How to Budget & Save for Single Parents
When you run a household and raise a family on a single parent's budget, you need to save at every opportunity you can. Expenses like food, clothes and school supplies add up, and with only one income to support yourself, a strategy like a written budget helps you plan for what's ahead without running short on the things you need. Saving money where you can gives you more money for necessities, so budget carefully and don't be afraid to make cuts.
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Instructions
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Establish a written record of income and expenses. List your "need" items first, like groceries and the electric bill. Then estimate how much you spend on "want" items, like piano lessons and video games. Compare your earnings to your spending and begin cutting things from the "want" category until the budget is balanced.
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Talk to your debtors. If you've fallen behind on credit cards and personal loans, you may have hefty fees to pay now. Communicating with your debtors shows that you are interested in making payments despite your limited means, and your creditors may even help you get a better interest rate or set you up on a more realistic payment plan.
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Be honest with your kids. When children don't understand the reality of a difficult situation, they may imagine something even worse than the truth. If your child has to pick a movie rental instead of going out to the theater, explain that the theater is just too expensive.
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Teach your children to budget by introducing a system of wants and needs, just like you did with yourself. When your child wants something like a new toy, ask him if it is a "want" or a "need." "Want" items should be saved on wish lists for birthdays or holidays.
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Seek support from others. Single-parent support groups may have helpful connections or tips for making ends meet, while parents of older children, even relatives, may help supply you with hand-me-down clothing.
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Get in the habit of cooking at home. Preparing meals for dinner time and even packing lunches is far less expensive than going out to eat or buying lunch at school.
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