In South Africa, 39 percent of children live with their mother only. If you’re a single mom, you know that living on one income while raising kids is difficult at best.
But there’s hope. Learning about personal finance and how to budget is a great first step. It leads to a lifetime of good financial habits. Budgeting also models good financial behaviors for your children.
Want to learn about single mom budgeting and how to get ahead? Keep reading!
Average South African Salary
The good news is less than 10% of employees in South Africa earn less than a gross income of R3,500 per year. But at an average banked salary of R13,964, most people must budget to avoid falling into debt.
Having a good budget helps, although sometimes you’ll find yourself falling short anyway.
The cost of Living in South Africa is low relative to other countries. But wages are also much lower than in other countries throughout the world. In cities such as Cape Town and Johannesburg, food and housing are more expensive. But wages are higher as well.
Simple Single Mom Budgeting Tips
Tip 1: When it comes to budgeting, get your priorities straight. If you own a smartphone, download a budget-tracking app. A good app tracks your bank accounts and spending so you don’t have to.
Set up text warnings to let you know if you exceed your budget.
Make a list of absolute essentials, such as food, housing, and utility bills. Those bills get paid first. An easy way to save is to have part of your paycheck put directly into a savings account. That way, you don’t notice it’s gone.
If there’s any money left at the end of the month, stash it into a savings account.
Tip 2: Look for the best discounts. Many South African banks offer ways to put money back into your account. Petrol stations and stores offer programs through the bank. Make sure you’re on your bank’s email list.
Get on newsletter lists for your favorite stores. This ensures you’re getting up-to-date coupon offers.
Tip 3: As a single mom, make an emergency fund a priority. Any bonus or 13th check you receive in December goes straight away into a savings account.
Tip 4: If you celebrate holidays in December, ask your loved ones for practical presents. Shoes and school clothes should top the list! The cost of schooling has risen dramatically. Save a small amount each month in an education fund.
Tip 5: If you have an unavoidable emergency, a small low-interest payday loan can help. But remember that a loan is then high on the priority list for repayment.
Sometimes You Need Help
Even the best single mom budgeting sometimes falls short.
If you’re in a tough situation and need emergency funds, a small loan can help. There are lots of predatory lenders. Make sure you use a reputable service that doesn’t charge hidden fees.
Are you looking for a small reasonable loan to help you through to your next payday? Click here.