How to financially prepare for solo motherhood

The financial situation for solo mums is usually quite different from the one in two-parent families, and having the entire financial responsibility for your household can be a challenge. In the UK, the median disposable income is £22,000 for two-parent households. In comparison, it is £15,000 for single parents.

Therefore, it is a good idea to get an overview of your finances if you consider solo motherhood. By managing everyday expenses and costs for childcare and housing, you can create a strong and stable foundation for you and your child.

Being a solo mum comes with its own set of unique experiences and challenges. Having to rely on one income is one of them, and it can be a cause for concern. But there are benefits and financial support available to ease the financial responsibility of being a single parent. Below you will find an introduction to the grants, benefits and childcare support that solo mums in the UK can be entitled to: 

There are a number of grants and benefits available to help solo mothers cover the costs of having a child on their own. Whether you qualify for these benefits depends on your income and other circumstances. 

The most important benefit to know about is Universal Credit, which provides a standard allowance of £311.68 a month if you are under 25 and £393.45 a month if you are over 25. You are eligible for Universal Credit if you:

• Are 18 or older
• Are living in the UK
• Have less than £16,000 in savings

Depending on your situation, you may be able to get more financial help. These extra payments can include additional support for the living costs of each child in the household, help with rent payments or mortgage interest payments and help with childcare costs.

If you are pregnant and eligible for Universal Credit, you can also apply for a:

• Sure Start Maternity Grant, which is a one-off payment of £500 to help cover the costs of having a baby.
  
  
• Healthy Start Scheme, which provides ongoing financial support to help you cover the costs of vitamins, baby milk and food.

Childcare can be a significant expense in a family budget. Fortunately, you can get allowances to help you cover the costs of childcare. As a working single mother, you can get up to 85 % of your childcare expenses covered, depending on your occupation and your child’s age.

Getting a complete overview of the childcare help you’re entitled to and the types of support you might be able to get can be difficult, as rules and legislation change regularly. To get an idea of what help you're eligible for, try the childcare calculator on gov.uk.

Childcare help for single mothers improves all the time, supporting women who dream of starting a family on their own. A great example is that from September 2024, single working mothers with a child over 9 months are eligible for 15 hours of free childcare a week. And from September 2025, single parents with children under 5 will be entitled to 30 free hours of childcare a week. You can read more about the changes to childcare for single mothers here.

Taking the step to become a solo mum is an empowering and courageous decision. We understand the importance of feeling prepared and confident when it comes to managing your finances. Here are six practical tips to help you get financially ready for your journey into single motherhood.

Embracing fertility treatment is a significant step, and being informed about the costs can make a big difference. By knowing the expenses upfront and planning accordingly, you can avoid unexpected financial stress and feel more prepared for this new chapter in your life. For more detailed information, read our blog post on the cost of fertility treatment.

Welcoming a baby brings additional costs, so it's important to get a clear picture of your income and expenses. Assess your monthly budget to make sure you can cover these new expenses. Anticipating these costs will help you feel more prepared and confident on your journey to solo motherhood.

Understanding your maternity rights will help you manage your time off before and after your baby arrives. Here are two scenarios that might apply to you:

• Statutory Maternity Pay
  If you’ve been with your employer since before your pregnancy and earn at least £123 weekly, you qualify for 39 weeks of Statutory Maternity Pay. In the first 6 weeks, you’ll get 90% of your average weekly earnings and in the remaining 33 weeks, you’re entitled to either 90% of what you normally earn or a maximum of £184.03 a week.
  
  Your employer may also offer additional support based on your employment contract. If you are entitled to this, it is a good idea to check for any conditions, like repayment if you don’t return to your workplace after your maternity leave.
  
  
• Maternity Allowance
  If you don’t qualify for Statutory Maternity Pay, you might be able to get Maternity Allowance. This is available if you’ve worked for at least 26 weeks and earned £30 a week in 13 of the 66 weeks before your baby is due. This is the case whether you are employed or self-employed.
  With Maternity Allowance, you can get up to £184.03 a week or 90% of your average weekly earnings for up to 39 weeks.

Preparing for solo motherhood involves considering various aspects of your living situation. Think about whether your neighbourhood is child-friendly, if moving closer to work makes sense, or if downsizing would be beneficial. Also, consider the emotional and practical support you need. Moving closer to family and friends can provide a supportive environment for you and your baby.

Balancing family time with a career is a common challenge for solo mums when they return to work after maternity leave. It might be a bit overwhelming to begin with and it usually takes some time to adapt to new routines and learn how to combine solo motherhood with your professional ambitions. However, if you are mentally prepared and realistic about the time and energy that your new role as a solo mum requires, you will be able to handle these changes and continue to thrive and develop professionally.

For more insights, read our blog post about Helle who navigated the shift from focusing solely on her personal goals to embracing motherhood and finding a new equilibrium in her life.

Building a financial buffer for unexpected expenses is a great idea, especially if you carry the entire financial responsibility for your household. While it might seem difficult to get started, remember that with baby steps, it is possible.
You could start by setting aside a small amount each month. Even modest, regular contributions can make a big difference in the long run, gradually helping you create a financial buffer. This buffer not only prepares you for unexpected changes or emergencies but also brings peace of mind, allowing you to focus on the joys and challenges of motherhood.