A budget can change your life SINGLE MOM

Finances and budgeting can be very challenging and painful for each of us, and especially for a single mother. Fear, insecurity, guilt, or loneliness can exacerbate your challenges to make ends meet and take care of all of your family’s needs. You often feel that you cannot go anywhere for help or advice.

ON common myth I hear from people I advise, including single mothers, “I don’t earn enough to have a budget.” My immediate reaction is: “You don’t make enough money have no budget, “

Let me encourage you to develop and live a spending plan, also known as a “budget”.

Think of a budget as a plan on how to spend the money we have. As Christians, we recognize that everything we have is a gift from God. We are not the owners; We are the managers of what he entrusts to us.

With a budget, you can know exactly where your money is going, and you can set and achieve financial goals. Budgeting allows your money to work for you. It doesn’t limit expenses. If we allocate the funds we have every week or month in advance, you have the freedom to spend without guilt or fear …the right way.

Know your monthly income

How much disposable income do you have? This includes all types of income – salary, interest, dividends, child benefit, etc. You need to know exactly how much you get every week or month and when you get it.

If you have inconsistent income, estimate your monthly income by dividing your total income from the previous year by


12. If you want to be more conservative, look at your last year and write down how much you have earned each month. Then remove the month that you made most Money. Add up the remaining 11 months and divide by 11. Set this as your basic monthly income for your budget.

Or find the month you did at least Amount of money and use it as a basic monthly income. It can be tempting to set your budget to your constant or high-income months, but this more conservative approach gives you a profit margin.

Know your monthly expenses

Next, determine what you spend. You can get an overview by going through your bank and credit card statements. To be more specific, write down your expenses for a month on your phone or in a notebook. Keep receipts, especially if you use cash, and enter what you have spent before the end of each day. This amount varies from month to month, but is helpful in building a working budget.

Create categories

Divide your expenses into categories. This is revealing and potentially painful as you discover your weaknesses but also find strengths. This is a valuable step in making progress. I like to divide my budget into simple categories such as fixed expenses (rent, mortgage, taxes, insurance, debt repayment, etc.) and variable expenses (food, clothing, entertainment, utilities, etc.). You can get the most out of it by quickly adjusting your variable expenses.

Compare income and expenses

Income less expenses should be $ 0 or a surplus. Adjust until this is the case.

Implement, plan and adapt

A budget is your visual guide to spending. Set goals and work towards them. Review your budget to adjust it as needed, keep it accurate, and achieve goals faster. Learn to be disciplined. This is the ability to say “no” to what you are doing want So today you have what you want need Morning. If you spend too much, do not give up, Learn from it, regret and carry on.

Expect expenses that are not due every month, such as B. Annual insurance, taxes, repairs and maintenance of cars, vacation, gifts, school supplies, clothing, etc., so that you have sufficient savings to cover them. This Budget hacks can help your budget a lot!

A budget only works if you edit your budget! So: “Hand your work over to the Lord and your plans will be set.” (Proverbs 16: 3 ESV)

God created you to live in communion with other believers. Think about finding a group of advisors or your “ironing board” (friends who will help you fix financial problems) that you can meet to get help with your budget and general financial advice. Proverbs 15:22 says, “Plans fail because they have no advice, but with many consultants they are successful.”

Trust God to take care of you as you apply His principles of faithful guidance to your finances. We have many free resources to help you. Consider ours money card or take online courses Crown online library, We are here to help! Let us know if you have any questions!

TLSM expert Chuck Bentley

Chuck Bentley is the CEO of Crown Financial Ministries, the largest Christian finance ministry in the world, founded by the late Larry Burkett. He is the host of the daily My MoneyLife radio show, which airs on over 1,000 Christian music and conversation stations in the United States, and the author of his latest book Money Problems, Marriage Solutions. Follow Crown on Facebook at Treasury departments of the Crown and visit the website at,

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