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5 Tips to Master Your Money as a Single Mum

5 Tips to Master Your Money as a Single Mum

5 Financial Things to Manage Your Money Better

Money matters as a single mum or dad can be one of the most challenging things we need to get through.

When surviving on one income, the challenges can be much harder than for two-parent families.

From keeping records to getting the help you need, here are some handy suggestions.

1. Take Care of Affairs

As a single parent, you may or may not have money, valuables and properties.

Most people assume that anything you leave behind gets passed on to your next of kin or children.

This isn’t the case and estate planning is necessary to ensure proper bequeathment.

An estate planning lawyer is a smart way to ensure the people you treasure the most end up with your treasures.

2. Keep Detailed Records of Spending

You can’t begin to make changes to your financial situation if you don’t know how much you have to spare and where your money is going.

Tracking your spending doesn’t need to be difficult or a lengthy process.

All you need is a free spreadsheet program such as Google Docs, or you could go old school with pen and paper or make it easy with an app.

Use your bank statements to see how much you have coming in and how much you are spending.

List your expenditure against this and subtract to see how much you have.

Alternatively, you could use the cash envelope system and keep receipts to see where money is being frittered away mindlessly too.

3. Budget for Money Matters as a Single Mum

You aren’t alone if you are struggling for money.

Every day we see on the news the rising cost of living and how it is impacting everyone, especially single parent families.

A budget, (which can be worked out using the method above or check out this post) helps you plan for expenses.

Your budget needs to cover everything from your large expenses such as your mortgage or rent through to smaller things such as weekly coffees.

Just seeing your budget often helps make positive changes.

If you want to make a bigger impact, do a full financial review (this is mine) and look at these 24 easy ways to save money in 2024.

4. Don’t Be Afraid to Get Help

In Australia, there is some help and support available to single parents.

This can be emotional, social and financial if you know where to look.

Centrelink is the welfare system in Australia, check the benefits you might be entitled to and apply.

Read all the articles we have on Centrelink and help available from schooling to medical expenses.

5 Tips to Master Your Money as a Single Mum

5. Work on Increasing Income

Increasing your income is easier than ever now with numerous side hustle and passive income options.

If you are a single parent, there are 43 ways for you to make money here and 22 tips for single parents (that aren’t just about money) to help you even further.

Personally, my favourites have been freelance writing, blogging, reselling and online surveys.

You can read 24 ways to make over $25hr in 2024 or these popular ways to make money online for ideas.

As a single parent, it’ll help more if you have multiple income streams to create a buffer too.

Summary

Getting your affairs in order helps take care of money matters as a single mum or parent.

In the meantime, a budget will help you realise money goals by tracking income and expenditure.

You can also make money online doing various jobs such as writing and affiliate marketing.

Setting yourself up financially and being an example to your kids is one of the greatest gifts you can give them.

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