If you’re preparing for a new life as a single parent, it can be pretty difficult to adjust. You don’t just have the stress of a relationship ending to deal with. You also have to think about how you’re going to afford all the expenses of looking after your child with a single income.
Before you panic that you simply won’t have enough cash to make ends meet, it’s worth noting that there are a lot of single parents out there that manage to get by with their single income, particularly when they know how to budget correctly.
Here are some of the crucial things that you can do to improve your financial situation as a single parent and set yourself up for family success.
1. Keep Track of Your Spending
You can’t control your spending situation if you’re not keeping track of how much money you’re using. Try to get a clear picture of how much cash comes into your bank account each month with your income, and how much you spend on things like bills and necessary expenses.
The good news is that a lot of banks now have online services and apps that allow you to see your balance, standing orders, and direct debits in real-time, so you can get a closer overview of your money. Several banking apps also show you what your money is being spent on, so you can better organize your budget going forward.
As you track your spending, make sure you ask yourself what you’re spending money on that you could cut back on, what you buy that you may be able to get cheaper, and whether you can find any ways to supplement your income.
2. Buying the Things You Need
As a single parent, you’re going to have things that you absolutely need to buy for your child. In some cases, you won’t be able to wait until you’ve saved up enough extra cash for these big expenses. You’re going to need to find the best possible way to access the things you need as quickly as possible, which might mean accessing a loan via somewhere like Omacl.co.uk.
If you do decide to borrow money, make sure you think carefully about how much you need, and what kind of loan is the most suitable for your circumstances, there are a lot of options out there depending on your situation.
3. Find Quick Ways to Save Money
When you’re saving money and raising a family at the same time, it’s important to get into a state where you can consistently find new ways to save cash. Depending on how old your children are, you can even ask them to work with you on becoming more frugal. For instance, take showers instead of baths, and avoid putting the heating on before you really need to.
There’s also the option to think about air-drying your clothes and washing your dishes yourself instead of using an appliance. Cut the costs of your electricity bill by turning off the radiators and lights in any room you’re not using too. You could even look into getting rid of your television subscription package and switching to something like Netflix instead.
4. Look for Extra Help Wherever You Can Get it
Sometimes, the best way to improve your financial situation is to look for additional sources of income, and make sure that you’re not spending over the odds on the things in your budget. However, there are some additional sources of support that you can track down too. Talking to a professional from the citizens advice bureau is a good place to start.
You can also think about looking into any extra groups that you can join to save money on things like groceries with vouchers and discount codes. A lot of stores have their own loyalty schemes available to sign up to these days.
5. Save Whenever You Can
Finally, remember that finding extra money to save when you’re struggling with expenses as a single parent can be difficult, but you don’t have to save hundreds of pounds every day to see results. Even just putting a small amount of cash away on a regular basis can make a huge difference to your situation in the long-term.
Setting up a standing order from your existing current account to another savings account could help to ensure that you get the savings you need into your account without having to worry about things like accidentally overspending. Don’t give up on saving money – even if it’s just a small amount each week.