Monthly Budget

Budgeting for Single Moms: A Practical Guide

As single moms, having a monthly budget for each area of spending is essential. Instead of setting the budget aside or spending as we go, it’s important to create a specific budget for each category. When my husband and I were married, I maintained a budget for groceries, cleaning supplies, gas, takeout, hair and nails, kids’ activities, and other monthly expenses.

If you’re unsure about your monthly spending, review your bank statements from the past few months to identify your spending trends. For example, if you spend $120 on gas weekly, that totals $480 monthly, so do the same for each category. You might also discover areas where you can cut back; for instance, if you realize you spend $30 a week at Starbucks, you can decide to reduce that expense.

I prefer to use a cute notebook with pockets to organize my cash and label each category. Using cash is much more effective than relying on debit or credit cards when you’re on a budget.

Leave Your Debit and Credit Cards at Home

Once you’ve created a budget for each category, withdraw cash from the bank weekly or bi-weekly based on your pay period. I read on a finance blog that when shopping, you should leave your cards in the car, but I recommend taking it a step further: leave your cards at home. If you’re anything like me, it’s too easy to go to the car for your card, which undermines your efforts to stick to your budget.

Additionally, I prefer not to visit multiple stores to find the best deals. By shopping at a strip mall, I can minimize the need for extra trips, saving time and gas. To be strategic with our savings, consider splitting your shopping days: for example, grocery shopping on Saturdays and household product shopping on Sundays. This approach can help you avoid the temptation of impulse buying. Always go in with a list and the cash you’ve budgeted for each category.

List in Hand

Make sure to have your grocery list ready, either on paper or in the notes app on your phone, to stay within your budget. I always do an inventory check before creating my list. Having a master list of groceries and cleaning products has been very effective for me because it helps me capture everything we use and stay on budget. I categorize my list into sections such as meats, dairy, vegetables, oils, seasonings, snacks, etc. This attention to detail helps me avoid picking up items I think I need or buying things I already have. How many times have we come home only to realize we’ve bought a gallon of milk we didn’t need? Too many times! It’s worth taking the extra time to check your inventory before heading to the store. You might even discover that you don’t need to buy pepper, which can save you money that week.

For example, if you budgeted $50 for cleaning products but found items on sale and saved $7, I like to leave that extra money in my pocket until the end of the month. Sometimes, I might splurge on a Bath and Body Works candle or wallflowers, or I can reduce the amount I withdraw for the next month.

It also helps to have your cabinets and refrigerator organized for better visibility. My husband used to put all the same canned goods in one row and seasonings in the same area. I know that once we get busy, it’s easy to place items wherever they fit, but that often pushes other items to the back of the cabinet, making them overlooked. I need to remind myself of this as well since we all get busy and can be tempted to toss things into the fridge and cabinets without organization. I invested in some organizers for my cabinets and fridge to make it easier to see what is low or what I am out of.

Adjust your Budget

If you find that you’re consistently exceeding your weekly budget, it may be time to reassess it. When we first created our shopping list, the prices for certain items might have been lower due to sales or seasonal availability. It’s perfectly acceptable to increase your budget if you’ve noticed your bills have risen by $10-20 over the past two months. Alternatively, you might need to decrease your budget if you’ve managed to clip coupons or use discount apps that help you save.

You may also realize that some items, like Windex, only need to be purchased once a month instead of weekly. To manage these expenses effectively, I suggest dividing the cost of those items by four to determine what you should set aside each week. For example, if Windex costs $4 (I round up all prices to simplify calculations and account for inflation), you would need to budget $1 each week for it.

As single moms, maintaining a strong and healthy budget is essential! Stay focused on your monthly spending, create detailed lists, and readjust your budget as needed!