We have served single mothers for almost two decades, cresting over one million single moms served, and there are three areas we consistently see where single moms need help – Parenting, Finances, and Mental & Spiritual Wellness. This is why our ministry is dedicated to bringing practical life skills through God’s Word. With recent economic challenges, we know single moms are looking for creative ways to save to maximize their sometimes limited budgets. While not any one of these ways is going to be earth-shattering or dramatically change your financial situation, the culmination of many small changes can quite literally save you thousands of dollars annually.
Here are a few to check out:
1. Skip the premium coffee. Invest in a thermos and make the hot stuff at home! It is estimated that a coffee shop’s average cup of coffee with all the fixings is $7 (at the time of this writing), and the average American buys 3 per week. This is almost $84 per month spent on luxury coffee. That's over $1,000 annually!
2. Unplug all appliances in your home when not in use. That's right. Unplug that television, lamp, blender, and can opener. Even when appliances are not in use, they still use energy when staying plugged in. While savings is usually nominal, approximately $50 monthly, this small change can save you potentially $600 annually.
3. Call your credit card company and ask for a lower rate. It seems simple, right? The truth is, many Americans secured a credit card many years ago and have paid satisfactorily for many months or year, not knowing they can now negotiate their rate. The rate at which you secured a credit card may not be the rate the company offers to their preferred customers. For example, a card secured at 19% interest could very well now qualify for 10% interest. Credit card companies know there are many competitors and that customers can easily make a balance transfer to a new company, so give your company a call and see. While there are no guarantees, they are definitely not going to lower it without an ask (Note: Obviously, we recommend having $0 credit card debt but in the event you already have the debt, get the lowest rate possible).
4. Shop cable, internet, stream services, and phone company rates. Most of us sign up for these basic services when moving into our new place and rarely ever do anything different. Because the economic market can become suppressed, competition among such companies is very high. Call your companies and tell them you are shopping rates and considering a change. Ask for their very best deals.
5. Refinance your home, if you are a homeowner. While interest rates on home loans vary from year to year and even month to month, various lenders can offer different loan products that may bring economic benefits. Consider refinancing your home loan for a lower rate, shorter term, or even debt consolidation that can save you thousands.
6. Don't spend money just to save. Avoid sales for items you don't need, regardless of how great the price is. This is especially true in large bulk discount shopping. Ensure you are not buying six months of toilet paper just to save, especially when you don’t have the extra monthly margin to do so! Do the math.
7. Take advantage of coupons and rebates. Couponing alone could become a full-time job, and most of us do not have that type of time to dedicate to the task. However, if you make even a minimal effort to research what grocery and discount stores in your area are running special coupon programs, you can literally save $100′s every month. It is well worth an hour of your time per week. Now, with a variety of budgeting and coupon online programs and apps, it is easier than ever to save with little effort.
8. Learn about "Kids Eat Free" specials in your area. There are websites, apps, and community groups in almost every area that broadcast daily kids-eat-free restaurants. If you are going to eat out anyway, why not find the places that will allow you to bring children for free?
9. Learn the art of the Crockpot Meal. The slow cooker is a God-send for busy, working single moms (and moms in general)! There are hundreds of recipes to cook almost any kind of meat, casserole, soup or dish. Not only do slow cooker meals offer nutritious, time saving meals for your family, but they often yield leftovers that serve as lunch or two-night dinners on limited budgets.
10. Buy only used automobiles. This is likely a no-brainer, but brand-new cars lose their value almost immediately. Yet, we often pay monthly notes for them for years. Cars are made so efficiently today that almost any car is certain to last for decades. Purchase a good used car that is efficient on gas mileage and has good reviews. Take the time to shop and compare. (Note: There are some instances where your used car is costing you more in car insurance and gas mileage than a slightly less used car would, so beware of cars that become TOO old!)
11. Drive slower. Simple, but very true. Faster speeds burn more gas. With gas prices sky-rocketing, you can save hundreds annually by simply going 5 miles slower per hour.
12. Ask for discounts on everything. While this seems simple, what used to be a common consumer practice is not quite so common anymore. Many places of business of all types have daily, weekly, or monthly specials, as well as clearance areas, discount racks, and reduced pricing for limited time. The point is, research, due diligence, and a little boldness go a long way in saving money.
13. Take a financial education course. Financial education coursework can help you identify unnecessary spending and are often free through local churches or nonprofit centers. They can also be helpful in developing a budget and determining long-term asset-building. (Hint: Check out Single Mom University and apply for a scholarship today HERE!) Use coupon code: TLSMART.
14. Color your own hair. Most people can't even tell the difference! While some of you blessed ladies are either too young to be graying or embracing your gray season, there are many of us still fighting the gray! That said, salons can charge upwards of $200 for root coverage and a box of dye costs $10! You do the math!
15. Carpool when you can. While not realistic in some areas or with some schedules, carpooling still saves money. Splitting gas costs between two single moms is far cheaper than the gas it takes to run two cars, so consider carpooling, when you can, even if only a couple of times a week.
16. Get discount haircuts and hair services at cosmetology schools in your area. Many vocational schools offer daily or weekly discounts to the community for manicure or hair cutting services in order for their students to obtain valuable hours of on-the-job learning. (Hint: Some also even offer free services!)
17. Go meatless a few times a week. While meat is certainly a good source of protein, it can be expensive. Consider hearty bean soups or other dishes a couple of times a week to help reduce grocery budgets.
18. Sign up for email lists for stores & restaurants. Many businesses send their followers special discounts that are only offered to their email lists, so be sure to join the list!
19. Use store brands. There are a few exceptions on quality, but did you know that many store brands are made by the exact same company as the name brand?
20. Use price matching. Some grocers and discount stores still do price matching. Check with your local stores to see if they will. Not familiar with price matching? Simply shop area prices for toiletries, groceries or similar and if grocery store A has lower prices on their pork chops than grocery store B, often grocery store B will honor the price of their competitor. This is especially helpful if you want to reduce time and gas but wanted to maximize discounts at multiple stores. Again, this is a store-by-store practice so ask in advance.
21. Major medical bills can be discounted. If you owe any medical debt, many of the hospitals, doctors' offices, etc., are willing to take a discount to get some of the balance, rather than writing it off to get none of the balance.
22. Always perform car maintenance on time. Just like taking care of your body will save you money long term on medical costs, regularly tuning your car through changing oil, getting routine maintenance checks, etc. saves you money on costly backend repairs.
23. Drink more water. Not only is it a much better option for you than sodas or juice drinks, it's often free at restaurants. Additionally, the more water you drink, the fuller you feel, causing you not to overeat, which will also save money.
24. Say no when you have to. Maybe Christmas is going to be light for the kids this year. Maybe you can't afford to participate in that field trip. Maybe you have to skip a birthday party or even just be honest with the host that you can't afford a gift. Don't overspend when you don't have it.
25. Opt for the park instead of the movies. Entertainment is important, and we need to do social activities to foster friendships, but the movies and other external entertainment have gotten more and more expensive, so go to the park or go to a local community center instead. Or...opt to participate in volunteerism and serve others. There are several creative ways you can have fun, be social, and do it for free.
26. Pre-plan! Pre-planning vacations, grocery shopping, monthly budgets, and future needs consistently saves money. In other words, intention yields benefits!
