money matters, money talks, tips and tricks

Being a single mum does not mean you cannot enjoy a good life and live without debt. Even if you have one income, it is possible to stay out of debt as well. With a little bit planning, responsibility, and diligence, even single stay-at-home mums can get to enjoy the fruits of their hard labor and stay off of debt, and raise kids, too!

Here are a few useful and easy ways to stay debt-free:

Start An Online Shop

You can start off by selling things that you can get for free from several online shopping stores. Collect them and find buyers to whom you can sell these items off at a much lower price. Since you did not have to pay for them, you can sell them at dirt cheap rates. You can also start an online business by selling essential or trendy items like baby stuff, oils, or make up. An online shop is easy to start as you won’t need big amount of capital to put it up. You can also start off as a reseller to bigger online stores in case you do not have sufficient money to stash up your own products.

Make Wise Decisions

It takes time, as well as conscious effort to spend your money wisely and save up, to be out of debt in the future. But know that simple measures go a long way in saving up cash and finally bidding goodbye to your debt.

  • If you own a car, consider selling it and taking public transportation, instead. Owning and maintaining a car can be very expensive. Unless your car is essential for work, you might as well sell it and use the money to pay off debt, for investment, or to build up your savings.
  • Define your needs as opposed to your wants so you can still live comfortably.
  • Plan your trips to the malls and shops and do not go unless it is absolutely necessary. You will only end up making unplanned and unnecessary purchases when you visit the mall while killing time or during your spare time.
  • Carefully plan your shopping and wait for those sale and promos so you can get items at a fraction of the original price. Make a list of the things you need to buy if you must, make sure to stick to your list, and see how much you can save this way.

money matters, money talks, tips and tricks

Stick To Cash

Skip the credit card and do not apply for one even if the urge is too strong. If you are planning to go debt-free, applying for a credit card is a bad decision. This will only lead you to more debt, what with interests and overdue. In case you have one, leave it at home when you shop and stick to cash purchases only. This will not only prevent you from making any unnecessary purchases, but will also keep you from overspending. This way you would not accumulate credit card debt and have to take up credit consolidation loans to clear them off. Be mindful of how you spend your money so that you can cut down on bills wherever and whenever you can.

Change For The Better

Change your habits and attitude for the better. Here are a few suggestions:

  • Curb on your eating out habits so that you can invariably stay away from fast and junk food.
  • Do not travel much and limit it to nearby areas to save on gas bills.
  • Try to stick buying pre-loved or refurbished furniture and similar things which are as good as new to save money.
  • Plan your healthy meals at home so you can save money with minimum food waste as well as on doctor’s bills due to ill health.

Written by

mumwrites

is a 30-something work-at-home mum who blogs in between home chores + child-minding. i love coffee, books + reading, collecting lovely postcards, + spending loads of time outdoors with my little man.