- December 28, 2021
4 Tips to Make Ends Meet as a Single Parent
Financial planning as a single parent seems a nightmare. While you have to meet all of your monthly expenses, you also need to set aside funds for emergencies and planned expenses. When you are living with your partner, you are responsible for sharing half of the expenses, which makes you feel less burdened, but the situation becomes serious when you are to meet all of your expenses on your own.
If you are living alone, you can still manage most of your expenses, but it becomes quite challenging to make ends meet when you have a baby easily. Dealing with this nightmare is not that easy, but tell yourself that you are not alone. It is possible for a single parent to live financially.
However, you will have to be more careful about your spending behaviour. Staying on top of your expenses is essential if you want to have control over your financial life.
Tips to make ends meet as a single parent
Even though it sounds difficult but you can get control over your finances with the help of the following tips:
- Start by budgeting
Needless to mention, you need a budget to control your finances regardless of your marital status. It is reminded every now and then because nobody strictly adheres to this basic principle. Unless you create a budget, you will not be able to stay on top of your expenses.
Before you create a budget, you must know how much money you have and how much you are spending. The overview of your finances will serve you as the basis for creating a budget.
Creating a manual budget can be a bit difficult and seems outdated, especially when you can use several budgeting apps to manage your expenses. Before you choose a money management app, make sure that the purpose you are about to use it.
Some budgeting apps help save money only while the others help with saving and investing both. By using budgeting apps, you can get a detailed view of your transactions that can let you know how much you have already spent and how much you are left to spend.
This all information will be available in the dashboard. You can manage all of your spending categories like debt payments, utilities, childcare expenses, food, travel, and the like.
At the end of the month, you will know the total amount of money you spent on each category and then analyse where you should cut back. In brief, budgeting will help you analyse your spending so you can easily meet all of your expenses.
- Track your expenses
Just because you have downloaded a budgeting app, it does not mean that you can sit back. You will have to go through it so you can have a look at your total expenses. Tracking your expenses is essential in order to take control of your expenses.
It is crucial for you to know how much money is coming and how much is going out and where. Apps can have a record of total money spent on each category, but you will have to figure out how you can whittle down your expenses.
For instance, if a large portion of your money is going toward debt payment, you should find out how you can minimise your debts.
You can talk to your lender to pay more than the due amount so you get rid of them as soon as possible. You should create an emergency cushion, so you do not rush to online lenders to borrow money. As far as it is about planned expenses, you should try to start setting aside money.
If you have noticed that there has been an increase in your utility bills, you should try to look for another utility service provider who is not expensive. Try to switch to another utility service provider that offers utility services at lower prices.
Make sure that you have not opted for a subscription that you have not been using for a long time. It is crucial to opt out of them to save your money. If you notice that your apartment rent is making it hard for you to make ends meet, you should consider going to another location where you can find an affordable house.
You will have to figure out ways to minimise your expenses. You can easily manage to whittle down your expenses by tracking your expenses. However, it does not mean that you will never need to borrow money. For instance, suppose you lose your job, and your savings are insufficient to help you tide over. Of course, you will need to take out doorstep cash loans for unemployed, but make sure that you will not have any difficulty paying off the debt.
- Prepare for the future
It is important to build an emergency cushion if you want to stay on top of your expenses during financial emergencies. Life can throw a curveball at any moment, and hence you must set aside money to meet your unforeseen expenses. However, it is not just unforeseen expenses that you need to look after. You also need to look after your planned expenses.
You will have to plan your future right now if you do not want to run out of money when the time comes. For instance, if you have decided to buy a car in the coming years, you should start saving down payment. Make sure that you do not dip into these funds even if you come up with an emergency.
If you end up taking out 12 month payday loans with no credit check, make sure that you will not struggle to repay the debt. You should also think about the financial security of your child. You should save some money for your child so that they can use that money when they come of age.
If you do not know how to plan your finances, you can consult a financial counselor. They will likely help you frame a strategy that works for you. They will be able to take a look into your financial condition and financial goals to frame a plan.
- Manage your debt
You should try to manage your debt if you do not want to struggle to make ends meet. It can be quite challenging to do it when you have a responsibility for your child, but you can do it by taking care of your expenses.
A rule of thumb says that you should pay all of your bills, including debt, on time. You should try to stay away from debt because you must pay more than what you owe. When you are already having difficulty arranging money that you want to borrow, how will you be able to arrange money for interest payments on top of that?
In this particular scenario, you should put off your expenses if they are not urgent. However, if you think that it is quite impossible to pay off the money, you should find out how whether you have sufficient money to pay for it. If not, you should seek single parent benefits in the UK.
The bottom line
If you are looking to make ends meet as a single parent, you will have to manage your expenses smartly. Make sure that you create a budget so you can stay on top of your expenses. Use budgeting apps, track your expenses, and find out the areas you can cut back on. Apart from planning for unforeseen expenses, you should also plan around future expenses related to your child. Although managing money as a single parent can be difficult, but it is not impossible.