I was never a senseless spender, but when I became a single mom at 32 with three young children and a newborn, I realized I needed to learn to manage my money better.
These are a few things I learned…
1. Keep track of all your expenses
You won’t be able to save a dime until you know precisely how you spend your money. I write down my monthly expenses to see where every dollar is going. You can see where you are overspending once you have done all those numbers. The sheer awareness of your spending and, at times, the complete shock of seeing the numbers on paper, will make you think twice the next time you purchase something.
2. Keep your bills as low as you can
Your monthly bills will eat up your money. What can you do about it?
First, call all your service providers and ask for a better rate. Nine times out of 10, you can save at least a few bucks.
Secondly, be willing to make do with less-than-stellar service. I don’t care that my internet is a bit slow since I got a single—parent household discount years ago, which has saved me hundreds of dollars.
Lastly, do not add any monthly expenses, even if they aren’t significant, unless they are essential, which brings me to my third point.
3. Cancel all unnecessary monthly subscriptions
More often than not, we sign up for subscriptions, and we forget about them. Go through them and cancel the ones you never or hardly use. Think like a single mom, “there is no way in hell I am paying for something not needed.”
4. Share subscriptions with family and friends
5. Go to the movies on cheaper days
If Netflix isn’t your thing and you enjoy going to the movies, plan to go on the cheaper day of the week. In Montreal, that is on Tuesdays. Find out which day of the week it is where you live.
6. Do not use paid apps
For every paid app, there is a free one just as good. I don’t pay for apps for myself, but when you have children, they always beg you to buy new games. So I use them as prizes. For example, I let them buy one cheap game if they do homework all week without complaining. Win-win.
7. Do not replace your electronic devices unless they are broken
If your device isn’t broken, don’t buy a new one. Don’t fall prey to constant advertisements that keep Apple rich and you poor. Resist the temptation to keep updating your devices, because there is no end in sight. If it is working, keep it.
8. Buy only what you need on sale
Buying things on sale seems like a good way to save, but be wary. It may feel like we are saving money when buying things on sale. However, you are only genuinely saving if you purchase something on sale that you would have bought anyway.
To go all out on Boxing Day or Black Friday, buying stuff just because it is on sale, will make your bank account thin and your home full of clutter.
50% off may sound alluring, but keeping 100% of my money in my pocket beats that any day of the week.
9. Be part of a community that shares
Better than paying less for something is getting it for free. I am lucky to be part of a community where moms are constantly sharing and giving away toys, clothing, shoes, kitchen appliances, furniture, you name it.
As I write these words, I am sitting on a queen-sized bed. I just got it FOR FREE today. Preach it, girl!
Join groups on Facebook or other platforms where people are giving stuff away; who knows, maybe one person’s trash is another person’s treasure.
10. Borrow and lend whenever possible
Different stages, holidays, and special occasions will require additional items, clothing, tools, etc. But the truth is, you won’t need them all the time, so buying a bunch of stuff you will use once, letting them collect dust and clutter your house until you have so much stuff you don’t even remember you have, it’s a terrible idea!
Instead, share and borrow from family, friends, and neighbours; it’s better for the environment, everyone saves money, and you get more use out of the items and less clutter. What’s not to love about it?
11. Do it yourself
If you know how to do it, do it yourself. It will save you lots of money.
For example, getting my hair coloured. Going to a high-end salon will cost me $70 plus tax, and an average salon costs at least $40. I just bought the hair dye kit at the store. It cost me $6.96, to be exact. Plus, I don’t have to drive there, waste gas, and time looking for parking or waiting for others. Instead, I can do it at my house for less than $7 while I read articles on my phone, wash dishes, or chill for a few minutes, for goodness sake!
You can also do it yourself: mani and pedi, wash your car, file your taxes (a complete nightmare, I agree), iron your shirts instead of taking them to the dry cleaner, brew your coffee, etc. Knowing how to do bigger and better things will save you much more money, like building a deck, tiling a bathroom, or fixing appliances.
12. Do not buy books
If you are a bookworm like me, the local library will be the hottest place in town. Almost every neighbourhood has a library where you can take out many books for free. I am always borrowing books from friends. Yes, you saw that one coming. Used bookstores are another dream come true. The books are in excellent condition, sold for super cheap and tax-free.
13. Dollarstore is the place to go
Dollar stores are my favourite everyday type of store. You can find all your daily items for a fraction of the price. My go-tos are cleaning and school supplies, personal care items, gift bags, gift cards, and seasonal items like sand toys in the summer and holiday decorations in the winter.
14. Free and fun outings
You don’t have to spend money to have fun. I borrowed skates from a friend in the winter and went outdoor skating. In the summer, a picnic at a park, reading on the grass, and playing soccer with my boys is a pure delight.
Plus, search for free activities in your town. My favourites are strolling around town and sightseeing (I love those narrow old city streets), summer music festivals, public pools, beaches, free museums, chilling by a lake or river, street shows, and street art. BOOM!
15. Do not buy things you don’t need
As I was writing this, I asked my 8-year-old son. What is a good saving tip? He said casually, “Just don’t buy things you don’t need.” Mic drop. Nuff said!
