Three-Step Saving Method for Single Moms

Cash crunch is one of the most important problems that single moms have to face. While it is a fact that it is hard to save any money, it never is impossible.

A second look at our expenses will reveal the fact that there were several ways through which we could have saved at least 50% of that money. One reason why single moms, or for that matter anyone, fail to save is that they do not know where to save money and where to spend money.

Many single moms save a penny on silly things while at the same time spend a fortune in some other area or spend too much without ever realizing it.

The whole problem of cash crunch can be solved in three simple steps:

  • Identifying areas where you can save money.
  • Formulate more than one method of saving money in those areas.
  • Executing the plan.

The first step towards saving money is to be fully aware of where your money is being utilized. It is a general fallacy that saving money is all about avoiding luxury.

While this is true, it is also true that single moms can save a significant amount on their daily expenses too. Best example here would be groceries. If you are ready to take a little pain in finding out super saver grocery stores, then you can definitely save a lot in a month on groceries.

Similarly, there are many other areas where you are spending more than what you should and those areas are left unnoticed. So, if you can identify the potential saving areas, half of your problem is solved!

Next step is to find out or formulate more than one method of money saving technique. A single method may not work always and in all situations. It pays to have a backup plan. Set aside some time for thinking.

Talk to your friends. Participate in online discussion in forums, chat rooms, etc. You will be surprised to know how many people save using simple yet effective techniques. Jot down these points and analyze them in-depth. See if you can use any of them in your life.

Just by keeping your eyes and ears open, you can find out many such effective plans that can save you more than you could have imagined.

Finally comes the execution plan. This is the most challenging one. You need to have a strong mind and sense of purpose to execute all those plans that can help you to save.

For this, you may set weekly plans and cross check it at the end of the week. This method of cross checking will remind you of your saving plans. You may prepare an excel sheet detailing your plans.

This excel sheet would include details like areas where you wish to save, mode of saving, amount expected to be saved at the end of the week via this chosen method and the like. The key is to quantify everything. This will make cross checking easier.

With these 3 simple steps, you can kick start your saving program!

Leanda Bailey
 

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