10  Simple Money Management Tips for Single Moms

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Without a partner to support them, life can be more complicated than it should be for single parents. Securing money and managing household finances can significantly affect your mental well-being, as you’re constantly worried about whether you have enough to provide for your children’s basic needs.

If you’re a single mother trying your best to provide your children with a comfortable life, here are ten practical tips to help you efficiently handle your finances and reach financial independence.

Money saving in the glass bottle for money concept

Assess your financial situation

The first essential step is to evaluate your current circumstances. Are you financially capable of caring for your family, or are you drowning in substantial debt? Is your current income enough, or do you need to find side hustles? Be honest about your situation and determine the areas you need to improve to boost your finances and things you need to cut back on. 

Develop a workable budget

Creating a budget is integral to becoming financially independent. Whether you’re in a great financial position or not, you need to clearly know where your money is going. Take time to understand your spending habits by tracking your daily, weekly, and monthly expenses. Are you spending too much on food or recreational activities? How often do you eat out with your kids? 

List all your fixed expenses, such as electricity, mortgage payments, school expenses, transportation, and other utility bills. Create a budget you can realistically work with without depriving your kids and other dependents. 

Hand holds the money in the piggy bank for savings

Manage debt

Debt is one of the biggest sources of stress for most parents. While paying off debt as a single mother can be extremely challenging, you risk jeopardizing your family’s future if you don’t address this problem immediately. Since you have already determined your cash flow and spending habits, refrain from making additional or major charges until you’re able to reduce your outstanding debt. 

If you have multiple credit card debts, check with your providers to see if they offer payment arrangements or ways to consolidate your balances. One popular strategy is taking out a personal loan to pay off all your current debt, or at least those with the highest interest rates. If you need to secure money quickly, look for lenders offering express loans, as they give fast approvals even if you don’t have an established credit history.  

Saving money into glass jar for future investment

Improve your income

One of the quickest yet challenging ways to improve your finances is to secure additional income sources. Discuss with your employer the possibility of a raise or other professional growth opportunities you can take advantage of.

Find free or low cost training programs that can diversify your skill set to give you more leverage for a higher salary or promotion. If you have relatives or trusted friends with whom you can entrust your children, look for side hustles that can give you extra income.

Practice mindful shopping

As a single mom, you don’t need to deprive yourself of the best things in life. While it is highly recommended you cut back on unnecessary purchases, it doesn’t mean that you can’t indulge in fancy items once in a while. 

If you want to buy an item that is outside your budget, do your research, weigh the pros and cons, and envision how you would feel after purchasing it. Be mindful with your purchases, but don’t be hard on yourself whenever you buy impulsively. Cultivating healthy spending habits takes time, so remember to be patient and give yourself grace. 

Save money, home budget concept

Take advantage of free child-centered activities

Taking kids out for a fun day can be costly, especially if you bring them to places with paid admissions. One effective way to save money while ensuring your kids have fun is by taking advantage of free recreational activities. 

Instead of going to an amusement park, spend your weekends playing with your little ones at the neighborhood park or building sand castles at the nearest public beach. Find fun and safe activities you can do with your children, and be as resourceful as possible. 

Invest in your family’s future

Every action and decision you make today can significantly influence your children’s future. No matter how tight your budget is, you must start working on your long-term goals. Do you want to buy a house soon? Do you have plans to relocate to another town or country? Envision what you want your future to look like and develop a plan to achieve it. 

Dollar banknote saving money I glass jar. Unrecognizable woman moderate consumption and economy

Build an emergency fund

Many single moms overlook starting an emergency fund, especially if they live paycheck to paycheck. Even if you’re in survival mode, it is vital you have emergency savings to cover your family’s expenses during unforeseen scenarios and prevent you from accruing additional debt. 

No matter how little your current income is, make it a point to allocate a small portion towards your emergency fund. Ideally, your emergency fund should be worth at least six months of your basic living expenditures, but if it’s financially unrealistic as of the moment, adjust your goals but continue to save at regular intervals. 

Explore your financial assistance options

If you’re unable to increase your income, another option is to seek financial help from the government and nonprofit organizations. Do your research and explore all viable financial assistance programs dedicated to single or low-income parents. Capitalizing on these initiatives can help lessen some of your financial burdens and provide your children with their basic needs.

Full of coins in glass jar with savings and investment tap for money growing concept.

Use social media wisely

Comparison is one of the root causes of stress, especially for single mothers. While there’s nothing wrong with getting inspired by the success of other parents, be mindful of the social media content you’re consuming and how often you spend time on these platforms. Aside from receiving targeted ads, excessive social media use can also push you to spend unnecessarily. 


While money management can be highly taxing for a single mother, it should not hinder you from taking control of your family’s financial future. In addition to the tips mentioned, remember to think long-term, focus on building your savings, and continuously look for opportunities that can help improve your family’s situation.

Glass saving jar represents money and bank concepts.

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