How Single Moms Budget Like Pros

Women raising young children can take advantage of several reliable budgeting tactics that can help them save, invest, and pay bills on time without the usual headaches that come with those chores. It’s a fact of modern life that working adults, single moms included, don’t give enough time or attention to creating personal budgets. That’s too bad because when it comes to building wealth and keeping track of your money, a small amount of effort can produce outsize rewards.

What’s the answer? The good news is that there are plenty of excellent and effective hacks that single mothers can use to make room for investments and savings in their monthly budgeting. In addition to those two essential goals, it’s also possible to enhance personal financial stability by making a detailed two-year spending plan, tracking spending to find ways to cut expenses, using simple spreadsheets to keep all the data in order, and automating savings, so a portion of paychecks goes straight into the bank. Here are more details about how to get started.

How Single Moms Budget Like Pros

Make Room for Investments

One of the oldest budgeting tactics is creating a line item labeled “Investments.” The mere fact that the word exists, on paper, in your listing can put it at the front of your priorities. Unfortunately, many working mothers who have the financial resources to invest neglect in doing so because they don’t plan for it. That’s why real estate is such an appropriate topic for single moms. Not only can a modest monthly allocation to real estate bring long-term asset appreciation, but it can also deliver excellent tax advantages and regular cash income.

Of the dozens of benefits that come with real estate investing, the 1031 Exchange is perhaps one of the most popular. The 1031 lets property owners engage in sequential buying and selling without upping their capital gains or property tax bills in most cases. However, before aiming to leverage the unique power of a 1031, it’s imperative to review a comprehensive guide about how the technique works.

Use a Spreadsheet App

This is a great example of one of the most powerful tips to help save money in a single mom’s household. Instead of relying on the clunky spreadsheet that came with your computer’s operating system, choose one of the newer, no-cost apps that includes a wider range of functionality. Shop around and test a few to get an idea of how different apps perform. Once you find one you like, take the time to learn its features and input all your personal budgetary information into its interface. Spreadsheets are an excellent way to keep track of daily expenses and know how well you’re adhering to your financial goals.

Make Two-Year Budgets

Spend a weekend developing a two-year budget. The aim is to make it as detailed as possible, even if you have to include a few estimates for future expenses and income data. Most who create a long term financial plan discover surprising things about their spending habits, retirement goals, income expectations, and more. Business owners do the same thing, and they know how helpful the exercise can be. Remember to review the document at least once every 90 days and make necessary changes.

Jessi

Jessi is the creative mind behind The Coffee Mom, a popular blog that combines parenting advice, travel tips, and a love for all things Disney. As a trusted Disney influencer and passionate storyteller, Jessi’s authentic insights and relatable content resonate with readers worldwide.