Parenting on a Budget: My Journey as a Single Mom

As I sit here today, a certified financial psychologist, author, and advocate for financial wellness, I can’t help but reflect on the winding road that brought me here. It’s a journey punctuated by highs and lows, moments of despair, and flickers of hope. But there’s one aspect of this journey that profoundly shaped who I am, both personally and professionally – my experience as a single mother.

For those who don’t know me yet, hello! I’m Lily Kensington, a former high school English teacher, a psychology graduate, and yes, a single mum to my beautiful daughter, Eva. When life threw me into the realm of single parenthood, it wasn’t just my personal life that took a detour, my financial life skidded off its tracks as well. I was left with the daunting task of single-handedly managing a household budget, raising a child, and navigating the labyrinth of personal finance – all with limited resources.

Embracing the Challenges

The first and perhaps most jarring challenge I faced was the sudden halving of our family income. Expenses seemed to multiply while resources dwindled. I was constantly playing a nerve-racking game of financial Tetris, shuffling funds around to ensure bills were paid, groceries were bought, and some semblance of stability was maintained.

During these early days, I realized that financial stress wasn’t merely a matter of numbers on a balance sheet. It invaded my sleep, strained my relationships, and triggered anxiety I’d never before experienced. It wasn’t just about managing money; it was about managing my mental and emotional health.

Learning to Prioritize and Budget

Budgeting, I learned, was not about depriving yourself or your child; it was about making informed decisions. It was about acknowledging that resources were finite, and that prioritization was key. My previous casual approach to finance had to take a backseat. I needed a plan that would offer a realistic snapshot of our financial situation.

So, I created our first single-mum budget. It was simple and straightforward, focusing primarily on needs – food, shelter, utilities, and education. Then came the wants – small treats for Eva, a coffee with friends, an occasional dinner out. We quickly learned the difference between the two and how to appreciate the ‘wants’ when we could afford them.

Developing a Savings Mindset

No matter how tight our budget was, I was determined to instill a savings mindset, not just for the sake of our bank balance, but also to teach Eva about the importance of financial security. Even if it was a few dollars a week, it was a step towards financial resilience. It was a small, powerful lesson in delayed gratification and long-term planning.

Through it all, I was transparent with Eva about our financial situation. I wanted her to understand that while we had to make sacrifices, it was a stepping stone to a better financial future, not a life sentence.

Navigating the World of Government Assistance

I learned to navigate the complex world of government assistance, a lifeline for single parents. The process was often overwhelming and bureaucratic, but it was a necessary part of my financial survival strategy. From family tax benefits to child support, these were not just subsidies; they were crucial elements of our financial landscape that helped us stay afloat during challenging times.

I found support in online forums and community groups, sharing experiences and advice with others in similar situations. We exchanged tips on everything from filling out complex application forms to the most affordable childcare options. It was a community of shared struggle, resilience, and wisdom.

The Silver Lining

Despite the financial stress and anxiety, I realized there was a silver lining. My financial struggles compelled me to learn about personal finance and financial psychology – knowledge that not only helped me manage my situation but also sparked a passion that ultimately led to a new career.

I began reading books, attending seminars, and taking online courses on finance and financial psychology. As I grew more knowledgeable and confident, I began sharing what I learned with others, first in community groups, then in blog posts, and eventually in my counseling practice.

This personal journey led to professional growth that I could never have imagined. It gave me a unique perspective on money and financial stress, enabling me to empathize with and help others facing similar challenges.

Sharing My Journey

In sharing my journey, my hope is that other single parents might find comfort, validation, and perhaps even inspiration. I want to underscore that it’s okay to feel overwhelmed, to seek help, and to make mistakes along the way. Most importantly, remember that your worth is not defined by your bank balance.

Looking back, I can confidently say that our struggles shaped us, made us resilient, and taught us invaluable lessons. My journey as a single mom not only transformed my relationship with money but also influenced my daughter’s perspective on finances.

Today, Eva is a financially savvy young woman studying economics at university. Every time she talks about her budget or her savings goals, I feel a sense of pride and accomplishment. It tells me that, despite the struggles and the challenges, we did okay.

In the end, our journey was not just about surviving financial stress; it was about learning, growing, and finding a path to financial wellness – one budget at a time.

Remember, our financial stories are unique, shaped by our individual circumstances and experiences. But one thing remains constant: we have the ability to navigate financial challenges and emerge stronger on the other side. No matter where you are on your financial journey, remember – you’ve got this!


  • Lily Kensington

    Lily Kensington is a financial psychologist, a proud member of the ANZA Psychological Society, and a passionate advocate for financial wellness. A former high school English teacher and psychology graduate, Lily brings a unique perspective to her writing that blends the intricacies of psychology with the world of finance.Over the past decade, Lily has dedicated her life to helping individuals and couples navigate their emotional relationship with money. Her empathetic and intuitive approach, honed through her counselling practice, breaks down complex financial concepts into relatable and practical advice. Lily's writing often reflects her personal journey as a single mother, providing valuable insights and support for fellow single parents navigating the world of personal finance.In addition to her numerous contributions to wellness and personal development blogs, Lily is the author of the book "The Heart of Money: A Psychological Guide to Financial Wellness."In front of the camera or behind the pen, Lily's mission remains the same: to help others achieve financial peace by understanding the psychology of money.

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