Financial Freedom for Single Moms: A Step-by-Step Plan

Start where you are — build the future you want

Author

Kiera Jacobs
May 29, 2025

Hey Momma,

Debt can feel like an unshakable weight, especially when you’re balancing the financial and emotional responsibilities of raising a family on your own. But here’s the truth: achieving financial freedom is possible—even on a tight budget and a busy schedule. With the right plan and a little inspiration, you can take control of your finances and work toward a debt-free future.

Struggling with Debt While Managing Household Expenses

As the sole provider, every dollar has an assignment—rent, groceries, school supplies, and the “unexpected”. With every dollar seeming like it has a purpose, debt repayment often feels like an impossible dream; and high-interest payments can eat into funds that could be used for other essentials. It’s overwhelming, but with a plan, you can make progress.

A Simple Debt Repayment Plan and Motivational Success Stories

Step 1: Assess Your Debt

Start by gathering all your debt information. List each debt with the following details:

  • Type of Debt: Credit card, car loan, medical bill, etc.

  • Balance: Total amount owed.

  • Interest Rate: The percentage you’re charged annually.

  • Minimum Payment: The smallest amount required each month.

Step 2: Choose a Repayment Strategy

Debt Snowball Method

  • Focus on paying off your smallest debt first while making minimum payments on the rest.

  • Once the smallest debt is paid, roll that payment amount into the next smallest debt.

  • Why it works: The quick wins keep you motivated!

Debt Avalanche Method

  • Prioritize paying off the debt with the highest interest rate first.

  • Once that debt is cleared, move on to the next highest rate.

  • Why it works: You save money in the long run by reducing interest payments.

Step 3: Make Small Changes That Add Up

  • Round-Up Savings Apps: Use apps like Acorns or Qapital to round up your purchases and save the difference toward debt payments.

  • Cut Unnecessary Expenses: Identify one or two areas to reduce spending (e.g., dining out or subscription services) and redirect those funds.

  • Sell Unused Items: Declutter your home and sell items you no longer need on platforms like Facebook Marketplace or Poshmark.

Step 4: Celebrate Small Wins

Every time you pay off a debt—no matter how small—celebrate your success. Reward yourself with something budget-friendly, like a relaxing evening or a family movie night at home.

Download Your Debt-Tracking Template

To help you stay organized, we’ve created a simple Debt-Tracking Template you can download and customize! It’s a simple but highly effective tool to start working your way towards financial freedom - even on one income!

You’re not alone in these streets!!!

Remember, every step you take toward paying off debt is a step toward financial freedom for you and your children. It’s not about perfection—it’s about progress. You’ve got this!

Next Week’s Topic: “How to Build a Village – Finding and Nurturing Your Support System”

You need people? I got a community for you…

Have a tip or success story to share? We’d love to hear from you! Join our private Facebook Group “The Maverick Mommas” to connect with other single moms on the same journey.

I love you like cooked food after a fast,

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