As a single parent, this means that you will need to use your money differently than those in two income households. Keeping your children happy, healthy, and safe should be your number one concern, so if you’re struggling to make ends meet, here are a few useful budgeting tips that can help you get back in control of your finances.
Create a Simple Budget
To get a better understanding of how much money you have left over once all the bills have been paid, creating a simple budget is the best place to start. Tracking how much money is coming in and going out will help you to establish whether you’re under-spending or over-spending. There are tools online that can help you draw up a simple budget and help you make small but subtle changes that can free up some cash.
Prioritise What’s Important
Every single parent will have a different way of thinking. While some will put feeding their family as their top priority, others will focus on ensuring all the bills have been paid first. Once your paycheck comes in, you need to decide what is most important to you. As long as you have a roof over your head, and food to eat, luxuries such as mobile phones, laptops, and holidays should be an afterthought.
Look for Cheaper Alternatives
Whether it’s food, clothing, or items for the home, there are lots of ways to save money on everyday expenses. When you’re next out shopping, going to different food outlets to do your weekly shop can make a huge difference and help cut down costs. Children don’t understand the concept of money, so if you find your little ones are after the latest gadget, try and reason with them so they are aware of your situation and appreciate the things they already have.
Set Up an Emergency Fund
There are many unexpected expenses that can creep up when you least expect it. Whether it’s household bills, an unexpected car repair, or any other emergency situation, having the funds to cover any costs is crucial. As a single parent, you will only have one income to foot the bill, so you may want to check out websites like LoanPig.co.uk who may be able to help you. Having cash set aside for any eventuality can help reduce stress levels and put your mind at ease.
Start Saving
Once you’ve devised a simple budget and made minor lifestyle changes, the cash you have leftover can be stored in a savings pot. Creating another bank account and putting money aside each month can be a great way to save. We all have dreams and goals for our children, so whether you want to own your own property, or go on a family holiday, having something to look forward to can keep you motivated with saving money.
If you’re a single parent, there are lots of budgeting tips that you can take onboard to ensure your child is well-fed, clothed, and safe.
