Saving Money

One of the biggest struggles that single mothers, and single parents in general, face is keeping money in their pockets. In other words, saving money to spend on essentials or even leisure activities for both their kids and themselves. There are a lot of small, easy changes that you can make so that it is easier for you to have some extra spending or saving money every month.

Something that you could do is to unplug non-essential electronics when they are not being used, and only turn on lights when natural light truly isn't enough. These small changes can reduce the amount of money you pay for your power bill and redirect that money to more important payments.

You could also create a high-interest savings account from online-only banks. With a little bit of research on Google, you could find an account that has low fees and high-interest. Overtime, your money will grow and you will be able to save up for bigger purchases.

Monthly spending budget sheets are also very useful to control spending. By keeping track of where your money goes each month, you can identify areas that need the most improvement. For example, you may find that you are spending too much on clothing (much more than you actually need to). Reducing the amount you spend on clothing could allow you to have more money to pay for essentials such as childcare and food, or save up for the future.

We all tend to get bored of the food that we have at home and prefer to eat out, but eating out can be one of the biggest sources of spending each month. If you were to eat before going out, you're less likely to get hungry and want to spend money on expensive food.

Finally, make sure to cut off subscriptions that you are not using or that you think are too overpriced for what you get. Monthly subscriptions may not seem like much, but if you calculate what they cost you per year, you will quickly realize how much they can add up to. What's more is that prices are consistently and gradually increasing, so a subscription that was originally at a reasonable price may no longer be worth it.

While there are plenty of other ways to save money, these small changes will make drastic changes to your financial situation.

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