Money Management as A Single Parent

Money Management as A Single Parent

Money management as a single parent, it’s possible although it may not always seem that way. Some weeks you’re able to stretch your paycheck to cover your day to day while other weeks it may not go as far. As a single parent, you’re always going that extra mile for your family. Let’s review some ways for your money to do the same.

First and foremost, it’s probably time to sit down with your bank statement and review your financial situation. It’s easy to open up an excel document and fill columns with hypothetical bills, but, let’s be honest with ourselves, there’s a lot more to your financials then that. Looking at your bank statement allows you to see exactly what has gone in and out of your account. Don’t ignore those $40.00 Uber Eats charges and be sure that any cash withdrawals are documented too. After all, that money was once in your pocket.

Once you’ve accounted for all of your financials, it is time to get serious about budgeting. I would refrain from cutting off the power and bulk buying boxes of dried food. Instead, if you have a subscription service that you haven’t used for more then two weeks, it’s time to cancel. Having food delivered to your house can cost up tp 4x more then picking up a pizza on the way home, most walk-in specials are $9.99. These are just a couple of examples of easy changes that you can make.

For the long term approach, consider tackling the more difficult problems. You will always be paying insurance if you own a vehicle, so why not do some research for a better, cheaper rate? Most major cellphone, television and internet providers are dying to have you switch over and most of the time will offer you a great promotion to win over your business. Finally, your home and mortgage can be leveraged to pay off hard debt, like high interest credit cards and loans. Perhaps the mortgage itself is responsible for using up the majority of your paycheck. In a case like that, a refinance should be considered.

As a single parent, it may be difficult to find the time to sit down and crunch the numbers, however, a bit of research can go a long way. Emailing for quotes can be the easiest way to find out where you’re overpaying on insurance or interest. Booking an appointment with an advisor at your bank or scheduling a visit to your home or office are services most banks offer to discuss your financials and create a plan for the long term.

Putting yourself in control of your monthly expenses can go a long way to relieve financial stressors without reducing your quality of life. After a short financial review and some moderate lifestyle changes, you can relax knowing less is leaving your wallet, letting you spend more time with your family.

 

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