Being a single parent can be difficult, but it’s also rewarding. One of the biggest challenges is managing money and family finances. But don’t worry – with a bit of organization and planning, you can save money and make your budget work for you.
Too often single parents are faced with financial issues somewhere down the line, resulting in them seeking out debt help and information. Below, we have outlined tips and tricks which will help single parents better avoid money problems.
1. Budget
The most important thing for any family is to have a budget in place. This will help you keep track of your spending and make sure you have enough money to cover all your expenses. Sit down and work out how much money you need each month for food, bills, rent etc. Be realistic – don’t try and squeeze in too many extras.
2. Look for single parent benefits
There are a number of benefits available to single parents, so make sure you take advantage of them. The government offers a wide range of support, including tax credits, child benefit and housing benefit. You can also find a free tax calculator online, as well as many other free resources that can assist you further. There may also be other schemes available in your local area, so it’s worth doing some research.
3. Shop around for the best deals
It’s important to shop around and find the best deals on everything from food to utilities. Use price comparison websites to find the best rates for your car insurance, broadband, mobile phone contracts etc.
4. Get creative with your cooking
One way to save money on food is to get creative in the kitchen. There are lots of recipes that can be made cheaply and easily, without compromising on taste. Why not try cooking a few meals each week?
5. Cut down on your energy us
Another way to save money is to cut down on your energy use. Make sure you turn off all appliances when they’re not in use, and insulate your home to keep the heat in. You could also try switching to a cheaper energy supplier.
6. Take advantage of free activities
There are lots of free activities available for families, so take advantage of them. Museums, galleries, zoos and parks are all free to visit, and there are often events and activities happening throughout the week.
7. Negotiate a better deal on your rent
If you’re renting, it’s worth negotiating a better deal with your landlord. Often they will be happy to reduce the rent for a longer lease, or if you’re able to pay in advance.
8. Get a second job
If your budget is really tight, one way to make some extra money is to get a second job. This can be difficult, but it will help you to cover all your expenses.
9. Use cashback website
A great way to save money is to use cashback websites. These websites offer cashback on everything from supermarket purchases to travel bookings. All you need to do is sign up and start shopping!
10. Start a savings account
One of the best ways to save money is to open a savings account. This will help you to build up a rainy day fund, which can come in handy for unexpected expenses.
Saving money as a single parent can be difficult, but with a bit of organization and planning, you can make your budget work for you. These are just a few of the ways that you can save money – there are plenty of other options available.
