Low-Budget Financial Strategies for Single Parents

Managing finances may seem easy if you work in finance. But that does not mean accountants, for example, can always manage a personal budget well. Nor does it mean those with no knowledge of accounting cannot manage their finances well.

Financial management is one of the biggest challenges, both for singles and married couples, and even more so for single parents (single mothers or fathers). If you are a single mom, relying on only one income to meet your family’s needs, this is clearly not easy. All the more so if the money you have to manage is very limited.

So, how do you manage your finances on a limited budget as a single parent? 

1. First Things First – Put Basic Needs First

If we have food and clothing, we will be content with that. – 1 Timothy 6:8 

Always set aside funds for the most important things, namely the basic living needs of your little family. There is no need to chase the latest clothing trends or hunt for snacks that are going viral on social media just because you are afraid of being seen as out of date. Set aside the idea of pampering yourself at the spa, getting regular manicures-pedicures, or routine reflexology massages. Groceries, water, electricity, and your family’s daily needs are more important than all of that.

However, that does not mean you should simply neglect your appearance by going out in pajamas, with messy hair, a dull oily face, or by bathing infrequently. Even if you live simply, you should still look fresh, clean, and well cared for. That way, your children and the people around you will not be dragged into stress but instead be inspired by your situation.

2. Adjust Spending to Your Financial Budget

For which of you, wanting to build a tower, does not first sit down and calculate the cost, whether he has enough money to finish it? – Luke 14:28 

Clearly, your secondary needs are no less numerous. You may want to have health insurance, pay for your child’s college tuition, save for the future, make vehicle installment payments, and so on. You hope your child can join activities outside school, such as music lessons, English, math, and the like. Sadly, the heart may long to embrace a mountain, but the hands cannot reach it. 

Put off expenses that you are not yet able to afford. As a parent, you surely want to give the best to your children. However, since the situation does not yet allow it, you must be willing to let go of those desires for now.

Adjust your spending standards to fit your budget. Even if you cannot provide the very best for your children, there is no need to worry. In this digital era, your children have many ways to learn. They can read books/e-books, watch tutorial videos on the internet, and listen to podcasts or online radio for free. My two children love music, and they learned to play musical instruments through YouTube videos. 

Besides that, you can also ask friends or acquaintances to help provide tutoring or guidance in non-academic interests for your child. Before final exams, a sister in the community usually helps my child study at a cost our budget can afford. 

A low-budget situation does not necessarily have to make you bitter or hopeless. There is always opportunity and a way out if we are observant, willing to make an effort, and, not forgetting, ask for God’s help through prayer.

3. Do Not Be Wasteful

Precious treasure and oil are in the dwelling of the wise, but a foolish man squanders them. – Proverbs 21:20

The Bible calls a wasteful person foolish. When I was young, I was not good at saving money or setting it aside, and I was also known to be wasteful. Becoming a single parent forced me to learn to do it. Although sometimes I still fail to be frugal, I am now used to saving and have a healthy household budget. 

I have made it a rule that my children’s education fund must not be touched. I want them to be able to study with peace of mind because they know the money is always there, and they will not have to drop out of school.

To keep your spending in order, put your weekly budget into an envelope. If you have an electronic wallet (e-wallet), limit its balance each week as well. Then, keep your spending within the funds available in each envelope / spending category. Make sure you save regularly every month, even if the amount is not large. Remember, little by little, it becomes a hill.

4. Work Hard

When you eat the labor of your hands, you shall be happy, and it shall be well with you! – Psalm 128:2

Proverbs says hard work will make you happy and improve your circumstances. When my child was still in kindergarten, I offered clothes to mothers who were waiting for their children at school. As a result, I earned enough income to support our daily needs.

I also know a single mom who did not have a fixed income. For five years, she struggled to meet her family’s needs by selling online and trading basic groceries with very limited capital. After her business closed because she ran out of capital, she did not lose heart. She gathered funds again and opened a catering business, which eventually bore fruit. Her five years of hard work were not in vain!

So, do not be ashamed, much less too proud, to do new things. Whatever you can do, just do it, as long as the work is lawful. 

Cast all your anxiety on Him, because He cares for you. – 1 Peter 5:7

Besides working hard, do not forget to surrender everything to God. Do not let worry dominate your life. When worry strikes, lay it at His feet, and let Him care for your life. Do your best and let God do the rest.

Lastly, remember to give back to God what you receive through tithing. The amount is not the issue. Most importantly, it is an expression of your gratitude. Giving back to God also keeps us from being greedy and self-centered.

Give it a try, and God bless you!

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The GKDI church is currently present in 35 cities. We have Bible Study activities in every area; if you need information or would like to get involved, contact us at GKDI Official Church:

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