Single or not, all mums struggle with the Work/Life balance after having children. Finding time for both can be hard, which can mean dropping hours and taking a hit to your income. Without a second adult in the house to contribute, it can be tough to make savings each month. Here are 5 money-saving experts tips for single mums.
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Stick to a Budget
Planning is key when it comes to managing your money. Creating a monthly budget and sticking to it can help save money by keeping you accountable for your spending and allocating income properly.
A budget helps keep you focussed on your long-term money goals, and will make sure you don’t get caught out at the end of the month with 0 funds to spend or save. It’s a great way to get full perspective on your financial situation, if you have a detailed budget that covers all areas.
The hardest part of budgeting can be actually creating the budget plan. Luckily for you, readers of this blog can now download a free monthly budget right now! It’s completely set up and ready to go!
Enter your email in the form below to download your free spreadsheet! Save it to your PC under a new name and start entering your income and costs. It’s as simple as that!
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Money-Saving on Bills
Don’t overpay on your monthly utilities. If you’ve had the same providers since you moved into wherever you’re currently living, prices may have changed and there could be cheaper options available now.
Time is perhaps the main factor for why we don’t like to sit down and search for the best deals on bills. If you haven’t heard of them already, LookAfterMyBills.com are the hassle-free route to switching your utilities and saving money. Joining is completely free and will take less than 5 minutes!
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Cut Interest Costs
Think long-term, and save yourself money in the future by not wasting it on paying back interest. If you have any outstanding purchases on your credit card, pay more than the minimum repayment whenever you can afford to.
Clinging on to savings in your bank account might seem like the smart thing to do. But ideally, you should only do this once your credit card debts are paid off.
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Earn on the Side
Money-saving experts will tell you, saving goes hand in hand with earning! Here are some great ideas for side-hustles that can be done from home to earn a few extra £’s a week.
- Selling preloved clothes on Vinted or a similar app. I’ve been able to make around £100 a month doing this!
- Doing nails for friends/family/neighbours with a gel nail kit setup. Super simple and a fun way to earn a few quid!
- Offer your services on your local Facebook community page as a pet-sitter or dog walker. This is a fun way for animal lovers to earn some cash while doing something they enjoy.
- Learn how to set up an Etsy shop here and sell products online. This is a brilliant way to make money if you have some sort of product that you’re passionate about making.
It will take some dedication to promote your shop though. With minimal promotion my Etsy Shop made about £150 in 4 months. - Complete surveys for cash or become a mystery shopper.
Money-saving experts always suggest this one and my honest opinion is that completing surveys for cash is more trouble than it’s worth. Mystery shopping, however, can be a good way to save money in the sense that you can get free meals and days out!
Bank Right
Always try to chose a savings account with a good interest rate and a current account with incentives. See who’s offering cash back or rewards – don’t be afraid to shop around. Sometimes you can even be gifted £100 to your account, just for switching banks!
Make Better Choices
All these tips mean nothing if you blow all your disposable cash on food, clothes and going out each month.
If you’re serious about saving money, you need to start thinking about what you NEED vs. what you WANT.
The three most common places to overspend are;
A.) at the supermarket, B.) online and C.) on toys for the kids.
Some things you can do to combat these are;
1.) Test own-brand products and make permanent switches with cheaper items that are just as good!
2.) Disconnect your Debit/Credit card from Apple Pay and PayPal.
– If you have to physically get up and go find your card every time you’re about to make an unnecessary purchase, you might think twice and abandon!
3.) Make use of swap/sell pages, garage sales, Marketplace and hand-me downs from friends and family.
– Sometimes a wipe down with disinfectant is all a toy needs to become your kids new favourite thing to play with. It hurts a lot more when you pay full retail and they’re bored of it in a week, or it ends up broken!
Now Watch it Pile Up
So there you have it, those are the best tips from money-saving experts that single mums need to know! If you’ve learned something useful or enjoyed this article, please share it on social media via one of the buttons below. It could help someone else, too!
If you’ve tried any of these money saving tips, leave your experience in the comments!
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This article contains links that are affiliated with selling platforms, meaning that the author may get a small commission on any sales made, at no extra cost to yourself.
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