Single Parent Finances Tips For Easier Money Management
May 25, 2022 | June Mckaig
When you’re going at it alone and raising your kids on your own, you often must do everything you can to make ends meet. And while they work hard, single parent finances can be difficult to handle. That is where some solid money management tips can help. Here are some of the best single parent finances tips to help keep your finances on the straight path.
Tips To Help You Manage Your Single Parent Finances
Make Sure You Budget For What You And Your Child Needs
Effective management of single parent finances begins with a proper budget. And while that includes your needs like rent or mortgage, food, and utilities, and wants like vacations or nights out, make sure it also includes the random expenses that will come throughout the year for your children. This includes everything from school needs to weekend activities.
Try Different Budgeting Styles
While you may have the basic elements of a budget down, single parent finances may be maximized by trying different budgeting styles until you find the right one. This can include the 50/30/20 budget, where 50% of your budget is devoted to needs, 30% set aside for wants, and 20% going to savings.
Or your budget style could be the cash system, where you use different envelopes filled with the exact cash you need for different expenses. And another budgeting style could be the strict zero-based budgeting, where every dollar in your budget is planned out without exceptions.
Tackle Your Debt
Debt is a significant roadblock to improving single parent finances. Instead of ignoring it, single parents should make paying down debt a money management priority. It may seem daunting at first, but simply gathering your bills and paying what is due within that week is a good start. Look at your monthly bills next and come up with a plan to avoid debt or set up a better payment plan.
Eventually, you’ll be able to create a plan to start paying down your overall debt a little at a time. Whether you tackle significant debt such as student loans or credit card debt first or start with eliminating small amounts, what matters is your steadfast commitment to paying off your debt.
Set Other Goals
While paying down debt is a big step in better management of single parent finances, it’s important to set other money management goals for both you and your children. This may include establishing a basic monthly savings plan, setting up a college fund, preparing for retirement through a 401(k), or investing your money.
Make One Of Your Goals An Emergency Fund
While maintaining regular savings is crucial, another goal should be establishing and building up an emergency fund for your household. A basic rule of thumb is to create an emergency fund that can cover between 3 to 6 months’ worth of living expenses in case there is a substantial financial emergency, such as a major medical accident or the loss of a job.
Try Living Below Your Means
Frugality can be difficult to maintain as a single parent, but depending on your financial situation it may be necessary. By stretching your budget, you can meet all your family’s financial needs and even hit your goals faster. Consider some changes such as cutting cable, buying in bulk, or reducing your clothes shopping. Couponing is a classic approach. So is relying on second-hand stores.
Find A Side Gig
Yes, life as a single parent may not be conducive to finding a side gig for additional income, but you may be surprised at how lucrative certain extra jobs can be that don’t demand too much of your time. A few hours of graphic design freelance work or dog walking can make a big impact on single parent finances.
Take Care Of Financial Emergencies With A Fast Payday Loan
Financial emergencies can hit single parents particularly hard. That’s why one of the best money management tips is to get help as quickly as possible with a fast payday loan. A fast payday loan from Nevada Title and Payday Loans, Inc. is a short-term loan offering help for emergencies such as an emergency room bill or a much-need home or car repair.
It can take as little as 30 minutes to find out if you qualify for a payday loan of up to $500 with us — and you receive the cash you need the same day or the very next business day. To get started, simply fill out the fast payday loan form on our homepage. One of our loan representatives from the nearest Nevada payday loan location will give you a call to set up an appointment.
Manage Your Single Parent Finances Today
Following some of the best single parent finance tips are essential to proper money management. With these tips, you can make your finances much simpler for you to manage and keep your family afloat. And if you run into an emergency, just remember that a fast payday loan can help you out with those expenses. Fill out the online form to get started.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.