How To Easily Budget As A Single Mother [Free Template]
HAPPY NEW YEAR!!!!!!!!!!!
I’m back and so excited to get back into action with the blog. While I missed blogging, I honestly wasn’t in a good head-space to write. I’m basically pushing myself back into it and in time, I’ll be cool.
Enough of that…how’s it going? Good, I hope. It’s the new year and you’re here to see it so let’s be happy together.
While others are planning to revamp their booties, the information in this post will revamp your life. Sorry, but at this moment I don’t have information about how to quickly revamp your booty (I wish).
But I wonder what kind of information doesn’t involve revamping the booty?
That’s right! It’s BUDGET TIME!!!!!
Indeed, I know budgeting money doesn’t sound like a fun way to spend your time, but would you rather be broke and thin; or have the body type you envisioned and have money in your savings account, with money to spend?
I’m just asking, which is your preferred way to spend 2018?
All in all, while I can address getting your body right for 2018 in a later post (if the readers so wish), this post will focus on getting your money right.
Let’s dive right into it, shall we 😀 !!!!
Being a Single Mother involves having and developing various skills, but one thing that all single mommies need is access to money…LOTS OF IT!!
Some people will say that the joy of being a MOM far outweighs the costs associated with raising children..MHM…I won’t tell you that.
While raising children can be extremely rewarding; the cost of raising children is HIGH. Add on to that, raising them alone, and you’re really talking some COINS!
As promised, I am here to teach you How To Easily Budget your money As A Single Mother.
Also, as promised, get your FREE copy of my Quick & Easy Monthly Budget for Single Mothers at the end!
EASY BUDGET PROCESS FOR SINGLE MOTHERS – LET’S BEGIN
The key word is EASY! Single Mothers don’t always have a lot of spare time therefore, we need things done as simplified as possible. Anything that can make our lives easier is a MUST! Keep reading….
MY SIMPLE DEFINITION FOR BUDGET
The process of figuring out how much money you actually have and comparing it to your expenses, expected and unexpected. Completing this process will help you live within your means and help create financial freedom.
THE BUDGET PROCESS
1. SET A LONG TERM GOAL
It’s the beginning of the year and the perfect time to start anew.
Where would you like your family’s financial status to be come December 2018? Now is the time to figure that out.
Short term goals are fine to have. However, this process is about YOU planning for your family’s financial freedom especially since YOU are the sole provider.
Are you planning for a long-awaited family trip, a winter festival that you’ve missed attending with your kids due to lack of money, or would you like to buy your kids the toys and clothes on their ‘Holiday List’ this year?
Ultimately, your goals are your goals to make. However, understand that these wants are short-term goals, which are fine to have but…
Your Main Goal & Focus Should Be….
X Amount of Dollars in Savings Account on December 31, 2018.
Curious about why December 31, 2018 is the goal date – I’ll explain. You want to go into the New Year (2019) with money saved outside of any spending you’ve done in 2018. The point of this budget while easy, is to lead you to FINANCIAL FREEDOM.
Whether you have one child, three children, or more, the cost of being a Mom will last well over 18 years. You have to plan when thinking about your family’s financial future.
2. DETERMINE YOUR INCOME & EXPENSES
This is the MAIN point of preparing a budget. If you don’t know how much money you ACTUALLY have and how much money you’re ACTUALLY spending, you’ll never be able to plan properly for the future, which includes “saving money for a rainy day.”
For this part of the process, I recommend using your NET income. NET income is the money you’re paid after the taxes are taken from your paycheck. You’ll sometimes hear people describe this money as ‘TAKE HOME PAY’.
Gross Income (No taxes taken out) $1,800.00 monthly
% of Taxes – 40% ($720)
NET Income (Income after 40% taxes) $1,080.00
$1,080.00 would be the amount to enter into your budget sheet when inputting your income amount.
Expenses, simply put, are things that take your money a.k.a. lessen your income.
3. REALIZE YOUR TRUE PRIORITIES
Whenever my children tell me they need that new XXXX game, I respond with a “Do you need the XXXX game or do you want the XXXX game.”
Have you ever heard of “needs vs. wants?”
It’s time to make a list of things you need and things you want. Therefore, take out your sheet of paper and start writing.
People tend to think of bills like gas, electric, and water as expenses – which they are. However, as I mentioned earlier, expenses are things that take your money away – to simply put it.
If you’re spending your money on something, that my friend, is an expense, and it should be counted as such.
Now, there is a difference between a one-time expense and recurring expenses. It is your job to figure out what expenses you can cut and what expenses are a MUST.
Needs vs. Wants will help you realize your true priorities.
4. USE THE FREE BUDGET TEMPLATE – FOUND AT THE END OF THIS POST
Yes, yes, and yes I’ve already done the hard part for you. All you need to do is read the instructions and enter your financial data.
Everything you’ve done up to this point has consisted of gathering information. This budget template gives us busy Moms exactly what we need – something that isn’t complicated and doesn’t need a lot of time.
You’ve already finished the most basic parts – Steps 1 through 4.
Lastly, the most important, maybe the hardest, but completely doable, part of this process is IMPLEMENTATION (FOLLOW THROUGH).
Indeed, having a financial plan is wonderful, and having a budget to support that plan is great. Consequently, if you don’t follow through with what you’ve planned, the budget is useless.
Furthermore, if you fail to follow through with the budget, you’ve wasted your own time.
With this in mind, as a Single Mother, the last thing you can afford to do is waste time.
Remember this: Financial health can lead to wealth. What your definition of wealth is…that’s up to you.
Raising children alone is not an easy task and Single Moms have to make sure to provide for their children appropriately.
Budgeting is not a dirty word. Learn to love and embrace your budget. Your stress levels and savings will thank you!
Check your progress from 30 days to a year and see how far you’ve improved your financial health. You’ll be AMAZED at your results.
I’d love to read your opinions and to find out how my fellow SINGLE MOMS are progressing. #FinanciallyHealthy
Alright, alright…the moment you’ve waited so patiently for….
FREE QUICK & EASY MONTHLY BUDGET FOR SINGLE MOTHERS BUDGET TEMPLATE
ENJOY!!! And don’t forget to comment your thoughts below.
See related post: 6 Challenges of Single Motherhood