Budgeting As A Single Mom
Being a parent is one of the most wonderful things in the world, but to be honest, it can also be pretty stressful and challenging, particularly in the beginning.
Being a single parent means you're solely responsible for your family finances. As the provider, it also means that things can get expensive.
Many moms can’t afford to be unemployed because of the many baby expenses that need to be taken care of. So, what are the biggest financial challenges for new moms?
Let’s First Talk About Benefits for Parents
Countries That Prioritize Well-Being Of New Moms And Parents
There are some countries that do not have any federally-mandated policy to give new moms paid time off, including the USA, Papua New Guinea, Liberia, Lesotho, and Swaziland. But luckily, there are some countries that care about new parents, like Iceland, Sweden, Denmark, Hungary, Finland, Estonia, and France.
Can Single Moms Access Home Loans?
Although there aren’t particular home loans for any single parent, there are a couple of mortgage programs that can potentially suit single moms. If you’re interested in something like that, then maybe comparethemarket.com.au can provide you with in-depth information in terms of finding the best home loans. Namely, these types of loans can potentially help new mothers get around the issue of lower income when purchasing as a single parent.
The Biggest Expenses New Moms Face After Childbirth and Tips
Child Care:
This is especially true for those who were forced to return to work right after their baby was born, yet due to the pandemic, found it difficult to find someone to look after their newborn. Finding reliable child care that is affordable is one of the biggest challenges for new single moms. There are a number of ways for a single mom to afford daycare. She can take advantage of tax credits, income-based daycare or assistance programs. Other options include finding creative solutions for child care. Coops and shared time with family or friends are good alternatives. Remember it takes a village and no one said you needed to go at this all alone.
Medical Costs
First and foremost, let's start with medical bills. When it comes to the USA the average parent is forking out around $14,000 for the labor (including the insurance coverage). In New York, it goes up to $17,000 while Arkansas is approximately $7,000.
It's worth mentioning that the cost of routine birthing care mostly depends on the place you live in along with the insurance coverage, which is why it would be smart to first properly go through your policy to see what your expenses will be for things like a hospital stay, various tests, prenatal care, and postpartum care and consultations.
Automate your finances
The best thing you can do when budgeting as a single mom is to automate your finances. As a mom, you stay super busy, making it easy to pay bills late because you forgot.
Automating your finances can simplify your budget and your life because you set up your bills to be paid automatically. This will prevent you from paying bills late and racking up expensive late fees.
Call your providers and set up your bill due dates to the same dates you are paid. This way, you don't risk overdrawing your account. Remember to set up automatic transfers to your savings accounts too. Saving money automatically will bulk up your emergency fund fast.
Baby Things
There are so many things that need to be purchased for the newborn if you want to be sure they have everything a baby needs. To start with, read our blog posts on what are the real baby must haves. Things you really need such as an infant car seat, stroller, play mat, monitor, basic footies, breastfeeding items, diapers bottles, and the list goes on.
All these items are a basic necessity that requires a substantial amount of money. If you are located in the UK this is a great blog to help prepare for your baby's arrival. And when you're about to become a new mom, a lot of these can be added to a registry so your friends and family can help you with the most necessary (and expensive) items.
Raising a baby is far from easy, particularly if you’re a single parent. But there are support services and people that can help make the process easier.
