With today’s uncertain job market and economy, we will all face financial difficulties at some point. I know this firsthand because I was a single mom for many years. These tips will not solve all of your financial problems, nor do I think I have all the answers. I’m always learning, too. The tips are intended to help you gain quick momentum, so you can start changing your circumstances. When you find yourself in these situations, it’s important to know you’re not alone and to take quick action, so you can start to feel better and get a few quick wins on the board.
To help you get started right away, I came up with this list of things I would do right away if I sensed tough times on the horizon. Depending on how bad your situation is, you may also need to start looking for a higher-paying job or start learning new skills to increase your chances of getting a new job. Increasing your income will make the biggest difference and also help you save more for the future. You don’t have to wait until you are in a financial crisis to cut back. You can apply the extra you find to savings or another goal you’re working toward.
- Pray and ask God for help. Be honest about your situation. It may be hard to hear, but telling yourself the truth will help you to see how bad the situation is. If you’re using credit cards for basic needs, you need to make changes fast. The Bible instructs us to pray and ask Him for help. If you feel desperate and in need of hope, it’s the perfect time to pray. Read the Psalms and speak them over your life, and read Proverbs for wisdom and insight about your finances.
- Tithe. When you’re in a desperate financial situation, it can be hard to imagine tithing 10% of your income, but I would encourage you to try and start small, if you feel you can’t afford it. Donate items you already have and don’t need, volunteer, do kind acts for others, and start giving a little financially. When I was raising my kids alone, I often reminded myself of the verses in Mark 12:41-44, regarding the story of a poor widow’s two copper coins were viewed as a bigger sacrifice than what the rich brought to Jesus because she was giving out of what little she had to live on. God saw her heart posture and desire to give, though she didn’t have much.
- If you’re able, immediately find a part-time job or start a side hustle that will increase your income within a few weeks. Working a second job is one of the quickest ways to pay down debt or get yourself out of a hole. A job in retail or food service, a few evenings a week and/or weekends, is usually easy and quick to obtain, and it will result in a paycheck within the next week or two. It’s not easy, but it can help you get ahead or pay down debt much faster. It can also cover groceries, if your bills take all of your existing income. If you have young children, this won’t help much if you have to pay for childcare. Instead, try to find a side hustle you can do from home or with your kids, such as walking dogs, or a creative talent you can use to make fast cash. With the holidays coming soon, many places are hiring extra help, and people are more inclined to buy homemade gifts from your side hustle.
- Immediately return any unused items you purchased and plan not to use, wear, or don’t need, assuming you are still within the return window, which is often 30-90 days (look on your receipt to confirm). These items can quickly pile up to hundreds of dollars. Even if you don’t have the receipt, they may replace it with a gift card or allow an exchange that you can use to cover an immediate need.
- Evaluate your subscriptions. If you can’t afford it, get rid of it. A quick way to do this if you have an iPhone is to go to your settings, then subscriptions, and then cancel each one in minutes, before you change your mind. For other subscriptions, you may have to go directly into the app or website.
- What about other recurring fees and subscriptions? If you order many essentials from a site with free shipping, it might be worth keeping your subscription for the saved shipping costs, but see what you can pause or cancel. By pausing subscriptions, you have time to take a break and see what you really do need, or don’t need.
- Post items on social media marketplace sites or in groups. Consignment shops are great, but you will get your money quicker by selling them yourself when you need money fast.
- Have a garage sale. Who needs all that clutter anyway? Ask a friend or family member to join you and sell many items over the course of one weekend. This money can be applied to a debt or an emergency savings fund.
- Donate what’s left from your garage sale. Donating can help you feel better and recognize that even in tough times, you still have enough to be generous to others. Why would you want to hold on to items you no longer want or need?
- Make a list of discretionary spending so you know where to cut back quickly, if the situation continues or gets worse. You might discover changes you can make right away.
- Get a new quote on your insurance. Maybe you can get more insurance for the same price, or save by changing insurance companies. $20 might not sound like much, but over the course of a year, that’s $240 you can apply to debt or savings.
- Review utilities and other monthly expenses, such as your cell phone and power bills. Maybe you can change your power supplier through the power company’s website, or find a better deal with a competing provider.
- Look at spending on health and personal care. If you need medical treatment, you need it, but see if you can find new options. Try to live a healthier lifestyle overall. If you have medical debt, reach out to local hospitals. Find out if you can apply for assistance or get the debt paid off. Community colleges or local health clinics may also offer free or reduced health and dental appointments.
- Check your credit card spending and your rewards. If you’re in a bad financial situation and paying interest on credit cards, you need to find a way to stop using credit right away. If you already have rewards, use them. If you have rewards programs with any stores you shop at regularly, or credit cards you use (and pay off ), you may have unused rewards. If so, use them toward gifts or gift cards at stores like Kohl’s or Macy’s, where you can buy gifts for almost anyone, or a needed item for your family. Other rewards might offer savings on items you need. Just be cautious not to increase your debt or spending when using the rewards.
- Make a list of grocery and personal health items you buy regularly. Then compare the prices to where you buy regularly, to a membership store. If many items are cheaper, see if you can get a free membership to a warehouse store like Sam’s. When you’re short on cash, you’re not going to be able to go buy a full cartload of bulk items, but you can slowly go get a few items like toilet paper or dish soap, and buy in bulk a few items as you are able, which will slowly save you time and money. Just stick to your list and don’t get caught up in buying extras. Not all items are cheaper at warehouse stores, so you need to compare.
I hope these tips I learned while getting by as a single mom help you and your family, too. Do you know other tips? Please add them to the comments, so we can all learn from one another.
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