Financial tips for single parents can be a lifesaver because sustaining a family can be challenging, even for couples. Unfortunately, most single parents didn’t plan to end up tugging through the financial vicissitudes of life alone. However, irrespective of how long they’ve been shouldering financial burdens alone, we have financial tips for single parents to make the journey more pleasant.
Some of these 10 tips may be already second nature to the single parent reading this, but you’re very likely to stumble on some emancipating insight.
Let’s get right to it:
1. Polish Up Your Budget
The advice to create a budget never grows old. Still, how we go about single-parent budgeting matters, so make your budget as detailed as possible, leaving no cracks for unchecked expenses to sip through. Overall, identify all sources of income and all recurrent costs. Also, budgeting should be done actively; it shouldn’t be a once-in-a-month affair.
2. Distinguish Wants From Necessities
It is easy to lose track of that fine line between our wants and needs. Indeed, this is often the case when parents try their best to provide their kids with a hassle-free childhood. Nonetheless, while working on your budget, always prioritize necessities. Some priority expenses are childcare, utilities, housing, transportation, and groceries.
3. Build an Emergency Fund
To some extent, single parenthood is an emergency in itself. So, every single parent should make it a habit to set aside a portion of their monthly income. An emergency fund should be sufficient to cover six months of living expenses if major income sources are cut off.
4. Exploit Available Discounts and Promotional Offers
Giving children once-in-a-lifetime experiences without breaking the bank is possible. A public park offering discounted or free access may mean the world to that kid. So, always be on the lookout for opportunities to save on necessary expenses. Some grocery stores also offer coupons and discounts, so make the most of them.
5. Never Incur Bad Debts
Disruption of relationships sometimes leaves a single parent struggling financially. Indeed, many single parents subscribe to loan schemes to get back on their feet financially. Nonetheless, it is always important to be cautious about using loan facilities. As far as debts are concerned, always aim to eliminate high-interest loans first.
6. Keep the Big Picture in View
Keeping the books balanced monthly is financially healthy. However, single parents are better off planning their finances with the future in view. Living from paycheck to paycheck only keeps adults in the rat race. So, single-parent budgeting should capture long-term goals. For example, save towards the children’s college education and retirement. Speaking with a financial adviser should help clarify the savings allowance that your income can withstand.
7. Discuss Finance With the Kids
When a single parent shoulders the family’s financial burden, it sometimes gets demoralizing. So, it may help, as an emotional release, for the single parent to confide in their kids about the family’s financial situation, emphasizing lessons learned so far. In addition, the kids get firsthand financial education from their single parent. It may help them start by teaching them the value of money and the importance of economic freedom and responsibility.
8. Adopt Dynamic Money Management Strategies
Learn to adjust to changing economic realities and help your kids understand the situation. If your income takes a hit, say because of a self-development course or increased expenses due to national inflation, realign financial priorities.
9. Seek Professional Advice
People often shy away from professional financial advice because of the accompanying fees. Well, the returns on that investment almost always outrank the expense. Besides, some employers offer free financial consultation through their accounting department if the professional fees don’t fit your budget.
10. Practice Self-Care
Keeping emotional and physical meltdowns at bay is essential. Yes, providing for the family as a single parent is equally important. However, it takes a healthy parent to nurture healthy children. An occasional night out with friends may help loads.
Securing Your Family’s Future
Life is a journey, and finance is an important propellant, irrespective of your status. So, learning the rudiments of how to budget cannot be overemphasized. Besides, how we handle our current financial realities and forge on to future financial security should be the core of our habits. Financial tips for single parents would set their families on the path of financial security.
ALSO READ: How to Save Money: 13 Simple and Effective Tips
How To Be a Good Single Parent
It takes a financially successful single parent to exude the vibes of a good parent. A single parent’s inability to meet these responsibilities may rub off on the kids’ overall well-being.
Research has it that single parents who emerged as financially successful possess the following attributes:
They accept responsibility, even if their former partner contributed to their financial woes. Such single parents simply pick themselves up and start from where they are.
Good single parents are always there for their family and are open to communicating. They ceaselessly try to provide their children with adequate financial literacy as part of communication. They are skillful in the art of home management and self-care.
Family-specific traditions and rituals are essential to them, and they always maintain a positive outlook irrespective of prevailing realities.