Single parent families struggle more with finances than
two-parent families. Child care subsidies and public health insurance help but
are not enough. All single parent families
are not eligible to receive public assistance or other benefits. Those that do
can only receive assistance for a limited amount of time. Single parents often struggle with buying
basic necessities, 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. Lack of money to buy your
children what they need can be frustrating and cause you to be angry, depressed
or irritated. Avoid taking your
frustrations out on your children. Develop
a support system to help you through these difficult times.
Raising
children as a single parent can be tough and expensive due to the entire family
having to survive on one salary. Save
money by creating a budget and sticking to it, spending less than you earn,
create an emergency saving account and be conscious of your budget. Teach your children the importance of good
money management skills. Effectively managing your money has to be a habit and
a way of life that you practice every day.
Get a handle on your situation and develop a plan to reduce
expenses. Use the extra money to pay off debts and pay for basic necessities.
Tracking your spending can be tedious and frustrating but not tracking it to
identity how much you earn, owe and spend can having lasting repercussions. Taking
just a few small steps to improve your financial life can make a difference and
help you stay in control of your money. Here are 15 practical ways for single
parents to save money:
Childcare
Use your employer on-site daycare if offered. Find an in-home daycare. For traditional
daycare centers sign up for your employers’ flexible spending account that can
cover expenses for day care, preschool and summer day camp. You can deposit up
to $5,000 in your account. Consider hiring a nanny or explore using a family
childcare center such as www.care.com.
Car
Consider purchasing a used car in good condition, trade-in
your car for a cheaper one or use car sharing services. Use public
transportation, walk, ride a bicycle or consider carpooling with friends or
co-workers to save money on transportation costs.
Housing
Consider moving to a smaller place, rent out a basement in a
home, or move in with relatives to save money.
Budgeting
Reduce spending by 30%. Bundle services, get the cheapest
plan possible or cancel services to save money.
Household Items
Purchase household items at discount stores, buy in bulk or
shop online at sites such as www.amazon.com.
Car Insurance
Increase your deductible. If your car
is 5 years old or older consider dropping comprehensive and collision coverage.
Comparison shop with sites such as progressive.com, insurance.com or
esurance.com. Ask about discounts. Remove roadside assistance if you currently
have it with another company. Get a free
yearly assessment to ensure you have the adequate amount of coverage.
Health Insurance
Consider going to a dental training school to get discounted
dental services. Sign up for at least basic health insurance. Comparison shop.
Hair care/barber
Maintain your own hair or find a friend who can maintain your
hair. Consider going to a training school to get discounted hair care services.
Barter
Barter with others or service providers to get free or
discounted services www.barternews.com.
Prescriptions
Order prescriptions at Wal-Mart, Target or Walgreens, online
or 3 month supplies. Ask for generic brands or low-cost versions of the same
prescription.
Food
Purchase generic
brand food or food that is filling and inexpensive. Grow your own fruits and
vegetables or purchase from local farmers markets, food-coops or health food
stores. Purchase meat from farms or Omish markets. Sign up for loyalty cards
and use coupons. Buy nuts, grains, spices, legumes at wholesale or health food
stores. Make you own bread, yogurt,
pasta, soda, jelly, preservatives, canned fruits, etc.
Clothes
If you don’t know how to sew,
purchase clothes in off season, from clearance racks or outlet or discount
stores. Buy washable clothes that do not require dry cleaning.
Downsize
Downsize your lifestyle.
Focus on buying more needs vs. wants.
Avoid purchasing designer items or items just because they are on sale.
Negotiate
Learn how to negotiate. You
can negotiate the price on almost any item.
Fun
with Kids
Check your
local library or newspaper to find free activities that you can do to with your
kids.
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