How to Financially Survive as a Single Mother

Surviving financially as a single mother is, indeed, a hard job in itself. Paying bills, making sure your children have everything they need, and taking care of yourself can feel overwhelming at times. If you’re struggling with your finances as a single mother, then you’ve come to the right place. Below are a few tips to help you thrive while raising your kids and managing your finances.

Get Your Finances in Order

To get your finances sorted, you need to have a solid understanding of what position they’re in. Oftentimes, married women tend to handle their finances with their partners, but as a single mother, you have to stay on top of things all by yourself. Gaining knowledge on a budget that will work best for you and how to use it is a great way to visualize your monthly expenses. Once you have a budget in mind, you then can evaluate and cut any unnecessary expenses such as monthly subscriptions, or limiting the number of times you dine out.

Another way to organize your financial situation is to tackle any debt or student loans you might have. Working towards eliminating any debt and paying off your student loans is a great step toward increasing your credit score. A credit score is important because the higher your creditworthiness is, the more likely lenders will want to work with you, especially if you plan to buy a new home in the near future. So, you might be asking yourself, what is a good credit score to buy a house? A credit score ranges from 300 to 850 and depending on the type of loan you may be looking for, the minimum credit score requirement may alter. It’s noteworthy that the higher your credit score is, the lower your interest rate will be on your mortgage. Although, not all loans require a higher credit score to be considered, which is why it’s influential to have a basic understanding of your own score.

Find Affordable Housing  

It’s critical as a single mother to find a safe and ideal place to raise your family. Because of financial situations, many people struggle when deciding whether to rent or own a home. If you are leaning towards buying a home instead of renting, you might be wondering, how much house can I afford? It’s crucial to be realistic about what you can afford, especially with the market drastically driving costs up. This is where your budget comes in handy. The amount of mortgage you can qualify for depends on how much debt a lender thinks you can take on. Entering your location, yearly income, monthly debts, and how much money you have to put towards a down payment, into a mortgage calculator, will ultimately determine how much house you’re able to afford.

On the other hand, you may prefer to rent due to lifestyle reasons such as frequently relocating for a career, or not wanting to deal with the responsibility of owning a home. Although owning a house has many benefits, there can be a lot of upkeep such as maintenance both indoors and out that you will avoid when renting. Either way, finding a safe place to live and raise your children is crucial when you’re a single mother.

Seek Help

Balancing a career as a single mother is a full-time job. Having a good support network around you is so important, especially if you start to feel overwhelmed. Many people are unaware of the plethora of grants available for single mothers in the United States, such as Food Stamps. If you are in need of assistance, consider looking into the many options that are offered for single parents.

Don’t forget to lean on the people close to you for support. If you would rather talk to someone that you are not close with, try finding an online therapist for help. The benefits of talking to a professional are great, especially when you are trying to process your own thoughts. If you are still hurting from the divorce, it’s also a great way to gain insight from an outsider’s perspective to help you work through your feelings.

Take Time for Yourself

On top of making sure your children’s needs are met, you need to prioritize yourself as well. It’s not selfish to seek a little alone time, but it can be hard to find time for self-care in a busy schedule. Self-care does not always consist of massages, spa visits, or bubble baths; it’s bigger than that. It’s finding ways to fulfill yourself so you can continue to give your energy to those around you.

 First, make time for your favorite hobbies and interests. This could be going to that cycling class you’ve been pushing off, getting lunch with an old friend, or pulling out the old paintbrushes. If you don’t take care of yourself, who will? Self-care is so important when it comes to knowing your worth and what you deserve. By finding time for yourself, you will be less stressed overall and able to better tackle overwhelming moments as a single mom.

Being a single mom does not have to be frightening. Tackling your finances, getting the help you need, finding a safe place to live, and taking time to help yourself grow are all significant steps to help you continue being a successful mother. Remember, YOU have all the power now, and where there’s a will, there’s a way!