How To Budget As A Single Mom: Financial Freedom Is Possible - Faithful Fortunes (2024)

Learning How to budget as a single mom can be daunting. Whether you’re a single parent by circ*mstance or by choice, you know the struggle is real. Not only are you having to do all the things (work, school, dinner, discipline, shopping, bedtime, after school activities, etc.), but then you pile the overwhelming bills on top of it and it can be a real recipe for disaster.

Image byMagnet.mefromPixabay

I get it! I’ve lived it for the past 12 years of my life and by the grace of God He has taught me how to manage money and budget in a way that builds wealth and glorifies Him. So, if you’re ready to take control of your money instead of letting your money control you, you’re in the right place.

In 2012, I went through a grueling breakup that left me hopeless, homeless, and struggling with my (then) 3-year-old little boy. For roughly 6 months survived by living with friends until I was able to rent out the basem*nt of a family friend. I found a job a few months in and was able to “get by” making a barely living wage of $11 per hour.

While I’ve come a long way from there, I am now a single mother once again after my husband passed away in May 2022. Truth be told, I was barely married for 6 months when we lost him so I’ve been a single mother longer than anything else.

Actually, my journey in single motherhood is what made me want to become a money coach. I realized the skills I’ve learned along the way can help others to not make the same mistakes with money that I have.

So, here’s how I’ve learned to manage my money, pay off thousands of dollars in debt, build savings, and even bought at a house at the height of the pandemic.

Learning How to Budget Starts with Understanding

I cannot stress enough the importance of being intimately aware of where you stand financially.

Often times, when we are afraid of the truth, we avoid it. But if you want to learn how to “get good with money”, you have to know where your money currently stands.

If you’re ready to assess your situation but don’t know where to start, here’s what you do:

• get a sheet of paper(or a blank spreadsheet if you are techy)
• write down your income weekly, biweekly, or monthly depending on how often you are paid
• gather all bank account information (balances, interest rates, etc.)
• list all expenses (utilities, phone, daycare, rent, etc.)
• collect and write all debt information (credit cards, loans, car loans, collections, etc)

Once you’ve done this, you can create your own budget and financial health assessment (or download a free, easy-to-use assessment below).

With this information in front of you, you can get a clear picture of where your money currently stands, allowing you to then make wise plan to take you to where you want to be.

Your Budget Is Your Plan For Success

Image bySteve BuissinnefromPixabay

With the information at hand, you can evaluate and set goals to get where you want to go.

Now, I ALWAYS recommend my clients create SMART Goals when creating their financial plan.

What’s the difference between smart goals and unsmart goals?

See the difference? SMART Goals tell you the who, what, when, where, and how. I mean, you could even throw in the why …. “so, I can stop relying on my credit cards when unexpected expenses come up.”

Protect Your Budget With Your Emergency Fund

One of the first things I did as I started to understand money and how to create financial success, was to start plumping up my savings account. Why?

As the saying goes, “rainy days will come, don’t get caught without an umbrella.”

It is not a matter of if an unexpected expense will come, but rather when. And having the financial security to know that when it happens you will be prepared and won’t have to worry about what bill or expense is going to have to suffer or be put off to cover it or have to rely on credit cards for security.

Don’t get me wrong, credit cards are a useful tool, however, they can make your money situation quite complicated when the charges become more than your budget can handle.

Image bySteve BuissinnefromPixabay

As you can see, the most important aspect of getting and KEEPING control of your money is to know where you stand, where you want to go, how you’re going to get there, and have an emergency fund or savings account that will protect you when times get tough.

But most importantly, remember that no matter how tough things feel or how tough they get, you WILL get through this. This is a precious season that the Lord often uses to grow us and refine us so that we are prepared to step into the next season of blessing and abundance.

If you’re feeling alone in your journey of single parenting and are looking for a community of women who are on this journey too, join our free Gracefully Solo Facebook community, where we’re doing it alone – together.

Resources

30-Day Money Makeover– Ready to align your finances with God’s plan? Join us on this transformative 30-day journey to financial freedom guided by biblical principles! Let’s steward our resources wisely and watch God’s blessings overflow!

Budget & Bill Planner– Take control of your finances with our Budget & Bill Planner! Organize your expenses, track your bills, and honor God with faithful stewardship! Let’s manage our finances with wisdom and glorify Him in all we do!

Follow on Socials– Stay connected with our Christian community on social media! Let’s uplift each other, share testimonies of God’s faithfulness, and spread His love to the world! Follow us for daily encouragement, scripture reflections, and fellowship!Instagram|Facebook|TikTok|Pinterest

Leave a Review– Hey lovely readers! Your opinions mean the world to us! Share your thoughts and experiences in a review—it’s like a virtual hug that helps us grow and create content that sparkles with magic, just for you! Let’s sprinkle some positivity together!