Budgeting Brilliance: Making Ends Meet on a Single Income

Learn how to make ends meet on a single income. Get practical tips and guidance for navigating financial challenges and providing for your family.

by Lucy Couser

Feature Photo by Karolina Grabowska on Pexels.com

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Whether you are a single parent or a house full of young children, there will be moments when you have to figure out how to make ends meet for your family on a single income. It can come in many different forms and stages in your life. Maybe you or your partner unexpectedly lost your job or your partner is looking after the baby but is a freelancer and isn’t entitled to paternity or maternity leave.

Being prepared for these situations isn’t something you are taught at school or by your parents and it can be quite hard without the right kind of support or guidance. So that’s where we come in. We’ve decided to put together all of our tips to help you make ends meet during these uncertain times.

How To Maximise Your Single-Income

When it comes to maximising your income, it could be in a way where the parent is finding ways to get more from their jobs or potential side hustles. This can be a tricky one; if you are not entitled to a raise and you ask for one, it can reflect poorly on you and potentially hinder any progress in the future. Although there are things you can do, such as seek out additional help from the government, in some cases, if you are a single parent, you might be qualified to get some help on your mortgage, pay school dinners for your children, some tax relief and other areas of support they might be able to offer.

If you are still together, there might be ways for the partner who isn’t working to start something small like a side hustle that doesn’t take much of their time but is bringing that little bit extra; sometimes even an extra 50 quid that month can make all the difference. Consider things like freelancing, trading, dog walking or even social media. Be hesitant with some “side hustles,” as they can try and trick you, and the next thing you know, you’re a victim of a forex scam. You’ll be surprised by how many mothers on platforms like TikTok go viral and earn an income from being completely transparent about the realities of raising a baby in a single-income home.

Many other substitutes and support systems are available to let you maximise your income, whether you are still with your partner or as a single parent. When it comes to areas like child care, you could try to find friends and families who could lighten the load. A strong support system can make all the difference in maximising your income.

Making Ends Meet on a Single Income by Atomic Mommy Press, LLC

Look At Your Overall Spending

It’s important if you are bringing in just one income, especially with no side hustle, to look at your overall spending habits. This will give you a good idea of what you are overspending on and how much you have left over after bills and essentials are paid for. This can ensure that you aren’t overspending on things that aren’t necessary and give your family the chance to either save up for a holiday, new clothes or whatever upgrades are needed to make things more comfortable in your life.

Start looking at your overall spending by writing everything down on a piece of paper. You could make a separate account where all the bills and expenses come from, whether it’s a credit card or savings. Whatever is taken out is replaced with pay and the rest can be for household essentials and events or activities planned for that month.

Once you establish little things, like buying coffee every day, things add up and can take a huge toll on your finances. There are now apps such as Monzo that tell you exactly what you have spent most of your money on in categories such as “food and drink” and so forth. This can give you statistics on exactly how much of your wage is going towards specific things and can keep you in check while you’re tapping that card.

Be Realistic On Your Money Goals

Making ends meet needs to be a priority because it can be easy to shrug some things off and assume it will be fine in the future, but if things need to change because your partner has lost their job or you are a single parent, you need to sit down with yourself and plan accordingly. Without taking the necessary steps, it’s easy to wind up in debt and then you are left in a worse position than when you started. So, if you can try and make a long-term plan, whether you are creating a savings goal or aiming to get a better job with a better income, there are realistic small goals you can set for yourself.

The moment you accept and get real with your situation, the better you and your family will be. In an ideal situation, you’d win the lottery and never worry about money again but unfortunately, the chances are slim to none, so stop and think about what you can do to make your and your family’s lives manageable and comfortable with a single income.

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