What Single Moms Can Do to Survive Financially 

How to survive financially as a single mom

If you’ve recently split from a partner, you might be worried about how to survive financially as a single mom. You may not only have to deal with the end of a relationship but also financial pressures. 

Even if your ex is supportive, it’s still expensive to run two households with little ones to raise. It's a heartbreaking truth: almost a quarter of a billion people are homeless. Third of single-parent American families live in poverty. It doesn't have be like this. So, if you’re struggling, we've created some key financial and budget tips for single moms that you can use today.

These are the 11 most important tips for single moms to make it financially stable.

Let’s dive right in to learn exactly how you can support your family financially as a single mom.

1. Change your financial mindset

Single moms are often stigmatized. Many people have heard that single moms are often poor.

Even though your children may be small, it is not easy. And it’s easy to feel overwhelmed. But you’re also in control of your mindset when approaching your finances.

Single mothers should stop worrying about money. Try to look beyond the challenges and see all of the possibilities that money offers. Your chances of attracting abundance are higher if money is available to you. 

Instead of dwelling on past errors, you can recognize them and learn from them. Take a class for free and learn how to better manage your finances. You will be better equipped to make money in the future.

2. You can seperate your financial affairs from your ex partner

You may still have a joint account with your ex, and it can make financial sense to keep this open if you’re sharing the cost of raising your children. But starting afresh, it’s important to open your own bank account alongside any joint funds. Sometimes, you may need to close an existing joint account. That's okay too.

Pay your salary into your personal account, then transfer a agreed sum into the joint account to share expenses. This puts you in charge of your finances.

3. Consider getting insurance for your entire family

Although it is not fun to think about the worst, insurance can help to protect your family from financial disasters. You should focus your attention on life insurance as well as health insurance.

Life insurance

You can make your family financially secure by purchasing life insurance at a reasonable price. A term policy is where you have your life insurance for a specific period of time, such as 10-20years. Alternatively, you can arrange whole life insurance lasting for your lifetime—this is usually more expensive.

Insurance for health

You need to be covered if your child or yourself require medical treatment. Single moms can't afford to pay for insurance because of the high cost. There are several options:

Health insurance sponsored by an employer

You must contribute no more than 9.5% to your household's annual income.

Insurance for family members

Directly apply to an insurance market for coverage.


Medicaid It is a program of government insurance which provides health care for low-income people and families. There are different requirements for each state.

Children's Health Insurance Program

To find out if your eligibility for this program, click here Children's Health Insurance Program. Single parents can get free or very low-cost insurance.

Health insurance for the short term

You can get intermediate coverage if your employers are not the same.

Insurance for your parents' health

A younger, single mother may qualify for health insurance from her parents up to 26 years old. Your children will not be covered.

Single mothers should be properly insured.

4. Increase your income

Are you wondering how to make ends meet financially as a single mother with a limited income? You can improve your financial situation by increasing your income.

Some will take up a second career. But this can be challenging when you must balance out the cost of childcare while you’re earning money. You can, however:

Ask your employer to increase your salary

If you’re been working for the same employer for a while, why not ask for a raise? An employee with a proven track record could make a compelling case for a raise.

It is! The Great Resignation was the age of our time After all. So, there’s never been a better time to have this discussion with your boss. It’s often more affordable for your employer to pay you more, than hire someone new and train them to be as good as you!

Find a better job

But what happens if your boss isn’t interested in rewarding you for your hard work? You might consider looking at other job opportunities. A higher-salary job may be available, but you might also find work with another company that offers more flexibility or better benefits.

You can start a business from your home.

Are you a single mother who feels like you have more time in the evenings than you used to? Start an online side job to unleash your creativity and increase your income.

One way to get started is by signing up for a marketplace that offers freelance work Get Upwork Try your hand at graphic design and freelance writing.

Oder you can sign up Etsy If you are interested in selling handcrafted products, These 12 top work-from-home opportunities will inspire you.

5. For single mothers, start debt management for financial survival

If you’ve relied on credit cards or loans in the past, it can be expensive to meet the cost of these debt repayments. When you’re learning how to survive financially as a single mom, one of your top priorities should be debt management.

If you’ve borrowed from multiple lenders, you can consolidate this debt into one place, so you’re only paying interest on one overall sum. A lender with 0% balance transfer fees is tempting.

Always read the conditions and terms of any agreement. You will find out how long the introductory rate will last and what its future rates will be after this period.

To reduce the amount of debt you owe, you can follow a strategy called debt management.

Debt snowball

Begin by paying off the minimum amount of your debt. Once you’ve cleared this debt, you’ll carry the minimum payment amount, plus the amount you have set aside for debt repayments, and start paying off your next biggest debt. Get a tracker for free by visiting our article "How to Use the Debt Snowball Method".

Debt avalanche

With the debt avalanche method, you’ll start by paying off the debt amount which carries the highest interest rate. Then you’ll move on to the next highest, and so on. In this way, you’re concentrating on repaying your loans without paying any more than you have to.

6. Understanding your taxes for single mothers

Taxes are different for single mothers than they would be for married moms. You can get a tax refund if your single mom earns at least 50% of the household income. Your W4 will grant you Head of Household status (HOH)..

You will usually get a lower standard deduction and tax rate if this is the case whether you are filing jointly or as a single taxpayer.

If you are Head of Household, it is possible to also be You are eligible to receive a Dependent and Child Care Credit in dependent care expenses. If you have more dependents or children, the credit amount can be greater.

7. Set financial goals for single mothers to be financially stable

Learn how to live financially alone as a mom. Make sure to look towards the future. It can be easy to get caught up in making this month’s rent, or meal planning for the week ahead. And while these are critical steps, it’s also important to consider your financial goals.

It is important to know exactly your goals and the timeframe you need to reach them. They can be broken down into three groups.

For the immediate future

These goals are usually achievable within one year. These goals could include setting aside money for a trip, paying for Christmas or planning a party for your children. Check out our list of 24 yearly goals everyone should have for ideas!

Mid-term Goals

Mid-term goals might include paying off student loans, saving for downpayments on houses, and increasing your net worth by a certain amount. Setting mid-term goals is important because they will help you reach your long-term objectives.

Your long-term goals

To support your family, a college fund can be a long-term goal. It is possible to set aside a retirement goal. First, make sure you understand if your employer has a 401k plan. Alternativly, an IRA can be opened and you can start contributing every month.

Single mothers can set goals to achieve financial success.

8. A single mom's budget

We’ve talked a lot about all the different things you should be budgeting for, like insurance, savings contributions, and debt repayments. What can you do to make sure that you have enough money for your family?

First, you need to establish a budget that works for single moms. Below are some budget suggestions for single moms.

Estimate your net income and total expenses

The first step is getting organized. You can now gather your information, log in to your bank account and look at the bigger picture.

You should first know how much income you have each month. Also, what amount your ex has contributed financially in order to support your family. If you're eligible, this would also include child support payments. You’ll then deduct your regular expenses from this overall number.

While expenses will vary from one household to the next, they may include:

  • Mortgage payments or rent
  • Utility bills
  • Insurance
  • Transport (car with gas and insurance).
  • Childcare
  • Groceries
  • Debt payments
  • Mobile phone and broadband
  • Subscribe
  • Shoes and clothing for children

Once you’ve deducted these outgoing expenses, you’ll know how much you have left to add to your savings or spend on leisure activities like a treat trip to the cinema.

Select a budget-friendly style for a single mother

The baseline numbers you've collected above can be used as your foundation for money management. You then have the option to choose a budgeting method.

  • Budgeting with zero base
  • System of cash envelopes
  • Cash calendar 
  • Be the first to pay for yourself 
  • Reverse budgeting 

Which budget tip is the best for single mothers? Choose a method for budgeting that's not too difficult to follow and doesn't take up much of your time.

Apps can help you keep your budget in check

It’s easier to keep track of your budget if you use a digital tool or app. Many budgeting applications can be downloaded to your computer or mobile device. These apps will give you a complete overview of all your financial accounts.

Frugal living tips:

Switching to a frugal lifestyle can help you save tons of money. You can save a lot of money by making easy changes to reduce your spending. It might be worth taking the whole family along to the park, rather than ordering takeout when you get home.

You could also exercise at your own pace, rather than paying for expensive memberships to a gym. While it's okay to have a few extras in your budget, you will reach your financial goals quicker if your main focus is on being frugal. One of the most money-saving budget ideas for single mothers is to learn how to be frugal.

9. Locate affordable housing

Single moms can struggle to make ends meet financially when housing costs are high. You might consider moving elsewhere more cost-effective if you find yourself in this situation. Perhaps you will find that your family can enjoy a higher quality life and more space. You can save money.

You can take, The most costly cities in America include New York City, San Francisco and Honolulu. Boston. Washington. It may cost less to live outside these cities than it would be to work in the suburbs. Although if you work in the city, you’ll need to weigh up the increased travel time and costs for your commute.

The US Department of Housing and Urban Development Landlords can also offer affordable rent to single mothers and families with low incomes. The HUD housing program is available for you.

10. Help with childcare

Although the government offers childcare subsidies in certain states, it can vary greatly in terms of how much. Financial support is also available to military families. In the Department of Defense 

You might also want to check with your employer if there are any vacancies. Provide a Dependent care Account. It is a subsidy program that the government supports and allows you to save tax on childcare costs.

11. As a single mom, seek help

Single mothers should seek out financial help whenever possible. If you’re struggling to provide your family with the nourishment you all need, support is available.

You can check out Special Supplemental Nutrition Program for Women, Infants, and Children. This program can help single mothers with under-5-year-old children.

This includes if you’re pregnant or breastfeeding. In order to help pay the costs of living, you might also qualify for food stamps.

Take these steps to ensure you are financially stable as a single parent.

Now you've learned how to survive financially as a single mom, it’s time to set the wheels in motion and take positive action to improve your family finances. It is possible to have a successful family without having to depend on others. However, support and assistance are available for those who need it.

With the right financial direction, you won’t just survive, you’ll provide a comfortable and stable environment for your children to grow and thrive in.

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