It is true that raising a kid is not an easy feat, especially if you are taking up this task as a single parent. So, if you have to due to unwanted circumstances, then kudos to you! It is no doubt to state that handling finances as a single parent is a major challenge. But, there is one major point of handling finances alone. It is perfectly alright as you are making all the financial decisions on your own without anyone poking you. So, you are free from the tasks of comparing or bickering budgets for sure.
Even after this point, it can finally be stated that maintaining a family’s complete budget as a single parent is no joke. As per one recent report by the US Department of Agriculture, the primary cost of just raising a child right from the birth to age of 18 will be around $233,610. With such a hefty expense for you to deal with, single parents might find it hard to just get by. Apart from that, the idea of saving money is also quite impossible it seems, at some point or time. Saving always stays right at the back due to other pressures of financial priorities. During such crucial economic conditions, going through debt settlement reviews can be a helpful solution for all the single parents out there for sure. Yes, it is true that saving money is not easy but single parents can often put money in a bank with some help. Some tips in this regard will work magically.
A plan creation for working your way out with bills
In case, you are struggling to find enough money for paying bills, this might be the first business order for you. For that, you have to head start by creating a schedule of each form of the regular monthly bill which is due. Then you have to compare that with the paycheck you get at the end of every month. Do you have enough money for making the payments?
- It is really impossible to schedule bills due-dates to match with the paydays. So, it is always up to you for creatinga plan for ensuring that you have enough cash for bills.
- One simple way to work on that is by creating separate bills pay savings account. You will have money automatically withdrawn from a regular savings account and then put into bill payment account.
- By following this way, you can actually settle money aside for ensuring that the bills are paid always and right on time. Always be sure to update information and automatic drafts that you have for a setup.
- Always remember that bills are going to be the first priority for not just you but for your kids as well. In case you are lacking money continuously and cannot pay bills, then you have to cut right back on some unwanted expenses for sure to avoid falling into some mishappenings in near future.
Have to adopt that minimal lifestyle
Minimalism helps in improving financial health quite easily. Living with less or minimalism means considering every purchase seriously before investing in it. Do you really need to add that item in your shopping cart list? Will it be of any use later or is it worth the money? You have to be sure of these points first before you can actually invest money in any product. If you can cut short your expenses that will be great for you.
Well, minimalism does not mean that you have to reside in a nearly empty place just to give you this title of a minimalist. By just adopting this minimalistic lifestyle, you can always reduce expenses greatly. You can always cut down anything in life that no longer serves the purpose that well or cannot bring the joy in your life. You can always find joy in living a rather simple life.
Have to prioritize emergency fund
Everyone is in need of emergency fund. And that calls for the single parents out there as well. These funds are perfect and quite necessary for just protecting the financial wellbeing of every individual.
- Tragic things can happen anytime and even without any prior knowledge. For example, your car might break down or you may forget to pay a bill or might get laid off.
- Avoid these events from ruining the finances you have right now. You have to prepare by just starting emergency fund right now and that will help you big time for sure.
If you can then sell items
Hosting a garage sale once in a while of the items that you actually don’t need it always a clever idea to earn some bucks and add those in your financial budget. In case you are unsure of how you can find some extra money for paying bills or adding into the emergency fund, then you can sell some household items, which you don’t use anymore. However, the items must be in good condition.
- This step will definitely help in jumpstarting finances really well. Most of the people can easily have at least couple of dollars’ worth of the sellable items, which are just sitting around. You can easily host garage sales or just sell these items on Craigslist, FB or OfferUp.
- You can use this money for saving some goals for sure. On the other hand, as an added bonus, by just cleaning out your space, you are already starting off with the idea of minimalism in full force!
Plan some special low cost celebrations
Just because you are cutting down expenses that does not mean you won’t have fun like you used to previously. Whether it is your birthday party or any special occasion, you can celebrate it with the same zeal and energy, but by just lowering the expenses for it. Contact only very close friends and family members for the party and cook food for them at home. It will help you to have fun and save bucks too. Following these steps are really amazing for single parents out there in saving money.