How to Make a Single Parent Budget
Single parents can have it tough financially. Supporting kids on a single income, as well as potentially paying child care costs, etc. can really make things difficult, especially in a down economy. The best thing to do is make a single parent budget, and stick to it.
- Difficulty:
- Moderately Easy
Instructions
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A single parent budget has to be carefully crafted to take into account all sources of income, as well as all bills and expenses. Don't forget the little things that can add up, such as sodas, newspapers, and magazine subscriptions.
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Balance your income against your expenses. Decide if you have enough money left over after expenses to put into savings, or use for recreation. If not, take a look to see where you can cut back, and make some hard decisions.
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Ask yourself these questions: Do you really need a land-line AND a cell phone? If not, consider shutting off your home phone. This can save 20 to 40 dollars a month or more. Look into downgrading your cellphone plan, and taking off all the extras, such as text messaging and web access, which can save a lot more money. Do you really need cable TV? Consider canceling your cable TV, and borrowing movies from your local library for entertainment instead. How money could you save by cutting back on eating out and going to the movies?
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Buy in Bulk. For example, instead of buying a 20 oz. soda at a time for 1.50, buy 2 liters for 1.00. If you don't think you'll be able to use the 50 lb bag of cat food before it goes bad, partner with other cat owners to split the costs. Always look for deals in the price per ounce, price per pound, or price per unit, rather than price per container when you comparison shop.
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Gas prices are an important part of a single parent budget, so it's important to have good fuel economy.
Keep up the maintenance on your car. It will save you money in the long run, and help with your car's fuel efficiency. Conserve fuel by making a plan before you leave to run errands. Try to plan your route so that you won't have to retrace your steps at any point.
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Tips & Warnings
Network with other single parents. Sharing childcare and other necessities can be a big help for a single parent budget
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Comments
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thank you! I am trying my best not to move back home with my mom at age 31[which she has been saying I have to do lol]and this will help with saving money and having extra to pay off debts and stuff!
