How to Save Money as a Single Parent

Dealing with money as a single parent can be very stressful. One income and one parent has to run a household and pay for the costs of supporting a family. Learning how to take advantage of money saving strategies will help stretch your finances farther for your family. Read on to learn more.

Instructions

1. Set priorities. As a single parent you will need to make limited funds go as far a possible. Make sure you first focus on what your family needs. When you are able to financially cover basic needs such as food, shelter, child care and education, then you can look into providing your family with what is wants such karate classes, name brand items or a weekend outing.

2. Shopping at thrift stores for furniture, appliances, and clothing whenever possible is a great way to save money as a single parent. Be on the look out for thrift store sales as well to make your money go even farther.

3. Walk or use public transportation whenever possible. If you are lucky enough to live somewhere with great public transportation then you can eliminate the cost of gas, insurance, and car maintenance. If public transportation is not an option for you then try to combine trips when you run errands or walk any place that is within a reasonable distance.

4. Get hair cuts at beauty schools. Instructors will be there to supervise and correct errors if necessary and you will save a big chunk of money.

5. Entertain your kids using free public resources. Visit the library for story hours, rent movies or search for good books to read in the following weeks. Go to local parks to use the playground or hike on trails.

6. Buy in bulk and buy generic for groceries whenever possible. Freeze perishable items that you won't use right away and stock up on non-perishable items when they are on sale.

7. Eat out only as an occasional treat. Make preparing meals a family activity. Put on some music and talk about your days as you all prepare the meal together. Let your children help find recipes that they would like to try out.

8. Keep a coin bank. Any time anyone has extra change in their purse or pocket dump it in the change bank. See how much money accumulates over the course of a year and use that for a special outing or item for the family.

Tips & Warnings

• When trying to save money as a single parent be careful about using credit cards. These credit card debts can increase quickly with high interest rates making it difficult to pay off the balance. Only use credit cards if you are sure you can pay off the balance each month.

• Be careful about spending money on your children out of guilt. Divorce and all of the upheaval that follows can be very difficult for your family, but trying to buy your way out of guilt can quickly put you into financial trouble.