Improving Your Financial Situation as a Single Mom

How to improve your financial situation as a single mom? Here are 7 tips!

financial situation as a single mom

Photo by Artem Beliaikin on Unsplash

If you’re a single mom, you’re likely strict about your spending. But sometimes, you just have too many bills to pay and not enough in the bank. You have a few options – change your habits or increase your income.

Here are seven ideas to help you accomplish both. 

Rent a room or RV

Do you have a spare bedroom in your home? You could rent it out on Airbnb. While no system is perfect, they run background checks on all prospective tenants to protect your safety. Hosts can also review guests and warn others if they leave messes or are too loud.

If you have little ones, you may still harbor concerns about strangers in your home. However, if you have a recreational vehicle, you can get in on the glamping craze. 

Alternatively, if you live in an urban area that sees a ton of commuter traffic, perhaps you have a trusted office colleague who could use lodging during the week and pay you extra cash for the privilege? 

Patronize your local library

If you prefer to cut corners rather than pad your income, you have an ideal partner in your local library. You could potentially save as much as $700 per year in subscription costs over services such as Netflix and Hulu. 

Are you weathering the current coronavirus pandemic with the little ones? If your library remains open, find activities to keep them busy. Some rent out games and entire consoles to delight tots stuck at home.

Start a cleaning service

Are you known as the organizer in your social circle? You can earn considerable extra cash by starting a cleaning service. You can post on community bulletin boards outside of local grocery stores or put an ad on Craigslist to drum up business. 

Additionally, you can reach out to owners of vacation rentals — they often provide a predictable secondary income stream. 

Sell items on etsy

Are you the crafty sort? If you can make a mean set of crocheted hanging dish towels or bountiful wreaths, you could sell your wares on Etsy for extra cash. The site allows you to list homemade items — jewelry, fine art, leather goods, etc. — craft supplies and vintage goods. 

Make this a bonding activity for you and your little ones. You can design creations together and teach your adorable assistants a lesson in budgeting by sharing in the profits. 

Pawn unwanted items 

Have your kids outgrown some of their favorite gadgets? You can get instant cash for them by taking them to the pawnshop. High-demand items include popular video games, iPods, iPads and other electronic devices. 

You can also safely sell old televisions, monitors, navigation systems and laptops. 

Babysit neighborhood kids 

Do you adore the little ones? Why not combine your love of your children into a babysitting or after-school program where your kiddos can learn and grow with others? 

You can even make this side hustle work if you’re homebound. Find online tutoring companies that need individuals with a bachelor’s degree or higher to assist learners of all ages. 

Become a virtual assistant 

Do you have bookkeeping or customer service skills? If so, you could assist small business owners by handling their back-office tasks in a virtual environment. 

If you want to add a credential, you can train online to become a Quickbooks Certified ProAdvisor. The program offers hands-on training and access to an expansive library of marketing resources and guides. 

Improve your finances as a single parent with these tips 

If you’re a single parent, your budget doesn’t have to stretch to the limit. Take these tips and pad your wallet today! 

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