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Effective Money Saving Tips for Single Moms

by Sarah Palmer

Are you a single mom looking for ways to save more money?

Take these easy steps for you to save up good and find more quality time with your kids.

Being a single mother is never easy. Having to raise a child on your own is not an easy task. That is why more and more mothers are experiencing cash crunch which is making it nearly impossible for them to save money. But worry no more; there are simple steps that you can take to make this goal successful. Continue reading..,

Having a clear set of goals on what you wanted to achieve is important. Know your budget and the expenses for which it is allotted. You will be surprised that you’ll eventually save 50% more than you used to. Knowing your spending behavior will really help, for instance, know where and how you will be spending your money. Many single moms out there are spending too much on unnecessary things without realizing it.

The problem in cash crunch can be solved in these easy steps:

a) Know how much you can spend and how much you can save.

This is one of the most important steps so that you can save money big time. You have to be more aware on where you are spending most of your money. Compiling the old receipts will do the trick. Avoid spending too much on the things that you really do not need. For instance, a single mom can save more on groceries if she will shop on super saver grocery stores and thrift shops.

Know the areas where you can save more and avoid impulsive buying. Cut the expenses on luxuries and travel if you wanted to save. Concentrate on the essentials like food, medicines, gas and rent.

b) Make a budget strategy

The second step is formulating a plan on how you can save more money. A simple step will always work if you have a back up plan. Talking it out with your friends will release some of the tension, since they are very much willing to help you out. Talking with them will encourage you more to follow the set of rules that you had formulated for your self.

Have a list, and be clear on what strategies or plans that you will be making, but be sure that these plans are attainable and realistic. Be clear on what you wanted to achieve and have an honest self-evaluation on what you can do and what you cannot do. Having a clear concept on what you wanted to achieve is very important.

c) Implementation of your plan.

Execution is the ultimate step. Having clear plans without implementing them is such a waste of time. This is the most challenging step but a great factor in achieving your end goals to save more. A strong sense of purpose will help you execute the things that you wanted to do.

Set a daily budget and weekly plans and recheck the areas where you can cut your spending. Checking this plan will serve as a reminder of your saving plans. Choose the plan that you will be most comfortable with or the mode that will be most beneficial to you. Quantify everything in your plan so that it will be easier to understand. Checking and feedback will come much easier.

Start now and kick start your chosen saving program!

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