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Savings Strategies for Single Moms
Putting Money Away for a Rainy Day
By Laura Cone
"The single most important thing is the networking component," Noel says. "We can learn so much from others who have been there first, and we can affirm ourselves by helping other people who are new to being single parents. We gain a lot of confidence that way."
Noel says single mothers may save more money if they come up with a budget and create a financial plan for their families. "We need to look at how we are feeding our families," she says. "Are we relying on takeout or throwing things together versus having a plan? Could we share that responsibility with another family and double portions and swap them so we can buy ingredients in bulk?"
One of the reasons Noel started a budget and began saving money for emergencies was because her parents divorced when she was 8 months old. Her mother did not save money. "We would always argue about budgeting as I got older," Noel says. "My mother would always say, 'Why should I make a budget when I don't have any money?' I would say, 'You will not have money unless you begin to budget.' I think when we think of money we think of such lofty terms. We forget each penny does count."
She says single mothers need to make sure they spend wisely. In our culture, money is often synonymous with control, according to Noel. "One of the scariest things is to find yourself without options and that happens when you don't have anything to fall back on," she says.
While devising a budget, most single mothers will discover ways to trim back many of their day-to-day expenses. If you have young children and are paying for daycare, consider a nanny service, Noel says. Some single moms save more money by hiring a full-time, live-in nanny who can help with errands and cleaning.
"I think we should try to put away as much as possible," Noel says. "I love the idea of being able to put away 20 percent, but is that feasible? A lot of times that's not realistic as a single parent as you are going month to month. Things will pop up. Putting 20 percent away is sometimes impossible."