{"id":1758,"date":"2022-11-29T15:16:08","date_gmt":"2022-11-29T09:46:08","guid":{"rendered":"https:\/\/www.extramilefinance.uk\/blog\/?p=1758"},"modified":"2022-12-01T18:50:28","modified_gmt":"2022-12-01T13:20:28","slug":"6-financial-moves-every-single-parent-should-make","status":"publish","type":"post","link":"https:\/\/www.extramilefinance.uk\/blog\/6-financial-moves-every-single-parent-should-make\/","title":{"rendered":"6 Financial Moves Every Single Parent Should Make"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_52 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69e28d5330e46\"><span class=\"\"><span style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69e28d5330e46\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.extramilefinance.uk\/blog\/6-financial-moves-every-single-parent-should-make\/#How_to_Manage_Finances_as_a_Single_Parent\" title=\"How to Manage Finances as a Single Parent? \">How to Manage Finances as a Single Parent? <\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.extramilefinance.uk\/blog\/6-financial-moves-every-single-parent-should-make\/#1_Have_a_Junior_ISA_account\" title=\"1) Have a Junior ISA account\">1) Have a Junior ISA account<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.extramilefinance.uk\/blog\/6-financial-moves-every-single-parent-should-make\/#2_Explore_the_best_insurance_plan_for_your_child\" title=\"2) Explore the best insurance plan for your child\">2) Explore the best insurance plan for your child<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.extramilefinance.uk\/blog\/6-financial-moves-every-single-parent-should-make\/#3_Stick_to_budget_while_shopping_for_baby%E2%80%99s_essentials\" title=\"3) Stick to budget while shopping for baby\u2019s essentials\">3) Stick to budget while shopping for baby\u2019s essentials<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.extramilefinance.uk\/blog\/6-financial-moves-every-single-parent-should-make\/#a_Baby_car_seat\" title=\"a) Baby car seat\">a) Baby car seat<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.extramilefinance.uk\/blog\/6-financial-moves-every-single-parent-should-make\/#b_Buying_a_pram_pushchair\" title=\"b) Buying a pram\/ pushchair \">b) Buying a pram\/ pushchair <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.extramilefinance.uk\/blog\/6-financial-moves-every-single-parent-should-make\/#c_Cot_Bed_baby_crib\" title=\"c) Cot Bed, baby crib\">c) Cot Bed, baby crib<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.extramilefinance.uk\/blog\/6-financial-moves-every-single-parent-should-make\/#d_Feeding_essentials\" title=\"d) Feeding essentials \">d) Feeding essentials <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.extramilefinance.uk\/blog\/6-financial-moves-every-single-parent-should-make\/#4_Set_up_an_Emergency_Fund\" title=\"4) Set up an Emergency Fund \">4) Set up an Emergency Fund <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.extramilefinance.uk\/blog\/6-financial-moves-every-single-parent-should-make\/#5_Start_saving_for_your_child%E2%80%99s_college_tuition_fee\" title=\"5) Start saving for your child\u2019s college tuition fee \">5) Start saving for your child\u2019s college tuition fee <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.extramilefinance.uk\/blog\/6-financial-moves-every-single-parent-should-make\/#6_Check_for_the_affordable_labels_discount_codes\" title=\"6) Check for the affordable labels\/ discount codes \">6) Check for the affordable labels\/ discount codes <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.extramilefinance.uk\/blog\/6-financial-moves-every-single-parent-should-make\/#Bottom_line\" title=\"Bottom line \">Bottom line <\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p style=\"text-align: justify;\">Parenting is a beautiful moment with additional responsibilities and, of course- EXPENSES. Adjusting your existing budget parameters and income, and controlling outgoings, requires earning extra for a comfortable living.<\/p>\n<p style=\"text-align: justify;\">While embarking on this journey, precise preparation could help eliminate financial surprises. So, you should be on your toes from the days before the baby arrives and a week after.<\/p>\n<p style=\"text-align: justify;\">And with increased living costs and accompanied by a pay freeze, the individual finances get compromised. Single parents are vulnerable as they manage all household costs with a single income source. If you are the one, know\u00a0how to manage finances as a single parent.<\/p>\n<p style=\"text-align: justify;\">The blog states some ways to take charge of your finances and manage every new expense with childbirth just hassle-free.<\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"How_to_Manage_Finances_as_a_Single_Parent\"><\/span><strong>How to Manage Finances as a Single Parent? <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">Single parents generally have low income owing to the flexibility they need with child care and take time off at short notice. With reduced access to benefits as a current Government strategy, parents find it ever more challenging to meet the ends.<\/p>\n<p style=\"text-align: justify;\">\u00a0Even if you eliminate discretionary expenses from the league, liabilities swipe one of the budgets. However, single-child parents can leverage universal credit, Housing Benefits, and Council Tax Benefits, but what if these do not suffice or you do not qualify for one?<\/p>\n<p style=\"text-align: justify;\">Here you need something that provides needed assistance. Borrowing funds can be an option as <strong><a href=\"https:\/\/www.extramilefinance.uk\/loans\/single-parent-loans.html\">loans for single parents<\/a> <\/strong>may be an active way to rationalise all your dreams without missing out on creating the best experience for your newborn child. With easy repayments, you can easily manage these along with essential expenses.<\/p>\n<p style=\"text-align: justify;\">These help you cater to any new financial change without panicking at affordable interest rates. You may check out one for immediate requirements or long-term planning.<\/p>\n<p style=\"text-align: justify;\">Quickly check other ways listed below to manage finances with a new member added to your family.<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"1_Have_a_Junior_ISA_account\"><\/span><strong>1) <\/strong><strong>Have a Junior ISA account<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">Use\u00a0the money you saved from eliminating discretionary purchases in setting up a Junior ISA account. It is long-term tax-free savings account for children. As per the new rule 2022-23, the savings limit for Junior ISAs is- \u00a39000. To qualify, the Children must be below 18 years of age and should be living in the UK.<\/p>\n<p style=\"text-align: justify;\">You can invest in it through cash ISA or stocks and bonds. Here, you would not be paying any tax on the capital gains or dividends you receive. Single parents share the flexibility of investing in both if they must. Apart from this, you can teach your kids good savings habits when they reach a potential age.<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"2_Explore_the_best_insurance_plan_for_your_child\"><\/span><strong>2) <\/strong><strong>Explore the best insurance plan for your child<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">Do you have a health insurance plan in place? If yes, it would be a great idea to add your newborn to it. Or, if you did not, check out the best health insurance plan for your child as per your lifestyle and income.<\/p>\n<p style=\"text-align: justify;\">\u00a0Most insurance plans call for adding the child into the insurance plan within 30-60 days of the birth. The insurance company must be aware of the child\u2019s birth and add it to the existing health insurance plan. New moms can qualify for maternity insurance coverage. It may include the newborn baby financing needs too.<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"3_Stick_to_budget_while_shopping_for_baby%E2%80%99s_essentials\"><\/span><strong>3) <\/strong><strong>Stick to budget while shopping for baby\u2019s essentials<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">When a new person enters your life, you feel like buying the world for them. However, rationalising every temptation may clutter up your finances before the final welcome of the little one. If you are worried about buying baby essentials in the early days of delivery, here are vital things to think about:<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"a_Baby_car_seat\"><\/span><strong>a) <\/strong><strong>Baby car seat<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">It is the very prime concern that you must think about before conceiving. A comfortable baby car seat ensures a safe delivery without impacting the delicate body.<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"b_Buying_a_pram_pushchair\"><\/span><strong>b) <\/strong><strong>Buying a pram\/ pushchair <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">It should be suitable for a newborn child, inclined entirely flat. If you do not like it, you could use a sling or baby carrier as a cheap alternative. You may need it if you are on frequent travelling trips with your little child a few months later or in a regular drive away.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"c_Cot_Bed_baby_crib\"><\/span><strong>c) Cot Bed, baby crib<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">Similarly, choose the best budget cot bed and baby crib for your child. Prioritize the comfort of your child and the weight. Every child is born different. It is a must-have if you often find yourself at the airport.<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"d_Feeding_essentials\"><\/span><strong>d) <\/strong><strong>Feeding essentials <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">It depends on how you wish to feed the baby. There are excellent baby food products available in the market to choose from. Check out the one with the best potential under budget.<\/p>\n<p style=\"text-align: justify;\">Those essentials can be expensive sometimes. If you are short of funds or do not want to disturb your savings, you can contact<a href=\"https:\/\/www.extramilefinance.uk\/\">\u00a0<strong>private lenders in the UK<\/strong><\/a>\u00a0to have desired funding and to rationalise all your first baby aspirations.<\/p>\n<p style=\"text-align: justify;\">You may qualify for a suitable amount as per your requirement and concerns. Private lenders like Extramilefinance help you with the right loans as per your requirement and get the money the same day.<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"4_Set_up_an_Emergency_Fund\"><\/span><strong>4) <\/strong><strong>Set up an Emergency Fund <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">An emergency fund ensures savings to counter any critical requirements without panicking. Whether you are a business or an individual looking forward to starting a family, you must have one. In this, ensure savings of up to 6-12 months.<\/p>\n<p style=\"text-align: justify;\">It provides a comfortable cushion for a new parent searching for a job. It is essential, mainly when your family relies on a single-member income.<\/p>\n<p style=\"text-align: justify;\">Be mindful that an emergency fund is sincerely for only serious money concerns like paying for family needs in unemployment- like medicines, rent, and other unpostponable concerns. It is one of the best ways to do so if you are exploring facts about how to manage finances as a single parent.<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"5_Start_saving_for_your_child%E2%80%99s_college_tuition_fee\"><\/span><strong>5) <\/strong><strong>Start saving for your child\u2019s college tuition fee <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><strong>\u00a0<\/strong>According to recent statistics, the average tuition fees for students have risen since 2020. And as a matter of fact, only 13% of parents focus on saving for a child\u2019s tuition fee as a priority. It is okay amid other liabilities like rent, living requirements \u2013 food, essentials, bill payments, etc.<\/p>\n<p style=\"text-align: justify;\">While it may not seem like an immediate priority, you must think about it and have a plan. The sooner you start saving for your child\u2019s tuition fee, the more options you will have. Moreover, if you are a parent with a low income, you may leverage some concession on school meals if you receive any of the below benefits:<\/p>\n<ul style=\"text-align: justify;\">\n<li>Child Tax Credit<\/li>\n<li>Universal Credit<\/li>\n<li>Income Support<\/li>\n<li>Income-based Job Seeker\u2019s allowance<\/li>\n<li>Income-related Employment and Support allowance<\/li>\n<li>Guarantee Credit<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"6_Check_for_the_affordable_labels_discount_codes\"><\/span><strong>6) <\/strong><strong>Check for the affordable labels\/ discount codes <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">Sometimes, it is essential to fund according to income. Therefore, having a budget is the first thing, and looking for discounted items for your kid and survival is another. You can check offline, too, alongside online, for discounts. You may find something interesting with the essential Christmas deals going out.<\/p>\n<p style=\"text-align: justify;\">Well, what if the needs do not meet the income despise discounts?<\/p>\n<p style=\"text-align: justify;\">Waiting until long to meet urgent expenses for a child could affect the charm of the moment.\u00a0External options like loans for single parentscan fund expenses if current income does not suffice. Tick all the items on the checklist and ensure a peaceful sleep.<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Bottom_line\"><\/span><strong>Bottom line <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">If you often seek\u00a0how to manage finances as a single parent, these ideas may help. Check out the best tips to save for long and short-term needs before landing the new phase. Starting early is the best way to track finances and avoid surprises.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Parenting is a beautiful moment with additional responsibilities and, of course- EXPENSES. Adjusting your existing budget parameters and income, and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1761,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[233],"tags":[277,276],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/posts\/1758"}],"collection":[{"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/comments?post=1758"}],"version-history":[{"count":3,"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/posts\/1758\/revisions"}],"predecessor-version":[{"id":1763,"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/posts\/1758\/revisions\/1763"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/media\/1761"}],"wp:attachment":[{"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/media?parent=1758"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/categories?post=1758"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/tags?post=1758"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}