How to Survive Financially as a Single Mom – 18 Tips

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Single moms carry an enormous burden., especially when it comes to finances. The cost of living is high, and the average single mom makes less than $60k a year.

That means that there are many single moms out there with no help, they don’t have enough money to pay their bills or put food on the table for their kids. But it is not supposed to be this way.

There are ways that you can get your finances back in order so that you can start enjoying life again as a single mom after divorce.

When you’re a single mom, every penny matters. You have to be creative and find ways to make your dollar stretch as far as possible.

Here are some financial tips on how to survive financially as a single mom even with a low income.

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How to Survive Financially as a Single Mom

1. Make a budget and stick to it.

One of the most important things you can do when you’re struggling financially is to make a budget and stick to it. When you know where every penny is going, you can start to make better financial life decisions.

You can also track your net worth so you have a better idea of where you’re at financially.

2. Cut back on expenses wherever you can.

There are probably a lot of things you can cut back on without too much pain. Maybe you can cancel your cable subscription, gym membership, NetFlix, or stop eating out so often.

There are likely many small changes you can make to cut costs that will add up to big savings over time.

3. Get a side hustle

Side Hustles for Single Moms

If you really want to get ahead financially, you shouldn’t depend on just one income source, consider getting a side hustle. There are many ways to make extra money on the side, so there’s no need to feel limited.

You could tutor math students, dog care, make money online with blogging, virtual assistant, or become a content creator to make as much money as you can.

4. Save money more.

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Photo by Sasun Bughdaryan on Unsplash

One of the best things you can do for your financial future is to start saving for emergencies. When you have a cushion of savings, you don’t have to worry as much about unexpected expenses.

Start by setting aside a small amount of money each month and gradually increase it over time.

5. Seek out help and resources

There are many resources available to single moms who are struggling financially. Don’t be afraid to ask for help from family, friends, or even your local community for financial help.

There are also many financial assistance programs available that can help you get back on your feet.

6. Invest in yourself by taking courses and learning new skills.

If you want to improve your financial situation, one of the best things you can do is invest in yourself. Take courses and learn new skills that can help you find a better job or start your own business.

When you’re constantly learning and growing, you’re less likely to feel stuck in your current situation.

7. Always keep checking your credit score

In many countries, credit scores have become a prerequisite for being able to take out a mortgage or even rent an apartment.

The stakes are high—if you have bad credit, it can be hard to find a job, apply for loans, or rent an apartment.

If you want to keep up with your own finances and avoid falling back into debt, it’s important to know what your credit score is so you can fix any problems before they happen.

Fortunately, these days many services provide totally free access to credit reports and scores, so there’s no excuse not to check in every year or two.

8. Stop incurring new debt.

The most important thing you can do to get out of debt is to stop incurring new debt. It’s time to make a budget and start living within your means.

If you really want to get ahead, cut up all your credit cards and cancel any unnecessary subscriptions or memberships that are draining your bank account each month.

9. Look for affordable rentals.

Finding affordable housing can be a challenge, especially if you’re on a tight budget. But it’s important to keep looking until you find something that fits your needs.

There are many options available, so don’t be afraid to explore all of your options. You could look for a roommate, move to a less expensive area, or get creative with your living situation.

10. Get a life insurance

One of the most important things you can do for your family is to protect them with life insurance. If something happened to you, life insurance would help ensure that your loved ones would be taken care of financially.

There are many different types of life insurance, so it’s important to research the options and find one that fits your needs.

You can also get a term life insurance policy, which is a good option for those who don’t need coverage for the rest of their lives.

11. Get a Mentor

Side Hustles for Single Moms

One of the best things you can do for your financial future is to find a mentor. A mentor can help guide you through the tricky waters of personal finance, give you money-saving tips or teach you how to manage your money effectively.

They can provide advice and support when you need it, and help keep you on track when things get tough.

If you don’t know where to find a mentor, ask your family or friends for recommendations. You could also reach out to your local community or online forums.

12. Financial goals ( short & long term goals)

One of the best ways to improve your financial situation as a working mom is to set financial goals. Whether your goal is to save for a down payment on a house or pay off your credit card debt, having a target to aim for will help keep you motivated.

It’s important to set both short-term and long-term goals, as each serves a different purpose.

Short-term goals are useful for keeping you on track in the immediate future, while long-term money goals can help you plan for the future for a better life.

13. Get yourself an emergency fund.

This was one of the most important things that I did when I was struggling financially. Having an emergency fund gives you a cushion so that you don’t have to panic when something unexpected comes up.

It’s also helpful for those months when money is tight and you can’t afford to pay all of your bills.

You won’t have to worry about getting evicted because you can just cover the shortfall from your emergency fund.

14. Find some way of generating passive income.

Passive income is money that continues to get generated even while you’re sleeping or doing other things.

One example is if you make a blog or if you had a rental property. It will continue generating money for you even while you’re at work or doing other things.

Passive income is great because it means that you can make money while not having to actively work for it.

15. Make sure your children have a savings account too.

Teaching your little ones about money is one of the most important things you can do for them. And what better way to do this than through a savings account?

It’s never too early to teach your children about saving for their future, and a great place to start is with a savings account.

16. Join Government programs

Being a single mom can be hard. You need to find the money and time for your kids and do many things.

Sometimes you might not have enough money to do things like buying food or paying bills. But there is a wide range of government programs that can help single moms survive financially out there.

There are programs or a support system where you can get a cheap house, unemployment, social security, food stamps, and other programs to make sure that you are ok.

17. Find a well-paying job

One thing to consider when you’re a single mother who wants to survive financially is your job. It’s important that you have a job that pays a good income so that you can provide for your children.

If your job doesn’t pay well, it’s good to look into other options. One option is to go back to school and get more education so that you’ll have a higher-paying job with more benefits.

18. Take a break regularly

It’s important to take regular stress breaks throughout the day. This will help you to avoid feeling overwhelmed and stressed out.

There are many different ways to take a stress break, so find what works best for you. Some people like to take a walk outdoors, while others prefer to listen to music or read a book.

Whatever you do, make sure that it relaxes you and allows you to take a break from your stressors.

Final Words

These are just a few of the things that I did when I was struggling financially as a single mother. Hopefully, they will help you as well.


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