Managing finance seems to be a tough task but if
planned well, it can be managed easily. When coping with the loss of spouse or
divorce, managing finances seems like an uphill task. All the planning has to
be made from scratch keeping in mind the daily needs and some amount to be
saved for the future. Read on the ways of managing finances when you are a
Managing finance as a single
parent is one of the toughest job in the world. When you have lost your
spouse or separated from your spouse, you need to earn enough to meet the needs
of your family and the situation can get tougher if you have more than one child
as you need to plan and provide for the future security as well. Major parts of
the world have not yet recovered fully from the economic crises and when the
responsibility of the entire family falls on one parent, it becomes imperative
that you understand budgeting very well.
Tips on Managing the
Finance Single handedly
The very first thing that you need to do here is get a clear
idea of what exactly is available to you. In a moment of personal crises,
undesired and avoidable expenditures and credit card debts can only add to your
stress. In the beginning, even a $20 saving can give you a lot of confidence. Have
a quick look at the tips for managing
finance single handedly.
Start by Planning your
Make it a point that you do not buy things that are not in
your budget list, once you do it; you will be ruining your savings plan. Never
put savings off to the next month as it will tend to become a recurrent thing
and your idea of planning will never materialise, thereby adding to your
worries. Ensure that whatever the situation and even if you are on a buying
spree, you will be sticking to your budget.
Get the Things
That are Urgently Required First
The most important things are the food, education,
medical and other household bills. Every thing that your family needs should be
on top of your list. A balanced diet for your kids, yourself and other members
of the family along with the water, electricity, school and telephone bills, every
other requirement comes after that.
Envelops for Every Need Helps
This might seem childish, but it helps a great deal in
management with funds. This envelop should contain the bill and the money
that is always ready for payment. This prevents unnecessary hassles for a
single parent. These envelops should be stacked at safe places and you should not
end up missing the payment due dates.
Procrastination is a disease and must be avoided at all
costs. The moment you receive the bills, keep the required money in envelops
and keep them aside. Never postpone the payments as once you do it, you are
likely to develop it as a habit and later the situation can get beyond repair.
The smooth flow of payments must be allowed to keep on so that the habit eases
out any undesired tensions in the coming time.
Reduce Budget for Things
That are not Really Important
Once you know that you have to make do on a limited budget
and you have no one to support you in times of need, you need to get a clear
idea on what is actually required by your family and what could be well
avoided. For instance, you can remove clothes and toys from your regular
budget. If your child likes dining out every weekend, make them understand that
you cannot afford it every weekend, rather they can have a great outing once a
month. Try to share your problems with your kids in a manner that they can
relate to it. It will not help them understand that they are on a tight budget,
but you too will be in a better position to sort out things.
As a single parent you must make it a point to set
aside a certain amount every month for your savings account. It is a mark of
great planning and self-discipline that will keep you in good stead in times of
need and help you feel confident even in a situation where you know that you
have to spend your life without the support of your loved ones.
Finally, Savings are
not Optional but a Necessity