I am a stay at home single mom who blogs for a living. Yes in this economy I have chosen that path, let’s say that path chose me. As such I have to really take into consideration the money I earn along with the money I spend. In order to do that I have what I call my “Single Moms Budget Tricks”. I have found that not having a budget keeps you in a state of always patching leaks.
Consider if you will a roof that has a leak. You patch it and another leak springs up, you patch that one too. Meanwhile, you’re still living. Paying bills, schooling, food, you name it. Then one day you look up in your roof and see 309 bandaids holding up the roof over yours and your precious children’s head.
What do you do? Panic, worry and fret that it will collapse and hurt you all. That’s usually our response as women, right? Well, if you’re budgeting, and put something in place for eventualities you will be able to fix those unexpected issues as they come along. Or make the decision to temporarily leave that issue until the next budget.
1. If you fail to plan, you plan to fail
Ask yourself why am I budgeting. Set a goal to motivate you to budget. Make a vision board. Setting goals are useless unless you know how to achieve them. For setting and achieve goals you can read this post here. Get a journal and start to right now what you spend, to see where you need to tweak and also to make your budget each month I use this journal for most things journal related
2. Plan for eventualities
Murphy’s law states that anything that can happen will happen. Anything can happen in life, put aside some money in case of accidents, casualties or anything that might strain your budget. The recommended amount to put aside should between 3 – 6 times your expenses. Yes I know that is hard I am still working on that but I’ve been there and it’s such a weight off your shoulders.
3. Stop Spending Unnecessarily
Stop buying things that are not necessary. Take lunch from home instead of eating out, stay home instead of going to a party. Things like this can reduce the amount of money spent in each month and significantly keep you within budget. How many pairs of lipsticks do you need? Two or three honestly, so why do you have all the shades L’Oréal just launched. Think practical as you’re trying to stick to your budget, save and crest monetary wealth.
4. Add Insurance to your Budget
Insurance is selfless and most people do not think about what will happen after death. Getting and putting a budget in place for insurance is you thinking about who you’re leaving behind. Taking the financial stress off your loved ones. Insurance is a great way to plan after death. Consider as well if you have young kids in place for someone to take care of. Insurance is a budget must have
5. Stop shopping with your eyes
Stop buying things that you see. When on Instagram or at a party and you see something you like, close your eyes and remind yourself, you don’t need it. Just like weight a lot of things in our lives, our buying behaviour is linked to our emotions. Understand this and not just buy cause we see it and it looks cute on her. Let it stay looking cute on her!
6. Pay Yourself First
I know it sounds random, but even while paying off debt and on a budget, you HAVE to save. Saving doesn’t have to be huge it just has to be done. When you get paid or any money that comes into your income area, you want to take a small percentage and put it aside. Here is a trick, pick mini goals to save for, attainable goals of course don’t try to set yourself up for disappointments.
Once you get into budgeting you learn to prioritize. You know what you can and cannot do right away. That Netflix subscription will have to be out on pause along with the night out with Ruby and those things in my shopping cart because my leaky roof cannot take not one bandage until next month.
I’m not saying it’s easy, I’m saying do it and stick to it.
Here is a few online budgeting software that I am using.