An online bank can offer high-yield savings accounts with minimal fees. Remember to choose the right bank for your savings. But if you can only save $25 a week or $10 per pay period, the most important thing is that you get started and you keep saving regularly. It’s better if you can save the $1,000 in 30 days or less. Once you reach the $1,000 savings threshold, you can increase your savings goal. Having this money in the bank can provide some peace of mind in case an unexpected expense comes along. If you have $0 in emergency savings, set a goal of saving $1,000 to start. Roughly a third of Americans couldn’t cover a $400 emergency in cash and as a single mom, you don’t want to be one of them. Your emergency fund is your lifeline when an unexpected expense comes along. Saving money as a single mom can feel impossible at times but it’s important to have an emergency fund. Here are 9 tips for creating a single mom budget that you can live with. But it is doable if you’re committed to your spending plan. 9 Smart Tips for Budgeting as a Single Parentīudgeting for single parents isn’t always easy. With the right budget plan, you can significantly improve your finances and life.Īnd most importantly, you can stop the struggle for how to survive financially as a single mom. I can’t stress the importance of budgeting for single moms enough. ![]() ![]() Giving you a realistic plan for paying off debt.Breaking the paycheck-to-paycheck cycle.Helping you to avoid overspending and wasting money on unnecessary things.Some of the things a budget can do for you include: Having a single mom budget in place can take some of the pressure off of managing your finances solo. And from experience, I know that child support is not always a reliable source of income for single mothers. While many single moms receive child support (and in some cases, alimony) those payments may only go so far. When you have a budget, you have a blueprint for where your money is going to go.īudgeting is especially important for single moms who may be raising a family on one low income. A budget is a plan for how you’ll spend your money each month.
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