Parenting is meant to be a fantastic journey, and it can be great if you have a partner to lean on. For many people all over the world, this is not the case, and they are trying to raise their children on their own as a single parent. This means that you depend on a single income. Raising a child can severely dent the wallet, especially if you do not have a good plan in place. To make sure that you avoid destitution, here are some tips that you can count on.
As a single parent, you need to be able to plan for the future, especially if you want to save money. You need to have short term and long term goals. Your long-term goals include saving up for college, and short-term goals would be clothing and toys. For long-term goals, you need to establish a separate savings bank account, where you will save a few dollars each month. You could start off depositing just $30 a month, and when you have a little bit more, you add on to this amount.
For short-term goals, get out a savings jar. This is money that you will have saved from cutting back. Rather than buying yourself a coffee in the morning, save that money in the jar. Over a period of time, you will find that you have managed to save a good amount of money.
Keep Away from Credit
The last thing that you need to do is accumulate any debt – even for emergencies. Instead of depending on credit cards, create an emergency fund. You will need to set aside a certain amount of money each month. Start off with 5% of your income.
Avoid Spending on Child Care
You should lean on your family members and friends so that you can save on child care. When you need someone to babysit, call up an enthusiastic grandparent or devoted aunt. Not only are you assured that your child will be safe and happy, you won’t have to dish out your hard earned cash.
Eat at Home
Avoid going out to purchase fast food for your kids. Instead, start cooking with your children and make it a fun activity. You will save on overpriced, unhealthy food, and you can enjoy the added benefit of building up your relationship.
Teach your Kids to Save
It can be a challenge saving as a single parent if your children do not know the value of money, or understand the importance of saving. From a young age, you should teach them how to save. In that way, they will relieve the pressure that you would otherwise have experienced.
Create and Use Lists
When you are doing any shopping, have a plan. Create a list before you get to the shop and then make sure that you stick to the list. This will help stop you from impulse buying or panic shopping and keep you within budget.