Being a single parent is a rewarding, yet difficult job; no one’s denying that. One of the main concerns of many single parents is money – how can you get more of it and how can you save it? In this article, we’ll go over some of the ways you can start saving money as a single parent.
Learn To Budget
The single most important step you can take towards being financially secure and building up savings is to have a good budget. Learning to budget effectively will not only teach you where you can spend your money but also where you can improve. Instead of living paycheck to paycheck, you can set out exactly what you’ll need to spend each month and what you want to save, so you can be sure that by the end of the month, you’ll won’t be stressed out and staring in shock at your overdraft.
Try To Cut Back On Expenses
One of the best and most obvious ways to save money is to cut back on expenses, which can seem difficult as a single parent, as so many of your expenses may be completely necessary, such as food, electricity, diapers, and so on. However, you may be surprised to discover just how much money you are spending on things that aren’t actually essential to you, such as cable TV, your audible subscription, that coffee you buy every morning before work, or the gym membership that you rarely use. Cutting back on these small and seemingly insignificant expenses or simply trading them in for cheaper options such as working out at home can drastically improve your finances.
Look Out For Deals
As a single parent, you’ll develop a keen eye for bargains and deals. These can be invaluable in helping you to save money here and there. Hunt for freebies online and in store, and take note of when stores are having sales, putting on special offers, or when there is likely to be deals coming on. You’ll often find that many stores have reduced sections where they put broken items or food that is soon going out of date that you can grab at a much cheaper price. When you’re buying presents for the little ones, always look at toys and games reviews before you fork out an excessive amount of money on a named-brand toy when there’s a cheaper alternative.
As tempting as it can be to run into the shop the minute you see an item of clothing that would look adorable on your child or a pair of jeans that you can’t live without, chances are you can find a very similar item second-hand. So, start making thrift stores your second home. They offer a wide selection of clothes and toys, all at a cheap price so you can dress and entertain your child, without breaking the bank at the same time.
Start Meal Planning
Meal planning has been steadily increasing in popularity recently as people find that with a little time and organization, you can really save some money. All you have to do is start planning out what meals you and your family are going to have that week, right at the beginning of the week. Buy only the necessary ingredients and then batch-cook those meals. This will not only save you money in the long-run, but also time, so it’s a win-win.
Hopefully, this article gave you some ideas on how to save money as a single parent, so you can start working your way towards financial freedom.