Home
>
Personal Finance
>
Budgeting is Essential for a Single Mothers Success

Budgeting is Essential for a Single Mothers Success

Today many women are struggling with debt and it's even harder if you are a single mother trying to support your family. According to the Census Bureau single mothers far outweigh single fathers. In 2003 there was a total of 2,260,000 one parent family groups maintained by the father and 10,142,000 one parent family groups maintained by the mother. This is also why many single mothers find themselves diving into debt.

So if you are one of those single mothers struggling to get by, you are not alone. Whether you are going through a divorce or the father is absent most single mothers face the burden of supporting themselves and their children all on one income.

Did you know that only fifteen percent of women going through a divorce are awarded any form of court-ordered spousal support? Unfortunately, thirty-four percent of those women never receive what is due to them. Less than half of the women who claim child support ever receive the full amount. As well, within the first year of divorce a women's average standard of living falls forty-five percent while a man's will grow fifteen percent.

So as a single mother it is important to steer clear of debt, which is where SingleMotherResources gives you a variety of things you can do to prevent yourself from further debt. Budgeting is a key factor in helping so many people get out of debt and stay out of debt. The core of budgeting is for you as a single mother to see your monthly spending needs and habits.

The purpose of a budget allows you to track your personal cash flow. Your personal cash flow is how much money comes in and how much goes out. Adding up your monthly income is easy, but totaling up all your expenses takes a little bit of work. First, you'll want to collect all your bills, your credit card statements, your checkbook register and all receipts including anything you buy with cash.

If you haven't been keeping good records, you may have to get a receipt of every dollar you spend for a month before you put together an accurate budget. Track you expenses by making entries in a notebook or learn how to in Microsoft Excel.

Now divide your spending into fixed costs and variable costs. Your fixed costs will include such things as mortgage payments, rent or loan payments. Your variable costs will include such things as clothing, food and entertainment. Now that you know how to budget, you need to learn how to stick to one.

Once you are managing your spending, you can easily decide which costs as a single mother you can cut and which you cannot. In most cases as soon as you see how much you are spending on your morning latte and breakfast item, you will be motivated to cut back. Stay motivated by setting goals.

Single Mother Resources is a great guide to get single mothers back on their feet and enjoying life. Before you know it, you'll be debt free and be able to spend more time with your children opposed to dealing with the harassing phone calls from creditors and collection agencies!

Kathryn Spencer specializes in single mother financial aid issues and has long authored educational and support pieces for women and single mothers. Kathryn is a contributing author and editor to a variety of international and domestic web sites, and free newsletters. Kathryn lives in the southeastern United States with her two children Dylan and Kalie.

disinfecting cleaning services Highland Park ..

In The News:

Cybersecurity expert shares six essential steps to protect against dark web threats, including data removal services, password managers and antivirus software.

NVIDIA GPU space mission could revolutionize cloud services by enabling orbital data centers that make apps, games and AI tools faster and more efficient.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

Microsoft warns Windows 10 users face serious security risks as 90% of ransomware attacks target unsupported systems. Learn why upgrading to Windows 11 is crucial.

Nike unveils Project Amplify, revolutionary motorized shoes developed with Dephy that add powered assistance to every step for runners and walkers.

Cybersecurity experts warn about one of the largest credential compilations ever found, urging users to check "Have I Been Pwned" and change passwords immediately.

Quick iPhone and Android battery optimization techniques help your device stay powered all day by turning off hidden features that secretly drain power in the background.

Kodiak Driver autonomous truck achieves perfect 98 safety score, matching top human fleets in groundbreaking AI evaluation by Nauto's VERA system.

New 401k catch-up contribution rules in 2026 will change taxes for high earners over 50. Learn how scammers exploit these changes and protect your retirement savings.

Kurt Knutsson's guide covers social media privacy protection through location settings, account privacy controls and two-factor authentication to prevent scams and data breaches.

Revolutionary retinal implant restores central vision in 80% of patients with advanced macular degeneration, offering hope where treatments once only slowed blindness.

Learn how to use passkeys on Windows and Mac computers without cameras or fingerprint readers. Discover secure authentication methods that replace passwords.

Tesla's FSD v14.1.2 update reintroduces Mad Max mode, enabling higher speeds and more frequent lane changes than the standard Hurry profile setting.

A phishing email scam targeting American Express customers shows how cybercriminals use fake urgent messages to steal personal and financial information.

Facebook's new Meta AI feature analyzes your camera roll photos to create polished collages automatically, but requires cloud processing and raises privacy concerns.

A New Jersey teenager filed a major lawsuit against AI/Robotics Venture Strategy 3 Ltd. over ClothOff, an AI tool that created fake nude images from her social media photos.

Microsoft reports Storm-2657 cybercriminals sent phishing emails to 6,000 addresses at 25 universities to steal payroll credentials and redirect funds.

Astronomers have discovered asteroid 2025 SC79, a skyscraper-sized space rock orbiting the sun in just 128 days. the second-fastest known.

The Fox News AI Newsletter delivers the latest developments form the world of artificial intelligence, including the technology's challenges and opportunities.

A cyberattack on SimonMed Imaging exposed personal information of 1.2 million patients, including medical records, financial details and identity papers.

Spotify's managed accounts for kids under 13 now available in at least seven countries, allowing parents to filter and block explicit content and songs.

Friendly text conversations about BBQs and social events can lead to WEEX gold trading scams that target older adults with fake investment opportunities.

California company Skyeports creates self-healing glass spheres from Moon regolith that generate solar power and support plant growth for sustainable lunar living.

Cleafy researchers discover fake VPN streaming app Mobdro Pro that installs Klopatra banking Trojan, giving attackers full control over Android devices.

Police departments across the U.S. and Canada are adopting virtual reality training to better prepare officers for high-pressure, real-world situations.

Budgeting is Essential for a Single Mothers Success

Personal Finance