personal finance

Best Money-Saving Tips for Single Moms

Best Money Saving Tips for Single Moms

Motherhood is tough. Your child, it seems, needs your attention at all times while also needing you to work and provide for her more pressing needs like diapers or dinner. Saving can feel like a distant memory after the birth of a child, but there are a few cost cutting practices that can go a long way to reducing the financial burden and money related stress you may be feeling. The best part is that saving practices are easy to implement and can make a huge difference in your monthly budget on day one. Here are a few simple tips to consider implementing as soon as possible.

Alternate Shops

Tesco, Aldi, Lidl, and ASDA all offer discounts on specific items over the course of any given month. Keeping track of where to find the best deals on the food and household items that you buy regularly is a great way to lock in immediate savings that really add up over time. Stretching your paycheque to its maximum efficiency not only saves you money, it feels good too. Adding up the savings you are taking advantage of gives you an immediate boost in positivity. Not only will you have extra cash on hand, you can store it away for a rainy day or treat your little one to a special day out without having to break the bank.

Reevaluating Electricity Tariffs

Electricity costs are another major expense that leaves your account every month. If you haven’t already, take a moment to visit in order to understand your options for switching providers. Making the switch to a lower rate can actually save you a huge amount of cash over the course of the year. You will see the highest rate change during the winter months when your power is working overtime to keep your home comfortable and protected from the wind and rain just outside your door.

Long Term Budgeting

The cost of braces or Invisalign can get really pricy depending on the amount of work that needs to be done to straighten your child’s teeth. Understanding these costs you might be likely to incur early on can help you plan for the expenses when they finally arrive. As well, you can add specific coverage to your existing medical plan. Dental insurance is a great idea for those with additional gum or tooth needs, and payment plans can help defray the overall cost of some of these pricier solutions. Just make sure to pay back any creditors on time in order to avoid lawsuits and debt collectors or additional financial pressures down the line.

Another major expense is education. As your child continues to grow, setting money aside in a savings scheme for university tuition while she is still young is the best way to make your money work for you. When it comes time to send her off to the next phase of her life, remaining at home or utilizing a government loan for education that you can repay out of this years-long fund will keep you financially sound while going through some of the most expensive years of your child’s life.

Child Maintenance

Speaking of a debt collection attorney, you and your former spouse or partner are both responsible for the financial wellbeing of the child you are raising. If he is not paying his fair share in child maintenance costs, you are entitled to bring a debt collection lawsuit against him for the money owed for your baby’s growth and happiness. It’s tough raising a child alone and even harder if you allow your former partner to make you shoulder the financial burden all on your own as well. A phone call to a debt collection attorney can have you well on your way to seeing more financial contributions by your ex in the long run.

Saving money can feel like an overwhelming task, but it’s actually easier than you would believe. With a little research and preplanning you can start saving money on many of your biggest expenses every month, making room in the budget for extra savings or for those special treats for you and your child to enjoy.

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