Financial Advice for Single Parents
When you’re raising your kids on your own, every penny counts. Single parents often have a tighter financial situation than other families, but there are things you can do to help relieve some of the financial stress.
Take advantage of any help that is offered to you, especially if it is free and long term. There are programs that help you provide for your kids’ college tuition, such as Upromise. In this program, you link your credit card to a Upromise account and earn cash towards your child’s college tuition every time you make a purchase with the card.
Upromise is nice for the long haul, but you need to save money now. One thing you can do is to use coupons whenever you shop, especially for everyday grocery items. Buy items with coupons when they are on sale can help you save even more money.
For items such as furniture, home decor, and even art, try the local thrift store. You don’t need to buy something brand new—a lot of thrift stores carry items that are just a few years old. You can also try online auction sites to find great furniture and home decor bargains.
Find Incentives for Saving
Saving doesn’t have to be a chore, either. To make it fun, and to reward yourself and your family for a job well done, you can put a bit of your savings aside for trips to the ice cream parlor or a nice meal out. Who knows, you might end up saving so much that you can go on a holiday.
You don’t want saving to feel like a nine to five job. Always try to have fun while saving. Try to get creative, and even get your kids involved. Sometimes, the extra set of eyes will spot some bargains you may have missed. You can even make it into a game. See who can get the better deals—whoever wins gets to choose the next special savings reward.
Single parents already have enough to worry about without the added burden of how to save money. By accepting help and shopping smartly, saving doesn’t need to be a challenge.