Hey there, fellow single mums! If you’re anything like me, you know only too well that juggling the responsibilities of parenthood and managing finances can sometimes feel like you’re walking a tightrope without a safety net! Especially at the moment with the cost of living crisis! But do not worry! Over the past 18 years of being a single mum, I’ve been there before, on numerous occassions! Which is why I have crafted this Single Mums Guide to creating a budget that works- so you don’t spend as long as I did getting your life in order!
Why Do You Need A Budget As A Single Mum?
First things first, let’s get real about why budgeting is crucial as a single mum. As restrictive as budgeting may sound, and as much as we want to just splurge on all the things that will make us and our kids feel better, we are the one who needs to keep the ship afloat!
Believe me, I’ve learned the hard way that ignoring the bills won’t make them disappear. I tried, I really did! I ignored them and spent my money on whatever I wanted. I refused to pay for certain things because I valued purchases and days out over financial security! And whilst those things are 100% important and should DEFINITELY be worked into your budget. Ignoring the bills and getting into debt is not the answer.
Let me give you just one reason why… I am 36 years old… and whilst my debt is under control, my credit score is terrible! (I am working on it and its growing!) This means that as a single mum, with one income, it will be difficult for me to get on the property ladder! That is a goal of mine, it may not be for you. But it is a battle I am currently facing because of my lack of budgeting skills in the past!
So, with that little personal anecdote out the way, let’s dive into how you can start budgeting like a boss.
1. Get Crystal Clear On Where You Are At Financially
Grab those bills you have been stashing in the kitchen drawer, gather all the receipts, and bank statements from the past couple of months- Lay everything out on the table (literally or metaphorically), grab a pen and paperand take stock of where your money is coming from (add up all your streams of income. Benefits, wages, sidehustle income), and then look at where exactly it’s going. This step might seem draining and boring, but it doesn’t have to be. Check out this post on money dates! Hopefully that chages your mind!
2. Figure Out Your Values And Priorities
As I explained before, as much as we’d love to treat ourselves and our kids to fancy dinners, the latest gadgets, awesome days out, we gotta prioritize. So start by listing out your non- negotiables versus nice-to-haves. Essentials like rent, groceries, and utilities go at the top of the list obviously, while that impulse purchase of designer shoes might have to take a backseat (for now). Just remember, this doesn’t have to be the case. If you have enough money then buy whatever the hell you want! It is your money and you deserve nice things! But if you are in a bit of a rut and are working towards goals, then some things will need to wait.
3. Get Tech-Savvy With Your Budget
I told you budgeting doesn’t have to be boring! There are tons of amazing apps and online tools out there that can make tracking your spending an absolute breeze, and kinda fun too! Check out this post on 3 Amazing Money Apps, find the one that works for you and start feeliing like a financial boss!
4. Put Your Mum Negotiation Skills To The Test
As single mums, we wear many hats – including negotiator extraordinaire! As much as we might not like to admit it, I bet you have negotiated with a three year old to eat their peas, or a 12 year old to get their backside out of bed and out the door! Yeah, beliieve it or not this makes you a negotiating queen- as thats not easy! So don’t be afraid to use those mum skills to haggle with your service providers or shop around for better deals! Whether it’s negotiating your cable bill or scoring discounts at the grocery store, every penny saved adds up in the long run- and brings you one step closer to those goals!
5. Plan for the Expected And The Unexpected
We all know when our kids birthdays are right? Even if we were to forget, your children have probably reminded you once or twice if there anything like mine! Also christmas tends to fall on the same time of the year! Yet we often don’t think about them until the last minute. The way I have made these celebrations so much easier is by setting up sinking funds! Sinking funds are amazing, you barely notice the money you are putting away. Work out what you normally spend and then divide that number by how many months you have until you need it! Simple! But some things are not so regular and don’t always occur at the same time of the year. That’s why it’s crucial to build an emergency fund to cushion the blow when the unexpected happens! Some people suggest having six months of living expenses saved up so you are covered for whatever, but if that seems a step too far right now, start smaller. Build up to £1000. That will cover the basics like the washing machine breaking or minor car repairs.
6. Treat Yourself. You Are Worth It
I know, I know, I’m contradicting myself now! But not really! I don’t buy into the BS that the only way women can build wealth is by cutting out starbucks! Yes, you need to be realistic with your budget and not blow it whilst neglecting the bills. But if the budget allows please do set aside a small portion of your budget for treats and outings that bring joy to you and your family. If the budget is tight then maybe you need to get creative and increase ypur income. But in the meantime, if you cannot afford fancy clothes, shopping trips or extravegant days out, then budget in money for some snacks or a picnic and enjoy a movie night at home or a day out at the park, you can still create lasting memories doesn’t have to break the bank. My 18 year old was fondly remeniscing of the days when we used to build blanket forts- we would drag all the duvets and pillows and sheets downstairs, peg them to anything we could find, grab some popcorn and spend the afternoon watching movies! They loved it and it cost me about £2 in snacks! Oh and if your budget is stretched and you still really want designer clothes- Vinted is the place to be!
7. Flexibility Is Key
A budget is personal and unique to each ad every one of us. We all have different priorities and values. We all have different incomings and out going. So make sure your budget is tailored to you, your personal circumstances and your goals! Do not forget your goals! Plus sometimes life just happens, plans change, and budgets need adjusting. Managing money can be tricky as a single mum. It wont be that way forever! But please don’t beat yourself up if you veer off track occasionally – we’re only human, after all! The key is to stay flexible, learn from your mistakes, and get back on it with renewed determination.
Single Mums Guide To Creating A Budget
So there you have it, my fellow single mums – a budgeting guide fit for the queens that we are! It is nothing groundbreaking, but it is practical and will bring you one step closer to smashing those stereotypes and bossing life as a single mum! Remember, Rome wasn’t built in a day, and neither is a solid budget.
Until next time, Stay Unhinged!