One of the biggest concerns we have, when we become moms, is money and how to save to give our kids the best now and in the future. Now, if we find ourselves in a situation where the couple does not live with us or does not support parenting, this is even more difficult since the work and personal weight falls on only one person: the single mother.
What are the ways to save as a single mother?
- Carrying a clear and objective routine. You may wonder what this has to do with the economy of the house, many times motherhood is overwhelming and if you do not have control over the schedules of food, school and work, you will be less efficient when it comes to doing things. Working more in less time has always been my motto because being productive is the best thing that can happen to you to take on more projects, grab a second job or make a hobby that you can monetize later.
- Use second-hand products. Do not think that wearing a used garment is a bad thing, on the contrary, giving two or three uses to things is the best thing you can do because many people buy products that are not used in their maximum durability. It is common especially in children, that they buy a lot of clothes and no longer have left, approach support groups or foundations where garments, toys and even furniture are collected!
- Use lists of things you need and adjust a budget. If you go to the supermarket with the idea of things you need but without a written list, the probability that you will end up buying something else is very high. Project your expenses for the end of the month and they will not take you by surprise.
- Get subsidies or aid from the government. Whether you live in a country in Latin America or in the United States, research the different offers that exist to reduce the expenses of your home. Since there are different help programs for single mothers to be able to pay their rent and maintain their home at a lower price than usual. Research the process and the advantages that this entails.
- Open a savings account. Believe it or not, those ant expenses that are talked about so much today, if you invested them in a savings account, and you forgot that they exist, in the long run, they can be used for rent payments, services, tuition and for your child’s school future. Don’t cheat and don’t use them, think you spent them on something else.
- Buy recurring items in bulk. For example, toilet paper, napkins, soap or shampoo, it is better to buy on a large scale, since the higher the volume the lower the price. If one month you try to buy everything, it’s going to be a very heavy month, so one month buy several packs of napkins, the other, a large detergent and so varying each month distributing the costs.
- Start thinking about your future. Maybe thinking about your retirement is one of the things you see far away, first, it will be the children’s school, material, high school, high school, and University, but it is important to think that when they leave and grow up you will have to take care of yourself. One way to plan for your retirement is by using a Roth IRA calculator by SoFi to determine how much you need to save and how your investments will grow over time.
- Take your children to the best public spaces. Whether you go to your nearest library, park, games etc. make a guide to interesting places for both of you at little or no cost. Research the days when museums are free, when there are discounts in shops, and cinemas and look for free entry activities.
Do you have more ideas to add to the list? Write to us and share them
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