How To Gain Control Of Your Finances As A Single Mum

Finances can be overwhelming, especially if you have recently become a single mum and maybe your ex used to take care of all the money. Or maybe you are just in a bit of a rut with your finances and need to start getting back some order and control. Here I want to show you just how To really gain control of your finances.

It All Starts in Your Mind

I have spoken about this before, but I really do believe that you need to work on your money mindset, abundance mindset and actual practical actions to be able to achieve your dreams and goals. If you have been around for a while, you mostlikely have come across my post on having a money date every week or month- this is a fantastic way to keep a close eye on your money, without it feeling like a chore! So if you want to check that out first then go for it as it may make working through your finances feel a little less scary and a little more fun!

So here is how I want you to start your journey to financial freedom:

1. Get Real with Your Numbers

No more burying your head in the sand – it’s time to face your financial reality head-on!

Before you can do anything about tackling debt or working on any other money goal you may want to work on, you need to know what you have coming in and what you have going out. It is so simple, yet can be really hard an scary to really sit down and do this as you know that you may not like what you see. But that is why you are here and that is why I want to walk you through step by step what you need to do.

Income: Work out every little penny you have flowing into you account or purse. Include ALL income: Benefits, Child maintenence, Side hustle money, Wages, Sales. Anything that you have coming in on a regular basis, I want you to add in here.

Outgoing: Go through your bank statements bit by bit, item by item and write down every single outgoing! Childcare, rent, food, household bills, subscriptions (yes all those little subscriptions you sign up through your phone add up and often steale a lot more from your budget than you realise!). There is a chance you will be suprised by what you actually have coming out!

I am not doing this to patronise you, I am doing this as I was once in your position and I wish I had someone by my side going through it all with me and telling me what to do. It would have saved me a lot of stress and time! Plus, It can all feel very overwhelming and I want you to create a solid plan so you can be the most empowered and financially stable you have ever been!

2. Set Clear Goals

Once you’ve got a handle on your numbers, it’s time to set some clear goals. What would you like to achieve money-wise? Whether you want to pay off debt, save for a home, or finally take the kids on a well deserved holiday, having clear goals to aim for will not only give you the motivation to stick to take control of your finances, but steer you in the rright direction.

So Write down your dreams and goals and put them somewhere you will see them often. Some peole like to write them down and pop them on the fridge, some people like to create vision boards, I personally prefere vision boards, I create one on canva and use it as my lock screen on my phone and wallpaper on my laptop. But however you decide to do it, get excited about your goals and let them be your guiding light on your financial journey.

3. Create a Budget that Works for You

Ah, the dreaded “B” word – budgeting. But fear not, my lovely friends, budgeting doesn’t have to be a soul-sucking experience. Budgeting and going through your finances can often sound or feel restrictive or scary. But it really doesn’t need to be! Taking a good look at your finances and making money decisions can be really empowering and can actually make you feel so much more in control of your life!

So, you have made a start by listing out all your expenses, from essentials like rent and groceries to those sneaky little subs and luxuries. Now it is time to compare your expenses to your income and make adjustments as needed. So once you take away your expenses from your income, what are you left with?

Your excess income is what you need to be putting towards your big goals, so you need that number to be as high as possible without causing too much stress.

In other words do not make your food budget so tight that you are going to struggle to put food on the table, and try to leave yourself some luxuries too! Make your budget work for you!

If your number is already at zero or below then you willl definately need to consider some of these next steps!

4. Slash Expenses

So you have your main budget in place, it’s now time to start slashing expenses to make it work as well as possible and reach those goals and dreams of yours! This is where you need to take a good hard look at your spending habits and identify any areas where you can cut back.

Now I do not believe the spiel women are told that they cannot have a starbucks if they want to be rich, so if it is your only luxury then please keep it in the name of self care! But, if you are getting a latte from Starbucks every single day just for the sake of it, then maybe make a plan to cut back temporaily until you reach your goal. As for those pesky subscriptions or memberships that seem to pop up and steal monmey from your account every so often, which ones do you truly use? Seriuslly check them as when I added mine up last month I realised that £50 a month was being taken for randon=m different things that I hadnt used since the free trial ended!

These may seem like Minor adjustments, but trust me every little bit adds up, so don’t underestimate the power of small changes.

5. Increase Your Income

Of course, cutting expenses can only take you so far, sometimes there just isnt enough money in the pot to begin with. This is where increasing your income comes in.

As single mums, most of us are no strangers to hustling, so don’t be afraid to explore new opportunities to bring in extra cash- and think outside the box. If you don’t have childcare or you are already working outside the home as much as you can then find something to do at home.

Whether that is picking up a side hustle, freelancing in your spare time, or starting your own business, there are so many ways you can boost your income and pad your bank account.

6. Build an Emergency Fund

Life has a funny way of throwing curveballs when you least expect them, which is why having an emergency fund is absolutely essential- especially for us single mums! I have called it an emergancy fund, so you all know what I am talking about, but in the name of changing my money mindset and manifesting money, I actually call it a Money Pot (I don’t wish to manifest an emergancy!)

But the general idea is to save at least three to six months’ worth of living expenses in a separate savings account, just in case the unexpected happens. Trust me, having that financial safety net will give you peace of mind and security knowing that you’re prepared for whatever life throws your way.

7. Invest in Your Future

Last but not least, don’t forget to invest in your future. Whether it’s contributing to a retirement account, or investing in yourself through education and personal development, investing is the absolute key to building long-term wealth and security.

Take the time to educate yourself about different investment options and find the ones that align with your goals and risk tolerance. My first step towards investing was downloading the Freetrade App. It makes investing simple and interesting. But make sure you educate yourself first!

Conclusion: You Can Do This!

So there you have it, my fellow single mums – a roadmap to financial freedom that’s as fierce and fabulous as you are! Remember, gaining control of your finances isn’t just about the money – it’s about taking control of your life, resetting your money mindset and paving the way to a brighter, more secure future for you and your children!