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.

---

More Money? My Cup Runneth Over...But Im Still Thirsty

Most of us, especially those of us who have debtor's... Read More

Accessing Funds You Never Knew You Had- Household Utilities and Mortgage Expense Reduction Plan

For most of us the process of getting out of... Read More

Check Fraud and Verification

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

Saving Dimes Can Go a Long Way

On the other hand, there are those people who are... 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

How to Save for A Down Payment

Saving for a Down Payment is hard work, so it's... Read More

Grocery Savings - Your Kitchen is a Goldmine!

Your food budget is the most flexible area of your... Read More

Budgeting: A Tough Love Way to Handle Your Household Budget

Developing and living by a household budget is by far... Read More

Creating A Household Budget

Creating a budget can be a very difficult task. Although... Read More

Budgeting Made Easy

Well, dang! From what I've heard and read, it looks... Read More

Resources to Help You Learn About and Protect Yourself from Identity Theft

There is a new bill that is being passes, it... 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

Save Money on Gas

Gas prices have soared to unimaginable heights of late. Since... Read More

Your Dry Cleaner?s Double Standard

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

5 Steps to Healthy Spending Habits

Next to our physical health most of us are primarily... Read More

Dramatically Improve Your Stock Trading Success

Get Access to Realistic profitable strategies & discover the mindset... Read More

Budgeting your Savings - Did You Let Your Piggy Bank Get Away?

I think most of us have at some point in... Read More

Single Mother Resources Directs You Towards Success

As a parent you are bound to face a few... Read More

Personal Finance ? Why You Should Compare, not Despair

Sorting out your personal finances can be a tricky and... Read More

Do You Really Need the Power of Money Management Software?

I have been a loyal user of Quicken(R) for more... Read More

Saving Money On Gasoline For Your Automobile

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

Basic Bank Accounts Failing the Basic Needs of Consumers

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

How to Obtain a Non ChexSystems Bank Account Without Being Scammed

Predatory lending exists in the mortgage industry. It's typically when... Read More

Money Matters: Strengthen Your Marriage by Putting Finances in Order

Did you know that 43% of all married couples argue... Read More

Identity Theft is a Major Problem: Whose Responsibility is It to Protect the Consumer?

We have heard a lot about consumers' personal information getting... Read More

Simple Ways to Save Money

Things are so expensive these days. We seem to be... Read More

Five Secrets for Long-term Financial Success

Future financial success is not a guarantee that any one... Read More

How to Attain Your Dreams on a Single Income

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

Bankruptcy Chapters Explained

Chapter 7The potential chapter 7 debtor should understand that a... Read More

Save Money on your Clothing Budget. Tame the Closet Monster!

Reducing the clothing budget was a serious challenge for me.... Read More

A Quck Lesson in Saving Money

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

Planning Ahead with Your Finances

If you, like most people, have not seriously considered what... Read More