Getting by financially as a single parent

Raising children as a single parent is no easy task. In fact, it is more of an incredible feat. While one of the most rewarding titles a person can have is that of the parent, the responsibilities included with such a prestigious title can at times seem quite overwhelming. Doing this solo only increases the challenge. Getting by financially as a single parent may not be easy, but it is doable. Time is very important if you don’t have extra help, so being organized and controlling your finances is important.

Plan for the future as a single parent (The future is coming soon!)

Yeah, it’s not that far off. This includes having life insurance, health insurance, and an emergency fund. It is no secret that being a parent means half a million surprises coming your way. Having some financial stability tucked away and ready to be accessed when the time arrives is part of developing an effective financial strategy. Your children will get sick, they may break a bone or two (boys will be boys). Your daughter may break her glasses, those can be costly. The car may break down. Don’t underestimate the amount of things that can go wrong. Don’t fear them either; just know that those unfortunate and mostly unwelcome events are coming. When they do, if you plan and save well enough, it will be no match for you. Super parent away!

A single parent should set those priorities!

Have your priorities in order. Know what is most important, what is most urgent, and the difference between wants and needs. What works for one single parent might not work for another and this is due to the subjectivity of priorities. Make a list of your priorities in order of importance. In fact, make a daily list. Sunday night, make a list of the important things that need done on Monday. This will not only help you maintain your sanity as a single parent, but it will also help organize your thoughts. Important tasks can get lost quite easily in the frantic fray of day to day life.

A single parent needs to budget, budget, budget!

Never underestimate the power of a budget. A budget improperly made only has the power to disappoint and weaken your financial state. Create a list of all of your expenses for each week and month. Having two budgets, one for the week and the other for the month, will allow you to have a much more manageable perspective on your finances. Focus on spending as little as possible without sacrificing your needs. Having a budget will not change your financial situation, but changing your spending habits can do wonders for you. Always look for ways to save money. Consider every possibility. Buy in bulk or change the stores you buy your products from. Choose the store brand rather than the name brand. After all, the product is the same; it’s the preference that isn’t.

Life can be tough when you don’t have a partner.  This doesn’t mean that you have to live in poverty or struggle to make ends meet.  By planning for the future, setting priorities, a rainy day fund, and a great budget; you can be well on your way to financial comfort.

This article was written by Low Income Loans Australia, a blog dedicated to low income earners, providing information and tips on finances. Find circumstance based information on different financial options available to those needing financial help.

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