Being single can have a positive effect on your financial status. You are the only one responsible for managing and budgeting which means there is total control – if you choose to use it. If you are careful with your spending you can meet all the bills and perhaps invest in your pension and save for emergencies. Here are our top budgeting tips for single parents.
Creating a budget is the very best thing you can do to ensure your financial circumstances are in tip top condition. Note down every single debit that comes from your bank account and the amount. Also note down the extras that come from your account such as food and fuel for your car. If you buy a coffee in the morning or lunch while you’re at work make sure you add that into your calculations. This is a great exercise to see where you can cut down on little expenses that really add up over the course of a month. By doing this each month you can build a budget that works for you and that you can keep track of.
2. Pay yourself
Try building a budget that uses every penny of your pay check. By looking at your finances like this you can pay yourself first into your pension and saving accounts. You can control how much you have for spending over the month and it will give you the strictest control.
3. Seek help
As with most things, there are people who know more than we do. If you find yourself facing financial difficulty it is advisable to seek some advice from a financial advisor who can talk to you about the ways to get out of debt. If you want to learn more about how to get out of debt click here. There is no shame in being in debt, it happens more often than you realise but it can be a lonely place. Once you start to get a plan together you will feel like there is light at the end of the tunnel, even if the tunnel is long. Make sure you speak to your closest friends and family, please don’t allow being in debt to keep you isolated. Maybe speak to your GP if you feel overwhelmed.
There are regular occasions that come each year which require us to spend money such as birthday celebrations and Christmas or even the car MOT. Or perhaps you might even need to do some renovations to your home? Some might be a luxury but they could be essential too. We know these are coming so by planning ahead and setting up a standing order you can save the money needed and spread it across the year.
I hope you found this post useful? Being a single parent has its challenges but can be so rewarding in many ways. Keeping on top of finances and budgeting as much as possible really helps with the money side of things so that you can get on with life and focus on being a fantastic parent – which I know you are! If you have any recommendations or suggestions for tips to add too, please do let me know in the comments below…