Single moms need all the help they can get! So today I have a guest post from Andy Masaki, financial writer and founder of the website Pennyless dad.

Being a single parent is not a life full of struggles. But a journey for the strong.” ~ Meg Lowrey

To remain strong, you need to take care of your finances well! And a budget is an integral part of a financially stable life.

Well, I hope that you are following your budget strictly! You might have already cut down your unnecessary expenses, and you’ve created a proper spending plan and all! 

But you know what?

You can always do something extra to make your budget even better! Yes, you heard it right! Being a single mom, it might seem cumbersome to you! But trust me, once you know how to do it, you can save more money!

So, here are some of the best possible ways to stretch your budget and save more bucks!

1. Create a 50/30/20 budget

Are you still following the traditional way of budgeting?

If yes, then you should try 50/30/20 budgeting now! It can help you to save more money by allocating funds for different types of expenses!

In this budgeting, you need to divide your take-home pay into three categories, like:

  • 50% for your needs (rent or mortgage, grocery shopping, utility bills, etc.)
  • 30% for your wants or luxurious expenses (shopping, going out for a movie or eating out with your child, etc.)
  • 20% for your savings (emergency fund, stashing money in your retirement accounts, investing in a 529 plan, etc.)

Thereby, it can help you to create a balance among your essential expenses, financial priorities, and luxury preferences. Plus, you also become aware of how much dollars you can spend on a particular category!

So, precisely following this budget can help you to save more money and manage finances in a better way!

Lower bills r/t shop smart

2. Do a single mom No-Spend challenge

In a no-spend challenge, you choose a time period (like days or weeks or months) not to spend any dollars. 

However, you have to make sure that you are spending money on necessities like food, utility bills, etc.

So, your goal should be to gain control in your spending and limit impulsive extras! 

Thereby, you can save more of your money and stash it for your financial goals!

3. Stay away from credit cards

close up of female hands removing credit card from wallet r/t single mom

No doubt, purchasing with credit cards can help you to earn cash back or reward points. But in the long run, the incessantly high-interest rate of credit cards can burn a hole in your pocket!

Yes, you heard it right!

Actually, what happens is that you can make purchases of any amount within your credit limit (which is usually higher than your paycheck). In other words, you are not aware of your actual financial limitations!

And eventually, you can go out of your budget! 

Then you’ll have a rude awakening when you come out of the smoke and mirrors while going through your credit card statement!

Not only that but if you can’t pay off your entire outstanding balance by the due date, you will have to shell out even more money in interest! 

And why should you waste your money on interest payments for debt?

Plus, having debt means that a substantial amount from your paycheck is deducted every month! After all, interest is expensive!

So, find some ways to get out of debt and live a debt-free life ahead! Just imagine if you could actually save all the money that you would have spent on paying off your debts!

4. Cut down the daycare costs

kids in daycare r/t single mom.

A CNN Business report reveals that in our country, child care costs are more than that of colleges! That’s why it’s one of the biggest expenses parents need to worry about! 

And as a single mom, you might be a bit more worried than a two-parent household!

So, if the childcare costs are equivalent to your income, you can decide to stay home! Look for some ways to earn money online, like starting a blog, freelancing, etc.

If you find the right way to be your own boss, you can earn money while staying home with your kids! Plus, you can save money on childcare expenses too!

5. Take advantage of single mom tax breaks

Being a single mom, you can use tax credits and deductions to your advantage. And eventually, you can reduce your taxable income and slash the amount of tax you pay.

Here are some ways to reduce your taxable income:

  • Filing as a head of household can help you to get a lower tax rate. For that, you need to be unmarried on the last day of the tax year to qualify for the head of the household status. In 2020, the standard deduction of the head of the household is $18,650.
  • Opting for a child tax credit can help you to save money on your tax payments as it’s subtracted from the total amount of taxes you owe. You can get a child tax credit worth $2,000. But your child should qualify for the certain requirements set by the IRS (Internal Revenue Services).
  • You can claim Child and Dependent Care Credit if you pay for childcare or your child is under the age of 13. You can get a credit up to 35% of the expenses you have paid to the care provider. Check here whether or not you are eligible for filing Child and Dependent Care credit.

6. Prepare baby foods at home

close up of baby food r/t single mom.

Usually, store-bought baby foods are heated to a high temperature while processing. This results in the reduction of some of the nutrients.

But if you can make baby foods at home, it’s free of any preservatives. And it’s always fresh!

Secondly, jarred baby foods are usually expensive! So, if you prepare baby food at home, it can be more nutritious and can help you in saving money too!

7. Go out for lunch instead of dinner

Well, when you plan to eat out with your child, try to go for lunch! Many restaurants have different menus for lunch and dinner. And if you watch closely, lunch prices are slightly lower than the dinner menu.

So, before you head towards a restaurant, check out their online menu to know whether or not it fits your budget!

Doing these things as a single mom can help you save money and spend a nice time with your child!

8. Learn to say “NO” to your child

Mom and daughter shopping r/t single mom.

Nobody wants to be a bad mommy to their children. But you need to learn to say “NO” if you want your child to become financially aware. And of course, you can save money by not spending on unnecessary things.

So, the next time you go shopping with your child, don’t give in to whatever he/she wants! Ask your child, “Do we really need this?”.

Initially, your child might say, “Yes!!”. 

But help your child understand why that product is not a necessary thing! And most importantly, please be polite and keep calm while explaining to him/her.

However, if you turn down the kid’s request every time, he/she might feel neglected. So, it’s okay to give your child a small reward for good behavior at the store from time to time.

This way, you can save money by not indulging in splurges. And at the same time, you are imparting financial awareness to your child.

9. Try to buy in bulk

Buying in bulk can save your money to a certain extent if you only focus on buying essential things.

But you have to keep in mind that buying in bulk is not always a smart thought. Sometimes it may result in wasting money if you buy unnecessary items.

So, you can visit big bulk stores like Costco, Walmart, etc. and follow these tips to save money on groceries while buying, like:

  • Prepare a list of the things you need to buy.
  • Check the prices by comparing apples to apples.
  • Buy store-brand products. The quality is sometimes better than the higher priced name brands.

10. Shop at the local farmers market

If you go shopping in your local farmers’ market, you can have fresh food. You can buy seasonal products that are usually cheap and fresh. You can also have a look at these money-saving tips from the U.S. Department of Agriculture.

Here are some tips that single moms can follow while visiting the local farmers market:

  • Many vendors sell the same in-season products but at different prices! So, before buying, take a stroll in the market and compare the prices. It will help you to get the best deal and save money!
  • Go 30 minutes before the closing time of the market. Usually, vendors give a discount during that time. So, you can get a better deal from the farmer. And in return, you can buy a sizable quantity at a reasonable price! 
  • Even if it’s too hot or too cold or it’s raining, the farmers market remains open! But during those days, the footfall of the customers is usually low! So, the vendors offer a good discount to the visiting customers to compensate for the possible losses.

The cool thing is, you can grab this opportunity to save a substantial amount of money on your grocery shopping budget.

So, what are you thinking about? Are the above tips hard to follow?

I hope they aren’t! Because following these tips asap will help you stretch your budget to save more money. 

And eventually, as a single mom, it will help you to manage your finances in a better way!

Profile picture of Andy Masaki r/t single mom.

Andy is a blogger and financial writer associated with the Oak View Law Group. He is a debt expert and a member of several online forums where he shares his advice as well as tips to lead a financially independent life. You can find Andy at Pennylessdad.com, Pinterest, and Twitter.

43 Replies to “10 Smart Ways To Stretch Your Budget As A Single Mom!

    1. Thanks Lexi!! I hope following these tips will help you to save a substantial amount of money.

    1. Hi Karin! I will be happier if you could implement these tips and save money. Don’t forget to let us know about your experience.

  1. Wonderful tips! Instead of saying no to my kids, I have them do chores around the house, pay them for some of the chores and have them save up for whatever they want. I even build an app to help me track their pay and savings. It’s at http://www.kidshomebank.com if you would like to check it out 🙂

    1. Thanks a lot Chui! Yes, that’s a great idea! Your kids can have an idea about paycheck as well! Besides, they will learn nothing comes free of cost. They need to work hard, earn money, and save a major portion of it.

  2. Thank you for the tips! I also love the name of your blog and the idea of that being a single mom is for the strong. As a single mom, I appreciate it!

  3. Great post! I appreciate the recommendation to impart financial awareness to a child… I agree that explaining things is very important as opposed to just saying “no” and having the child feel neglected. They can learn a lot at a young age with proper communication!

    1. Hey Gabi! You should impart financial literacy to your little ones right from the tender age. It helps them to make wise financial decisions in the future. Secondly, always saying “NO” to your little one can have a negative impact. The kid might think that you don’t love him/her. So, it’s always better to explain so that they can understand!

    1. Thanks Amanda! You are doing a good job too! Your little ones are getting habituated to healthy eating. And you are saving money as well!

    1. That’s so kind of you, Cherese! Share this article with all the single moms you know and help them to save more money!

    1. Hey Megan! Hopefully, these tips will help you to stretch your budget and save more bucks for your future

  4. Love! It’s so important to have a real plan financially especially if you’re the sole provider!

    1. Thanks a ton, Jazmin! Single moms are strong enough to handle every situation. But they might need some tips to deal with the situation in a better way. So, hope, these tips work for planning their finances!

    1. Thanks Rosslyn! Saving money is an art. You need to look for various ways to save money. Hope these tips will help you to save more money.

    1. Thanks a ton, Pretty! I would be the happiest if these tips can help you to stretch your budget. Happy saving!

    1. Hey buddy! If you aren’t a mom, you can try some of these tips. Hope they will help you out! And if you know a single mum, looking for ways to stretch her budget, don’t forget to share this article with her!

    1. Thanks a lot, Maddison! Readers like you are my inspiration! If you find these tips helpful, feel free to share with article with your friends and family!!

    1. Hello my dear friend! You might hesitate to say NO to your child. After all, the kid is your little angel! But if you learn to say NO, it can help you to save money. And the kid can get a rough idea about his/her needs and wants. So, while you are saying NO to your little one, make the kid understand why you are saying NO. Don’t squabble at your child. Besides, don’t say NO always. The child might feel neglected and even think that you don’t love him/her.

  5. Thanks for sharing this post, DeShena. I personally enjoy many of Andy’s posts. This statement really moved me, “Being a single parent is not a life full of struggles. But a journey for the strong.” Single mums are absolute rock stars and this is a very inspirational and empowering guide to help them manage their finances.

    1. Thanks a lot, Corinne!! And yes, I wholeheartedly agree with you. Single moms have been managing everything with expertise. I hope these tips will help them to stretch their budgets and save more money to lead a financially stable life ahead!!

    1. Hey Katie! That’s great! No spend challenge is a great way to save money! Good luck!

    1. Thank you so much buddy! Yes, following these tips can help you to stretch your budget with ease!

    1. Hi Lenore! Thanks a lot!!! I am really glad to know that you loved this article!! And yes, you can follow these tips even if you aren’t a single mum.

    1. You are most welcome, Nana! And you have got it right!!! You don’t have to be a single mum to follow these tips. If you find these tips helpful, do share with your friends!!!

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