Last updated on May 2, 2024 by Kathy
When you’re raising a family on a single income, it can be difficult to keep up with the cost of living, especially when it goes up. Prices for everything from groceries to insurance have risen over the past two years, and while there is some limited evidence that wages are rising as well, the increases are certainly not enough to make up for the higher costs of everything.
That means it’s time to start cutting back on expenses and find creative ways to increase your revenue.
We’ve put together this little guide to help single super moms cope with inflation.
housing
For most single moms, housing is the largest item in the budget. It can also be the hardest place to save money. If you own a home, do whatever you can to keep it during this time. Your mortgage interest rate will most likely be extremely low, and it will be nearly impossible to find a loan with a lower monthly payment that works for you and your children.
If you rent, planning to move to more affordable housing is often difficult and expensive. Before deciding to look for cheaper housing, weigh your options carefully.
To save money on housing, look for ways to reduce utility costs. Limiting the use of central heating and air is often the first and best way to cut costs. After that, the use of heating appliances is restricted in the summer.
To bring in extra income, explore the possibility of renting out the extra space as storage or hosting roommates. With limited lifestyle changes, storing items in a basement or spare closet can often add an additional $100 to $200 per month to your income. Taking in roommates can bring in more money, but it can mean making some big changes to the household.
food
Perhaps the easiest way to save on food costs is to produce as much as possible from scratch. Of course, when you’re a single parent, it can be hard to find the time to do so much cooking. For many single parents, this means relying on subscription meal kits.
However, such diet plans can be expensive once the initial trial period is over. Save money by canceling your subscription here. Save recipe cards of your favorite meals and buy the ingredients at the grocery store. Look for sales and stock up on the ingredients you use most.
Of course, with prices continuing to rise, it might be time to invest in your own vegetable garden. Not only does it help reduce grocery costs, it can also be a therapeutic hobby and teaching moment for your kids!
Start with a few pots of herbs and add as many as you can to your garden. Anything you grow yourself will result in huge cost savings down the road, and you can rest assured that the vegetables you eat are organic and non-GMO. If you have older children, get them involved in taking care of the garden. Children can plant seeds, water and weed. This will instill in them an appreciation of nature and develop their gardening skills as they grow older.
Don’t be afraid to try new stores. Farmers markets are a great way to save money, especially if you can shop there close to closing time and aren’t afraid to haggle with farmers. Also, consider shopping at discount stores and smaller grocery stores.
Insurance
As transportation and housing costs rise, auto and home insurance have increased dramatically over the past few years. Insurers cited the increasing replacement costs of insured items as the reason.
If you find that your insurance costs are going up, start lowering your rates by calling your insurance company and asking what you can do to lower your rates. Often, some small security improvements can qualify you for a significant discount. If this doesn’t help, call your insurance agent and start shopping for a new policy.
If none of these methods work, it may be time to consider more drastic measures. When it comes to car insurance, increasing your deductible or even finding a vehicle that’s cheaper to insure may help.
Likewise, look for ways to lower your home insurance costs by raising your deductible or making improvements that reduce your insurance company’s risk. Often, these types of improvements can take months or years to save for, so start saving for big-ticket maintenance projects even if you can afford to pay for them now.
transportation
At the beginning of the epidemic, the price of used cars rose sharply and has remained at a high level since then. Of course, for most single parents, the family car is one of the most important assets they own. Without it, it’s impossible to go to work or school. If you have more than one child, a personal vehicle is necessary when taking them to school or taking a road trip together.
While there are many suggestions for trading in a car for something cheaper, single parents should prioritize having stable and available transportation over saving a few dollars in the short term. This means taking good care of the vehicle you own. Don’t skip your oil changes and fix small maintenance issues before they turn into big problems.
While this goes against “standard” advice, having reliable transportation is absolutely crucial for single parents. This means that maintenance fees should be paid by credit card if payment cannot be made otherwise. The other option is to incur huge car repair bills or not have any vehicle at all. In addition to cutting back on this part of your budget, look for other ways to save money.
Find other ways to reduce utility bills and other types of miscellaneous expenses. In the meantime, start looking for ways to make some extra money. While it’s usually not possible to spend more time working away from home, it might be a good idea to look for work from home jobs or smaller projects.
