Tuesday, August 21, 2012

9 Easy Ways for Single Parents to Save Money

                                                           Single Parent
According to the US Census Bureau, there are approximately 14 million single parents in the United States. Child care subsidies and public health insurance can help with closing the gap between low income and what it takes to make ends meet. Not all low-income families receive the benefits for which they are financially eligible.

Families who receive multiple work supports can lose assistance before they reach self-sufficiency. Single parents often struggle with buying basic necessities and paying bills and usually live paycheck to paycheck.   

As a single parent you have to cover all the household expenses and when a financial crisis occurs it can be devastating to your family.  Develop a support system to help you through this difficult time and develop a plan to reduce your expenses to pay off debts and pay for basic necessities.  Here are 9 easy ways to help single parents save money:

  1. Buy Generic. Buy everything generic: household items, clothing, prescriptions, toiletries, dry goods, canned goods, paper products, etc. This will save you on average $10 to $50 a month.
  2. Downsize. Buy or trade in your current car for a used car with a cheaper note. This will either eliminate your car note or save you $50 to $200 a month on your car payment.
  3. Reduce expenses. Reduce or cancel your cable plan, cell phone or internet service or get the cheapest plan available. This will save you $20 to $100 a month.
  4. Buy Washable Clothes. Buy clothes that do not require dry cleaning. This will save you on average $50 to $150 a month.
  5. Personal Care. Do you own hair and nails and buy your makeup from the drugstore such as CVS or Riteaid.  Watch, style and cut your child's hair. This will save you on average $40 to $100 a month.
  6. Shop at Discount Stores. Buy household items in bulk such as paper products, cleaning supplies at discount stores such as Target, Walmart, Costco, etc. This will save you on average $10 to $50 a month.
  7. Buy groceries at superstores. Buy your groceries at superstores or wholesale stores such as Walmart, Costco, Sam's Club, etc.  Buy nuts, grains, spices, legumes at wholesale or health food stores. This will save you $30 to $200 a month on processing costs charged at regular grocery stores.
  8. Fun with Kids. Check your local library or newspaper to find free activities that you can do to with your kids.  This will save anywhere from $10 to $100 a month.
  9. Free.  Look on the internet and in your local newspaper for free coupons, free activities, and free giveaways to save money.

1 comment:

Geraldine said...

Very interesting topic here in your site. Keep on posting this kind of topics. Very useful indeed.