How to Save Money as a Single Parent

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Finances are often tight as a single parent, and every dollar counts more than you’d think. Bills pile up and expenses will always be there, but there are ways you can manage your money to relieve some stress. Take a look at some of these strategies that may be able to help you out:

Tailor A Plan To You

Remember that you do have obligations as a single parent, and luckily, you are in charge of your finances. Make this plan your own, because now you can take your money - and your life - under your control.

Have a System for Paying Bills On Time

It’s easy to get caught up in the bills you’ve missed payments on, leading you to forget about the bills that are coming up ahead. Have a plan, such as putting away a certain portion of your paycheck into savings specifically for bills, so you know you’re prepared when the time comes.

Buy Food Last

We’ve all heard that you should never go grocery shopping when you’re hungry because you’ll leave with the whole store in your cart. We tend to bite off more than we can chew. Pay your bills first and then buy food second so you don’t end up spending more than you have or need to.

Your Kids Can Help

If your kids are old enough, let them know about your budget situation. Sit them down and tell them what the family is going through. You can allot them a food budget, which can even turn out to be fun and exciting for them; they can pick and choose mostly what foods they’d like, but the amount is what’s limited. Not only does it help you out, but it teaches them a lesson about budgeting.


Become Familiar With Common Fees

Nobody likes to be swindled out of any dollar amount. With a lot of bills, it can be difficult to know exactly what you’re being charged for. Take the time to sit down and look at your bills to know just what kind of fees are coming your way. You may be able to catch problems or find compromises.

Go Without It

It’s a common principle that we don’t always follow, but we should. If it costs money and we can go without it, then go without it. The cuts of these superficial things result in savings that add up quickly.  While you may be tempted to spring for a night out, just know it’s cheaper - and possibly more delicious - to eat at home.
These strategies are ones that you can apply to your everyday life and see progress immediately. If anything seems difficult, just know it’s in you and your family’s best interest to give it a shot. So, try these techniques out and they may help you a good amount.

By: Tim Milles

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