Budgeting For the American Single-Mom

Being a single parent myself I know how difficult it can be to budget money, especially when you have hardly any coming in. However, it can be done. These are the things that have been working for me and I am sure there will be something here for you as well.

First of all you have to have at least a general idea of what is going out compared to what is coming in. Take a look at your monthly (or weekly expenses if that's easier for you), what is going out towards rent, utilities, groceries, clothing, cigarettes, coffee, school lunches, etc. It will be a tedious task but really getting specific with this once will save you so much agony in the end. Next look at what you have coming in; now you don't have to count every penny, if you have a family member that sends you money on occasion or a small bonus at work don't count that - it will be a welcomed surprise when you least expect it.

When I first did this I found that I had just over $200 every month that I had to pay out which could not be accounted for in my income. I was magically having to come up with an extra $200 every single month, I must have been doing it but I don't know how. So don't be surprised if this happens to you at first.

Once you have these basic elements in place you can take a real and bracing look at just where your finances stand. The next step is two-fold; first see if there is anything that can be taken away, while at the same time thinking about where you could get some help. You would be surprised how much money you may be sending on your morning coffee alone - you don't have to give it up, you could make it at home. Another priceless piece of information is that there are MANY community based, state and federal programs set-up to help single parents; things like childcare assistance, assistance with transportation and school lunch costs, your kids may even be eligible to eat breakfast for free at school. You could see of your local Department of Employment and Training offers free or discounted bus passes, talk to your schools, any local Community Action Counsels, and don't be ashamed to apply for state subsidized childcare - these programs a generally better than the others as they are required to stand up against strict government and state regulations. There is some leg work involved but it is worth it!

The trick to a lasting and realistic budget is actually simple. See what you have compared to what you need, gather local resource information, and ask for help.