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.

In The News:

---

How Check 21 Affects You

The Check 21 Law is the new federal law for... Read More

Avoiding A Nightmare On Renovation Street

You've decided you want a bigger, better and more desirable... Read More

Improve Your Professional Image Using Address Labels

One of the simplest ways to improve your professional image... Read More

Do You Know What Tomorrow Will Bring?

I've been sharing the following idea with people for a... Read More

Basic Bank Accounts Failing the Basic Needs of Consumers

The lists of bank and savings accounts that are available... Read More

The Magic Of Compound Interest

Christians are called to be good stewards of God's resources.... Read More

What is ChexSystems?

Commonly referred to as the first of the three major... Read More

Budgeting Tips to Save Real Money

Sticking to a budget can be difficult, but with so... Read More

Your Dry Cleaner?s Double Standard

Women are charged more for dry cleaning services. Don't fume,... Read More

How to Choose the Right Bank for Your Online Business

You should thoroughly consider your business needs when selecting a... Read More

College Expenses: Seven Ways to Save on an Education

Many people graduate from college owing thousands of dollars in... Read More

Budget Planning - Its Elementary My Dear Watson

Does it feel like you have to be Sherlock Holmes... Read More

Personal Finance - Have Consumers Had a Belly Full of Personal Debt?

For months, we were trigger-swipe happy, putting our groceries, clothes,... Read More

A Quck Lesson in Saving Money

Did you have a piggy bank when you were a... Read More

Save On Food - Ten Tips

To save on food, be an opportunist. Buy what you... Read More

Introduction to Australian Superannuation

Australians, in general, constitute some of the worst savers in... Read More

First Checking Account ? When is it Time?

We all know that money doesn't grow on trees, but... Read More

10 Quick And Cheap Ways To Cut Your Heating Bill

When you received an energy (heating) bill last winter, were... Read More

5 Ways to Absolutely Destroy Your Finances!

Ben Stein has a book called How to Ruin Your... Read More

How to Choose Wisely a Credit Card

So, you've made the decision to apply for a credit... Read More

How You Feel Affects How You Shop & How Much You Spend

Have you ever stopped to think about how your "mood"... Read More

Safely Save for Your Childs University Studies Using An Education IRA!

This investment retirement account (IRA) is useful to you as... Read More

A Fresh Start for Family Finances in 2005

While 40% to 50% of us make New Year's resolutions... Read More

How to Attain Your Dreams on a Single Income

If you recently became a single parent and see your... Read More

Money Saving Tips. Maximize Savings on Everyday Items!

Frugal living is more than a lifestyle. It's a passion.... Read More

Money Matters - Really!

One of the biggest challenges facing black RELATIONSHIPS today are... Read More

Live Green; Save Green!

Have you seen the recent article on a new "green"... Read More

Government Grants - Beware of Scams

As the saying goes: "Buyer Beware". If you see ads... Read More

Tips To Save Money At The Supermarket

Are you interested in saving money off your grocery bills?... Read More

Saving Money On Gasoline For Your Automobile

The gas that we fill our tanks with every week... Read More

Improving Your Financial Position

If you want money you need to learn how to... Read More

The Good and the Bad of Money Management

Good money management needn't be difficult. In fact, there a... Read More

How To Survive The Grocery Shopping Blues

If you are the normal consumer, then you've probably experienced... Read More