Budgeting Guide for Single Parents

By : Admin
Guide 05/07/2018 03:23pm
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Being a single parent can be a big slog. But there is one positive point that you won’t have a partner to argue with and you can make your own decisions. As the head of the household, you are the only one who can create a stable financial future for your complete family. With proper planning and a few budgeting tips and guide you can easily create a bright and secure future for yourself and your children.

Set Your Limits

Try to set aside a portion of your paycheck every month. Although it is easy to say than do, but setting your limits will help you to a great extend. Once you are done with your rent and mortgage payment and other basic requirements, you can set aside the amount and save in a separate bank account. Once your money is out of sight, it will be out of mind as well and you won't be tempted to use it. It is always recommended that you pay all your fixed expenses and bills first and then live on what is left of your each month paycheck.

Your Children Are Your Allies

If your kids are young they might not understand that you are no longer living on two incomes any more. But you can try to make them understand the value of money. You can set goals and limits for your children as well and treats when they have achieved them.

Collect Child Support

Child support services are available in every country. All you will have to do is sign up for such support. Once you start receiving child support, you can use the money for the various expenses related to your child. Such support is supposed to cover all necessary expenses of a child, which typically includes food, clothing, health care, transportation and other miscellaneous items.

Set Up A Budget

Creating a budget should be given first priority when you are a single parent. Such budget is going to look a lot different from what you used to have when you were not single and had two incomes. Now you need to squeeze in all your expenses within a single income. Now that everything is your sole responsibility, you should account all the spending. Just like rent or mortgage and other utility payments that comes every month, holiday and birthday presents need to be bought every year as well. So, try to account for everything.

Keep Track Of Accounts

Keep close eye on your checking and savings accounts, as well as your credit accounts such as mortgage, credit cards and vehicle loans. Staying informed will help you to avoid overspending and make smart choices. There is several budget software available that will help you keep track on all your accounts. Such software will also let you review your checking account and inform you which bills are due next.

Plan For The Future

Since everything rests on your shoulders, you should have a proper plan to secure your future as well as of your child. Saving is important and fundamental. You should have sufficient saving so that you can survive any sort of emergency, such as a lost job or long-term illness. In addition to emergency savings plan, you should also have goal-based savings. Saving money on one income is not that easy but having a solid budget plan will help you to discover you inefficient spending habits and let you take control and put your money to better use.  Any small changes that you make will add up monthly and help you to plan for the future.

Being a single parent can be daunting but by staying well informed about your finances and with the aid of some of the best budgeting guide it can be more doable than what you think.

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