Advertiser Disclosure

Dave Ramsey Team: 6 Budgeting Tips for Single Moms

February 5, 2025

5 min Read

Written by Nicole Spector

Edited by Molly Sullivan

©Dave Ramsey

Commitment to Our Readers

GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.

20 Years
Helping You Live Richer

Reviewed
by Experts

Trusted by
Millions of Readers

Pretty much everyone who isn’t wealthy is having a tough time right now thanks to rising costs of living and wages that aren’t keeping up with the times; but single parents usually have it the hardest. Though there are plenty of single dads out there, single moms are far more common. Close to 17% of all American households with children are run entirely by a single mom. This means there are more than 6 million single moms in the U.S.

Since single parents may not have the luxury of a second income flowing in to help tackle expenses, they have no choice but to be aggressive about saving money. In a new blog post on Ramsey Solutions, the Dave Ramsey team discussed a number of useful budgeting tips for single moms. We’ve highlighted six tips that can serve them.

Build Your Financial Life Around the ‘Four Walls’

What are the four walls? This is a concept Ramsey and his colleagues often refer to. The four walls are basically the four essential expenses in life that are non-negotiable: food, utilities, shelter and transportation. You can’t put these expenses on the chopping block. So, carve your financial life around them.

“You want to make sure you’ve got enough to feed your kids and yourself, keep the lights on and put gas in the tank to get to work,” the Ramsey team wrote. “If you can at least do those things, you won’t have to stress as much about making it to the end of the month.”

Today's Top Offers

Be Aggressive About Cutting Excess Spending

Kids are expensive and though some of the expenses they incur are necessary (going back to the four walls), are all of them?

“Do you really need all those streaming services when your kids just watch Disney+?” the Ramsey team wrote. “Even little treats like lattes and pizza deliveries add up. Decide what you’re willing to live without in order to save more each month.”

Eliminate Debt and Avoid Future Debt Like the Plague

Don’t have enough cash to comfortably afford something you want so you throw the purchase on a credit card? Please stop doing this and focus on eliminating whatever high-interest credit card debt is already breathing down your neck and holding you back from financial freedom.

“Decide right now that you’re done with debt. And start taking the steps to pay off any debt you currently have,” the Ramsey team wrote. “The best way to make progress is with the debt snowball – once you knock out that smallest debt, you’ll have unbelievable momentum to keep going!”

Think About Refinancing or Downsizing

Do you own a home and feel crushed by your interest-heavy mortgage payments every month? If so, refinancing your mortgage could be a smart, money-saving move.

“If you have a mortgage, look into refinancing,” the Ramsey team wrote. “It could help lower your payments and give you some breathing room while you take care of other money priorities.”

Today's Top Offers

Another money-saving move pertaining to housing is downsizing. You can benefit from this maneuver even if you rent.

“If your housing budget line is what’s causing you the most stress, consider downsizing into a house or apartment you can better afford,” the Ramsey team wrote.

Have Transparent Conversations With Your Kids

For various reasons, including, potentially, the desire to protect them, many of us don’t talk with our kids about money. Sure, we shouldn’t vent our anxiety onto them, but we should talk to them about money. It’s a smart thing to do regardless because it gets them in the habit of understanding that transparent communication about finances is a tool that will behoove them for the rest of their lives.

“We understand wanting to protect your children from your own financial worries,” the Ramsey team wrote. “But children can sense when you’re stressed or when finances are tight. It’s best to be honest and talk to your kids about money – in an age-appropriate way, of course.”