Many families struggle to make ends meet. Those families headed
by single moms may find it even more difficult than most. With child
support sometimes sporadic or nonexistent, single moms need to find
ways to stretch their dollars without feeling deprived while still
saving for unexpected expenses that inevitably crop up. So what are
the best ways to do this?
Experts agree that a budget is
necessary. "A budget shouldn't feel restrictive and instead should
be a guideline for how you are going to use your money," says Brette
Sember, author of
How
to Parent With Your Ex (Sourcebooks, 2005) and
The
Complete Credit Repair Kit (Sourcebooks, 2005).
Sember believes budgeting is important. "It helps you understand
what expenses you have, see where your money is going and gives you
an easy way to understand what you have to cut or how much you have
to increase income if you want to spend more," she says.
Make sure to budget in money for fun, unplanned things, Sember
says. You won't feel as restricted if you have a set amount each
month you can blow on anything you want.
But what are some concrete ways to save money?
Believe it or not, your food budget may
be one of the easiest places to save. "The grocery bill was one area
I could really attack and cut costs on," says Ellen Ferlazzo, a
former single mom from Pleasanton, Calif.
Clipping coupons, watching for sales and buying store brands can
all save money. If you have the space, growing your own vegetables
can also make a cut in your grocery costs.
Fast food is a huge money waster. Ferlazzo even went so far as to
research and learn how to cook for her family less expensively and
then started her own Web site, CheapCooking.com, to help
others do the same. "Eating out is way too expensive (and not
usually as healthy)," says Ferlazzo. "I also think that eating
together as a family is important for single parents and everyone
else."
Sara Thompson of Endicott, Wash., used programs like WIC (Women,
Infants and Children) to save money and provide for the nutritional
needs of her young son. Single moms may also qualify for food stamps
or other government programs. "If you have a need, there will be a
resource, but sometimes you just have to keep asking everyone you
know before you find it," says Thompson.
Sember admits that women may have a hard time asking for help
because they are so used to being strong and relying only on
themselves. "I would suggest that moms remind themselves that help
like this will benefit their children, so they should do it for
their kids," she says.
Michelle Ferry from
Brooklawn, N.J., knows how to find needed items without wasting
money by shopping at thrift stores to find nice clothes for her two
daughters. She also uses
freecycle.org, an online community
where people give away items for free. "This is wonderful because
people are free-cycling what they no longer use, and in return
someone who can really use it can receive it," says Ferry.
Many items commonly used by small children can be found at garage
sales or on sites like eBay at a fraction of the cost of new. Motherhood Market is an
online site where moms can buy used baby items. Selling your own
no-longer-used items on sites such as this can put a little bit of
money back in your pocket, as well.
And don't forget hand-me-downs. It's possible to save hundreds of
dollars over the years by clothing your kids with the generous
donations of friends or relatives.
Believe it or not, you can save
money on health care expenses. Sember recommends setting up a
flexible spending account with your employer. Money for this savings
account is deducted from your paycheck before taxes. This reduces
your tax bill along with making sure you have money set aside for
unexpected doctor visits, prescription refills, and, in some cases,
over-the-counter healthcare products. (There is also a flexible
spending plan for childcare expenses.)
"If your ex has responsibility for medical costs, try to have
doctors' offices bill him directly so you don't have to take the
money out of your pocket and try to get reimbursed," says
Sember.
What about those
unexpected or long-term expenses? After all, cars break down and
Baby will eventually want to go to college.
Sember suggests collecting coins and depositing them into your
savings account once a month. "If you get a rebate, bank it," she
adds. "Every time you have a tiny bit of money, stash it. Little
bits do add up."
"The best way to save is through an automatic deduction from your
bank account every month," says Allyson Lewis, a certified financial
planner practitioner from Jonesboro, Ark. "Even if you can only save
$10 per paycheck, do what you can."
Something else Thompson did, aside from cutting corners, was to
buy a Gerber life insurance policy for her son. "They are not
expensive and are designed so the child can borrow against them for
college," she says.
Allowing wiggle room for fun
things is important. Single moms are terrific at coming up with
inexpensive ways to have fun.
Several moms suggested using the library for videos and DVDs
instead of renting them. "[Libraries] advertise free events for kids
and summer reading programs where kids can earn gift certificates to
local zoos as well as restaurants," says Toni Salinas of Puyallup,
Wash., former single mom of two small boys. She also recommends
checking museums for "free days."
"If you are in a town with a university, look at their calendar
of events to see what free programs they offer," suggests Lewis.
Searching the Internet with the terms "events calendar,"
"children" and the name of the area in which you live turns up
dozens of ideas for free or low-cost things to do. Alternatively,
sites like GoCityKids allow
you to search by type of entertainment as well as your child's age
to find just the kind of activity you're looking for.
"Money is like everything else we struggle with – weight, getting
in shape, being organized and spending enough time with our
children," says Lewis. "Getting control over your money is all about
choices."
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