as a single mom.
5. Co-Parenting to Reduce Expenses
Rather than take all the responsibility of taking care of your little one, you can co-parent. Doing this will help you reduce expenses on a whole lot of things.
So, don’t hesitate, go ahead and speak with your baby’s dad on how to split school fees, childcare, medical bills, and extracurricular activities to lighten the financial burden.
Final Thoughts on How To Save Money as a Single Mom
Being a single mom can be tough, especially when it comes to money. But you’re stronger than you think. When you make a plan for how to spend your money, look for ways to save money as a single mom, and ask for help when you need it, things can get better.
You don’t have to be perfect. Just take small steps every day to make smart choices. Every little bit you save can help you feel less stressed and more ready for the future.
Frequently Asked Questions on How To Save Money As a Single Mom
- How Do Single Moms Survive Financially?
Single moms survive financially by creating strict budgets, cutting unnecessary expenses, and finding creative ways to earn extra income. Some creative ways include side hustles like writing, proofreading, or programming. You can also rent out a spare space.
- What is a Budget Planner Template?
A budget planner template is a structured way to track income and expenses. It helps you set saving goals, organise finances, and avoid overspending. You can find free templates online or use budgeting apps.
- How Can I Balance Work and Raising Kids as a Single Mom?
You can look for jobs that offer flexible hours, remote work options, or employer-sponsored childcare benefits. If possible, you can build a co-parenting support system and take advantage of community childcare resources.
- What Is the Easiest Job For a Single Mom?
The easiest job for a single mom is one that offers flexibility, remote work options, and a stable income. Some great choices include virtual assistant roles, freelance writing, customer service representative, or online tutoring.
