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You are here : home > Single Parenting > Related Articles on Single Parenting > Tips for Single Parents to Manage Finance

Tips for Single Parents to Manage Finance

Tips for Single Parents to Manage Finance

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 single parent.

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 Daily Budget

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.

Making Separate 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.

Avoid Procrastination

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. 

Finally, Savings are not Optional but a Necessity

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.

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