Extramile Finance

Are you a student and a parent at the same time? Balancing single parenting and studies is one of the hardest challenges one encounters in life. Managing basic and childcare expenses on one income is stressful for single parents. According to wecovr.com, “every 2 in 3 single parents of the UK’s 2.9 million single parent families are just one serious illness away from the catastrophe.”

It prevents the parent from working for a long period, leading to debt spirals and financial difficulties. Instead, it increases reliance on state support, further diminishing a child’s prospects for a bright future. The blog discusses such financial struggles and how single parents can overcome them.

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Single Parents’ struggles: What do the facts say?

Here are some devastating facts that reveal the actual situation of single parents in the UK.

• According to insurancehero.co.in, “ the cost of raising a child in 2025 was £290,000 for single parents in the UK.”
• According to the Centre for Social Justice, “a single parent earning the median salary would see their savings exhausted within just 5 weeks.” It is when they are forced to rely on Statutory Sick Pay(SSP)
• 36% of single parents with dependents have no savings compared to 17% couple families with dependents (Gingerbread.org.uk)
• 22% of single mothers are more concerned about free meals for their child than 18% of fathers. This may help them save money. However, compromising on a child’s health is not the solution. Only a few institutions offer free meals.  

Therefore, try to save extra for food and prioritise education expenses. If you need help with tuition and stationery expenses, check options like student finance for single parents in the UK. It may help you counter emergency and critical expenses by spreading the costs and paying later in instalments.

What emotional and financial struggles do single parents face?

Most individuals are living in poverty due to low and single income, high childcare costs and limited work flexibility. Here are some financial and emotional struggles they face:

• Rising debt

About 76% of single parents are in debt due to low earnings, the high cost of living, and child expenses. The average debt was £8290 in 2024, according to the CitizenAdvice portal .  Moreover, the condition is worsening as 59% individuals state that their financial situation is worse than the previous year (2023).

• Living below Minimum Standard Income

About 83% of single parents live below the Minimum Standard Income in the UK.  A single person needs to earn £30,500 a year to reach a minimum acceptable standard of living in the country. Moreover, for a lone parent, the average weekly spend on childcare for children aged 2-4 years is £290.60, followed by £147.57 on food costs.

• Risk of homelessness

1 in 4 Single parents, especially in England and surrounding places, are likely to be homeless or are at risk of homelessness. They have more than one dependent to care for. It is due to soaring rents, low incomes, and a chronic shortage of affordable housing.

According to England.shelter.org.uk, helpline manager, Nadeem Khan-

“Every day, we hear from individuals living under the constant fear that they could lose their home the moment an eviction notice drops through their letterbox. Several people are skipping meals to manage the cost of rent, cutting back on essentials, and making impossible choices to stay afloat.”

How can single parents counter this financial struggle?

As you can see, single parents face financial struggles. Now, let’s analyse the best ways to counter these struggles as a single parent:

• Claim the maximum child care benefits

Identify the benefits that you are eligible for as a single parent. It could be

• Universal Credit
• Child Benefit
• Council Tax Reduction
• Tax-Free Child-Care Schemes
• Childcare Hour

It may help you save money on managing childcare expenses. In its place, you can utilise the money to pay the rent and keep the shelter. The qualification criteria may vary across different benefits. Check each benefit and eligibility criteria on Gov.uk, MoneySavingExpert or use a benefits Calculator.

• Trim the non-essentials

As you can see, the maximum money single parents spend on is food after child care expenses. Therefore, try to deal with this part to save more money. Switch to general brands instead of the popular ones, try to prepare meals at home and carry one to university. Try using the available reference books or borrowing from the library to study. Similarly, you can save enough money.

• Build an emergency fund

An emergency fund helps you cover necessities without facing dire consequences. You can use it under extreme financial scarcity. For example, if you urgently need the cash to retain the shelter or pay the rent due, you can tap it.

However, don’t use it all up towards a single cause. You can start saving as little as £100 per month. You need to be regular with it.

• Consolidate debts

Debt consolidation combines multiple pending payments into a single monthly payment. It is a perfect solution for a person dealing with 8-11 debts monthly. The agreement reduces the monthly instalment payment and overall interest.

It eventually reduces the total amount that you are due to pay on these debts. You can choose a repayment structure that suits your finances and liabilities.  These instalment loans for bad credit from direct lenders help you pay a fixed monthly amount, eliminating surprises. It streamlines and organises debt payments most affordably.   

• Check part-time study options      

Managing full-time studies while caring for a child is challenging. Thus, explore the flexible hour education options or part-time options that most universities provide. You can also consider Distance learning, which does not require you to attend university. Instead, you can study and complete your education online from your home.

Bottom line

Undoubtedly, managing study as a single parent is difficult. It requires managing the best of both worlds-study and expenses. Identify the ways to boost your earnings as a student. Check the benefits, grants and other aspects that you qualify for. It may slightly reduce the financial burden and help you better manage your child’s expenses. Also, consider wellness sessions in between to ensure a calm mind.