Things You'll Need:
- Pen and paper
- List of expenses
- Estimate of income
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Step 1
The first step is to make a budget. Every family should do this, not just the ones with one income or one parent, but this is especially important for single parent families.
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Step 2
To make a budget, you must look at how much money you have coming in. Then, look at how much money you have going out. Make a list of all the things that must be paid, such as your housing, car, insurance, and all utilities. Remember that you must factor gas, and groceries in, too.
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Step 3
Make a list of the things you are currently spending your money on that you can eliminate to save money. This includes things like your hair and nails, car washes, movie rentals, etc. If you have money left over after you have all your necessities covered, you can always allot it back to one or more of these things when you are certain you can afford it.
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Step 4
Now, tally up all the necessary items, and compare it to your total income. Hopefully you have some money left over and anything is better than being in the negative. Whatever the excess amount is, you can place in savings for an emergency, or use for entertainment. If there is not any money left over or you need more money--try cutting down on the expenses you have. Use coupons, shop for generic items at the grocery store, cut down the cell phone bill, cut down the cable--whatever you need to do to make up the difference.
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Step 5
Save yourself money by cutting your own hair, and your children's hair. If you cannot do that, find a friend that will do it for free. There will only be the initial expense of the clippers and scissors. Save money on power by using your appliances at night, when the rate is lower. Make most of your phone calls during off peak hours so you can afford to cut down to a smaller minute package. Buy in bulk when you can, because even though the initial expense is more, the price in the end is much cheaper.
