23rd October 2020

Single Parents Guide to Saving Money

Saving money is difficult for many parents to do, especially when you’re doing it alone. It is hard work to provide everything you want to for your children and to save money while doing it. Pinching those pennies requires making some hard decisions.

When so much of your time and energy is spent on working and raising your kids, it is hard to find any extra time and energy to think about saving money. Especially when you feel like you’re spending all of your money every month, so trying to save it is a pointless endeavor.

It is possible to save money on a budget, even with the budget of a single parent. It takes some hard work and creativity but after some examination of your monthly expenses, some groundwork of getting the best deals and getting creative with how you spend your money, you can set up a savings account for a rainy day.  

Monthly Budget

The best first step to saving money is to see where your money is going. By logging your expenses for even a week, you can see where your money is going and what you can cut. It can be hard to remember to do this every day so it is best to use an app to keep track of where your money is going.

There are many apps for personal budgeting so you can see where your money goes every day. There are various budgeting apps out there, including different ones for certain budgeting types. It is best to be consistent with the app and the method you choose. Once you choose one, stick with it and see where your money goes.

Once you know what you’re spending your money on, it is important to set a monthly budget and stick to it. If you already have a Google Account, you can use the Monthly Budget Template they have available to help set your budget. This budget will serve as the foundation for how you spend your money.

Along with a budget, it is also important to set a list when shopping, especially grocery shopping. This way it will be easier to say no to impulse purchases. Meal planning can be a crucial step in this. By knowing what you and the kids will be eating throughout the week, it is easier to know exactly what to buy.

When you’re making your budget it is important to be able to set aside some fun money, for both yourself and the kids. This way you’ll be able to enjoy the good things in life without feeling guilty for spending money you don’t have. It will also be easier to say no to unnecessary purchases when you know what you have budgeted for.

When you make your budget, it is important to stick to it. This will be hard at first but soon your savings will begin to grow. As your savings grow it will be easier to see the fruits of your labor with your budgeting.      

Shop Around

When saving money, it is important to be able to find the best deals possible. This will mean shopping around for the best bang for your buck. It can also mean using coupons and shopping at thrift stores when possible.

Finding the best price can take a long time. Luckily the internet makes this easier. You can price compare and read reviews for different products without leaving your house. Many places even let you order online or do in-store pickup so you, and the kids, won’t be tempted by items in the store.

Using coupons is also a great way to save a few dollars on shopping. Most Sunday newspapers have a coupon selection, but you can also find coupons online. Coupons.com is a great resource for finding coupons for major stores.

Once you have signed up for a grocery or clothing store, it is possible to get deals through email as well. If you use a grocery store regularly, then it is useful to become a member and get more deals that way as well.

Shopping second hand is a great way to save money, especially for children’s clothes as they go through a growth spurt. Depending on the location, many thrift stores have almost new clothing at very low prices. Thrifting is a good way to find clothes for yourself as well.         

Get Creative

If you already keep a strict budget and shop around for the best deals, it can seem impossible to save more money. This is the time to get creative with how you spend time with your children and make extra money.

Instead of Birthday and Holiday gifts, having traditions for these days would be a fun way to still make memories without spending a lot of money. This tradition could be a special meal, an at-home movie day, or a day in the park. Whatever your family considers a special day.

The important thing to keep in mind is that it is possible to create positive childhood memories without breaking the bank on your end. Most people remember the good times they spent with their parents and not the gifts they got over the years.

You can also get creative with ways to make more money. You can sell items you no longer use or do odd jobs for extra cash. The money that you make here won’t necessarily be a lot of extra cash, but you can put it in your savings and let it add up over time.

By getting creative with traditions and how you spend your money, it is possible to save money and still make happy memories with the kids. Your kids will grow up with these memories of the traditions and know that they were cared for growing up.

Saving money while raising a family is hard, especially when you’re doing it on one income. With some extra planning, shopping around and creative thinking, it is possible to save money while raising children alone.

Sources:

https://bosssinglemama.com/manage-your-finances-single-mom/

https://www.curadebt.com/debt-relief-programs/pay-off-debts/

https://beanstalkmums.com.au/how-to-be-a-money-savvy-single-mum/

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