Budgeting on a Low Income – Making Every Penny Count

💰 "A budget is telling your money where to go instead of wondering where it went."

In the UK—and I’m sure around the world—many of us are feeling the pinch when it comes to managing finances. It often feels like the essentials, especially healthy foods like fruits and vegetables, are the most expensive.

As a single mother, I’ve had to be intentional about budgeting to make every penny count. I’m not perfect at it, but I’ve learned some strategies that help me stay on track. Here’s how I manage my finances each month:

Step 1: Plan Before You Shop 🛒

Every week, I take stock of what I already have in my cupboards before heading to the shop. I write a list and try my best to stick to it. I give myself a strict budget, and while I sometimes go over, it’s usually for items that will last me weeks or even months.

Step 2: Shop Smart, Not Expensive 🏷️

I rotate between supermarkets based on affordability. My go-to stores are Lidl, Aldi, and Sainsbury’s (since I can use their discounts). I sometimes shop at Tesco and Asda, but I find them a bit more expensive overall. No matter where I shop, I always compare prices and look out for deals on essentials.

Step 3: Set a Monthly Budget & Review It 📊

At the beginning of each month, I create a budget. At the end of the month, I conduct an audit to assess my successes and areas where I’ve overspent. This helps me adjust my spending habits moving forward.

Step 4: Planning for Extra Expenses (Like School Holidays) 👩‍👦

April means a half-term break, which brings extra costs since my son will be home from nursery. Normally, I pay for his lunch and snacks at nursery, but now that money has to stretch for meals at home. To prepare, I’m already looking at cheaper meal options and ways to entertain him without overspending.

Bonus: Use a Budget Tracker 📝

I use a budget diary that helps me track my spending. I’m not affiliated with it, but I wanted to share it since it’s been helpful. If you prefer a digital option, a simple Excel sheet or even a notebook can work just as well! Budget Planner. Here's a simple budget planner that you can also download https://docs.google.com/spreadsheets/d/12YKXZmx1LRucFYTcyrpGh8fnSK5fBGzMJSaH-zTjYm4/edit?usp=sharing

(psst make a copy to make it your own)

Here's a basic budget template you can try:

🌟 Your Challenge:

• Set a budget for the month.
• Track every expense—no matter how small!
• Identify one area where you can reduce your expenses.

📢 Let’s Talk!
How do you manage budgeting on a low income? Share your tips in the comments! Let’s support each other on this journey. 💕 #BudgetingTips #SingleMomFinance #MoneyMatters