5 budgeting tips for single mothers to save money

Due to the present economic crisis, it's quite difficult to plan for a budget and save money. The worst affected people in this situation are the single mothers. Being the sole earning member of the family, they need to look after the family expenses as well as the kids and their needs.

Here are 5 helpful tips from my end which can help single mothers plan their budget and save money in a better way:

1. Plan and set priority: You'll only be able to save money if you've planned for it properly. You should analyze your income sources, daily expenditures, debts, etc. and then chalk out a plan and prepare a budget. Once you've prepared a budget, you need to set your priorities – you should decide which things should come first before others.
2. Use envelopes to manage your finance: Using the envelop method to manage finances is a smart option and quite a large number of people go for it. Once you get your paycheck, divide it into credit card bills, mortgage payments, utility bills, grocery, shopping, etc. and put the required amount into respective envelopes and then keep it in a safe place.
3. Pay bills as soon as they come in: You've used the envelop method to set aside money for your bills. Thus, once the bills are delivered at your door step, pay them off immediately. If you postpone paying the bills, you may incur late fees which will be an additional burden for you.
4. Save money for emergency: You should set aside a stipulated amount as your savings each month. If you face an emergency, this savings will come handy. You won't have to take the help of your friends or relatives or take out any personal loan if you've a savings of your own.
5. Avoid spending on unnecessary things: It is better not to spend too much money on unnecessary things. For example you can buy cheaper yet trendy clothes over the expensive ones. Your kids may ask for various unnecessary things. In that case, let them know about your financial situation. They are intelligent and will definitely understand your situation and won't demand expensive or unnecessary items.

I hope these simple budgeting tips will help single mothers to save money and lead a stress-free life.