One of the most common challenges of single moms is remaining financially stable and allowing your money to grow over time. As a single parent, it can be easy to live on limited funds due to one income that you’re living off of. To learn how you can save money as a single mom this winter, there are a few ways to set money aside.
One of the most effective ways to save money is to cut coupons to avoid paying full price for grocery items or household goods each week. Although you may not be able to cut down on the items that you purchase, coupons will allow you to save potentially hundreds of dollars after a few trips to the grocery store. Obtain coupons by purchasing the Sunday newspaper and taking advantage of the inserts that are inside. You can also sign up for email subscriptions through certain brands to obtain discounts. Many stores also offer coupons on their website or newspaper ads, which can be doubled with manufacturer coupons for added savings.
You can also shop at certain stores that price match, which will allow you to reduce what you spend by bringing in ads from other retailers. It’s also important to avoid bringing your children with you to the grocery store to avoid getting lured into paying for unnecessary items that they spot.
According to daveramsey.com, paying cash can make it easier to have self-control with the amount of money that you spend when paying for goods or services. Handing over cash instead of paying with a debit or credit card makes it easier to remain conscious of how much you’re losing with the purchase.
Create a Budget
To ensure that you can set aside extra money to save, you’ll need to stick to a budget to avoid overspending. Determine your household income after taxes and each expense that you have to pay for to determine how much money you have left over. If you’re living paycheck to paycheck, you may need to limit the number of times that you eat out. You can also consider canceling your cable or avoiding the hair salon. You’ll want to create a category specifically for saving to ensure that you make it a priority and pay yourself first before you begin shopping.
Have Fun for Free
According to singlemomsincome.com, you can teach your kids that you don’t need to spend money to have fun. Make a list of ways that you can spend time together, which includes playing at the park, running through the sprinklers or visiting local museums on days where admission is free. You can also make crafts at home or visit the library to check out a few books to read together.
Reduce Your Energy Usage
You may not be able to adjust the cost of your bills each month, but you can reduce your energy usage to save extra money. Use a fireplace to heat the home and adjust the thermostat to avoid relying too much on your heater throughout the day when the temperatures drop outside. You can also install blackout curtains to insulate the home and prevent the chill from coming in through the windows. Cracks or holes in the walls can also cause drafts to be present, which will make the home colder and can cause heat to escape. Caulk the cracks to seal the holes and reduce your energy usage for added savings. Many electric companies also offer financial help for families who have a low income to reduce your energy bill each month.
Buy and Sell Secondhand
Although you may not be able to avoid paying for certain necessities during the season, you can still reduce how much you spend. According to ally.com, you can cut down on how much you spend by visiting secondhand stores for clothing or household items that you may need. You can also shop on auction websites to look for used goods to avoid paying full price. Instead of waiting for the spring season to clean your home, purge each room in the winter season to find items that you can sell at a yard sale or to secondhand clothing stores for extra cash that you can begin to save.