Being a single mother is never easy. You have to fulfil the roles of both a mother and father which is quite a demanding task that needs more than just a pocketful of cash. Setting up a house, sending your kids to school, saving up for college, providing food, clothing, dance classes, karate classes, music classes, whatever it is that pleases them, all take a good sum of money that your single paycheck might not provide for. In such situations, it is easy to panic and worries, day in and day out about how to make both ends meet so your children live the life they should. In this article we have tried to help you with this by listing out some financial tips solely for single mothers, to help you on your way.


Initially, you and your husband might have accessed your financial situation and chalked down your expenses and savings for your child’s future, however, once you’re on your own you have to go right back to a clean slate. A two paycheck family might have suddenly changed to a single one and hence, the first step you need to take financially is to access where you stand now. Think of how much your income is and then get realistic about things you might need to change about your lifestyle now.

After you’ve accessed your income and financial situation, the next step is to create a budget. This means a thorough comparison of your income and expenses. First, analyse your exact monthly income and then list down every little expense including little things like regular haircuts and doctor appointments for your kid. Finally, compare these expenses with your income and see if it tallies. If you find that it doesn’t, you might need to cut down a few more expenses or find an alternate source of income.


As a single mother, it is extremely important both for your sake and your child’s that you don’t pile up any debts. In fact, try to ensure that you don’t incur any debts at all in the first place. Ifyou can’t afford it, try to avoid it. Proceed only if you think your terms are attractive and will be a very clear and real return on your investment. For instance, taking student loans for your kid to go to college can be on the list of good debts. For other minor things, ensure that you don’t have debts because the lesser you have to owe people the better chance you have of retaining your wealth and saving for a better future.


Protection here means to make sure that you have health insurance, life insurance, car insurance and anything else that can legally protect you in times of need when you might not have the financial support you require. Even if their dad is still around, it is important to think of what might happen to your child once you are no longer there to support them, thus take the necessary steps to keep them secure.

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