Budgeting the Key to being Financially Stable

Single Mother's in need of Financial Guidance

Budgeting is key to being financially stable. A budget is a systematic plan for the expenditure of a usually fixed resource, such as money or time, during a given period. As a single mother you might groan at the thought of putting together a household budget with all your expenses, but its easy to do and will also help you become very financially organized. Many single mothers find themselves facing financial problems every day.

A single mother faces many burdens of everyday costs for her children's well-being, as well as her own, that at times will leave her in need of financial assistance.

Shaping up your finances is particularly important if you are experiencing a life altering experience such as a marriage, divorce, new baby or any other event that changes your finances dramatically. Whatever the state of your financial life, developing a sensible budget will allow you to stay on track.

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, which is how much money comes in and how much goes out, usually recorded on a monthly basis.

Adding up your monthly income is easy, but totaling up all your expenses takes a little more effort. First, collect all your bills, your credit card statements, your checkbook register and all your receipts, even for things you buy with cash.

If you haven't been keeping good records of your spending, 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 which is a great tool to use when creating a budget.

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.

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, snacks in the vending machine or treats for your kids, you will be motivated to cut back. Be sure to stay motivated by setting yourself goals.

Being a single mom is hard enough but it's even harder when you are faced with financial burdens that you cannot cover alone. Living a stable and healthy life is important.

Kathryn Spencer specializes in advising young mums with household budgeting, budgeting tips, and budget worksheets. Kathryn 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:


pen paper and inkwell


cat break through


Check Fraud and Verification

Before buying personal or business checks you should inform yourself... Read More

The Joys of Address Labels

Address labels are many things to many different people. If... Read More

When do You Need a Financial Management Company on Your Side?

We live in a crazy world. Someone ought to sell... Read More

How Electronic Checks Work ? Will Paper Checks Eventually Go Away?

Traditional checks probably won't disappear anytime soon, but processing checks... Read More

Personal Checks ? Extreme Benefits

Millions of people have a checking account and many people... Read More

Students Investing in Their Future Need to Manage Their Finances Today

With the A-level results coming out, the long wait for... Read More

Debt Management ? Watch Out for Bank Fees!

During the last twenty years, banks have offered a number... Read More

The Wonderful World Of Address Labels

Ever wonder where address labels come from? AveryŽ is perhaps... Read More

How to Balance Your Checkbook ? Get a Calculator and Pencil and You are Ready To Go!

Despite how easy it is to balance a checkbook, very... Read More

Strategies for Success

Holy Shenanigans! More STUFF?Loosing one's business due to lack of... Read More

How To Place an Online Order for Checks ? It is Easy as 1-2-3

If You Have an Existing Account and 5 Minutes, You... 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

What is ChexSystems?

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

Portfolio Planning can Lead to Irreconcilable Differences

The judge had to ask the question, and we had... Read More

Bankruptcy Laws Get Tougher - More Expensive

If you've been thinking about filing for bankruptcy, your best... Read More

Car Donations and Used Car Donations

Car donations and used car donations are the way many... Read More

The Good and the Bad of Money Management

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

What?s New in Checking ? From Designs to Photos

Just about everyone has a checking account. Checks present easy... Read More

If All Things Are Possible, Why Cant I Balance My Checkbook?

For me, the most terrible time of each month is... Read More

Understanding and Controlling Your Finances

Have you ever wondered what it would be like to... Read More

The Wright Place - Finances

Women have a love/hate relationship with money. Most of us... Read More

A Quck Lesson in Saving Money

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

Reporting Identity Theft

Would you know what to do if you suspect that... Read More

Knowing Me, Knowing You: Why ID Protection Plans Are Flawed For Fraud

ID theft is a major consumer concern, though there is... Read More

Financial Fitness - Are You Exercising the Right Muscles to become Financially Fit?

Are your financial muscles well toned and healthy or flabby... Read More

Risky Business: You May Not be as Daring as You Think

I thought I was through with exams when I finished... Read More

Top 10 Ways Managing Your Money Is Just Like Riding a Bike

An avid cyclist and bike racing fan, I sit transfixed... Read More

10 Quick And Cheap Ways To Cut Your Heating Bill

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

Tips To Save Money At The Supermarket

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

Saving Money - The Magic 20 Percent

Saving money is not easy and is made more difficult... Read More

Take Control and Master Your Kitchen

Those who keep a watchful eye on where their money... Read More

Should You Borrow From Your 401(k) Account?

If you have a 401(k) account, it can be very... Read More

Benefits of Personal Finance Software

In this age of information, keeping track of your finances... Read More