Money Management for Single Parents

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Here are some essential and efficient tips for those single parents out there on how to tackle expenses for a safe and better financial future.

Balance your checkbook

This is a simple but often overlooked way to keep track of your expenses. It takes time, patience and use of a calculator. Inculcating the habit of balancing your checkbook every month will help you become more responsible on your day to day spending.

Create a monthly spending budget

The best effective and efficient way to manage your excessive and unnecessary spending habits is by committing to a monthly spending budget which will serve as a guide on what you will assign and allow for spending on transportation, food, child care and more.

Pay your bills on time

A practical tip to pay your bills on time would be to set up automated payments through your bank for your monthly rent and mortgage payments while aiming for a minimum balance if possible. When bills arrive via post, make sure to sit down and make time for noting how much is due and when it is to be paid. If you are paying bills online, it is safe to complete them at least 5-7 days before the due date.

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Become familiar with the fees you are being charged

Observe your credit card, bank and cell phone statements for any peculiar fees that may surprise you. If so, do make it a point to call the provider and enquire for more information, by knowing for what you’re being charged for and why will undoubtedly help you save money by avoiding certain fees.

Compare prices online

Inculcate the habit of shopping for the best available rates on items online before you go out and make purchases. You can save over 10-40 percent by searching for coupon codes.

Buy used

Locate a consignment shop near you and shop in bulk for clothes that suit your style and sell those items that you no longer need or wear. This way it will help you stretch your clothing budget.

Go without

Teach your kids not to be brats by telling them the fact that they cannot have everything. Tend to force yourself to go without a luxury you can spare, like cable TV for a period, enabling you to save money in the process.

Have money automatically transferred to your savings account

Have a small portion of your income automatically transferred from your checking account into your savings account every month, allowing you to save money without even bothering about it.

Plan your meals

By planning what you are going to eat for each lunch will help you save money on groceries. Using an online calendar to prepare your meals accordingly is recommended.

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