Bank of One: Single Parent Budgeting Advice

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In a world that judges single parents harshly, making tough decisions can be quite hard, especially regarding your finances. However, it is still possible to balance all of your parenting responsibilities while keeping your finances in check., All you need is the strength to carry out your parenting role and still make sober budgeting decisions. 

A team of bankruptcy lawyers in Philadelphia assure their clients that it is not as complicated as it seems, but if they master this skill, they can manage their finances better. Here’s how:

1.   Involve Your Kids in The Budgeting Process

By now, you know that this is a new chapter of your life. You will be required to make adjustments, cut out many things, and settle on the necessities. Here is where your kids come in. Before, your kids were used to being told “no” or “yes” when they asked for money or things. Involving them in the budgeting process allows them to understand better what is necessary and what is affordable, and together you can set realistic expectations. 

The idea is not to remove all the fun but to teach your children that making those minor cuts in the expenses will help you save a lot of money. Furthermore, this also prepares them for the future, and it will also make them more supportive and hardworking.  

2.   Pay Off Those Debts

I know one question ringing in your mind is, “how do I pay off my debts as a single parent?” The truth is, debts will always pull you down, especially when you need to achieve financial goals. When creating your budget, make sure to set aside money each money to put toward paying off your debts.  If you’ve settled on a reasonable budget, it should also help you eliminate all the pending debts. 

For example, if you have a loan, try and pay off the one with the highest interest rate first. Also, try not to add any more debt, no matter how low the interest may be. This way, you will have a clear perspective of your financial goals and turn your financial situation for the better. 

3.   Prepare For The Future 

If you have already paid up your debts, then here is a big round of applause for you! It doesn’t matter if you’re receiving child support or an extra boost from your ex-spouse, and we acknowledge that you need time with your kids, but at the end of the day, it is necessary to protect yourself and your kids from the future financial shocks that may arise. 

If getting another job becomes futile, but you have been diligently working wherever you’re currently, then this is the ideal time to request a raise. With such measures in place, you can comfortably budget your money, add more into your savings, and give your kids the future they deserve.

4.   Set Financial Goals

No matter how low your income is, setting clear financial goals will help you plan for your money, save better and achieve your goals. Like we mentioned earlier, budgeting doesn’t mean that you entirely cut down everything and limit all the fun. 

With financial goals, you can still plan for short-term goals like having a yearly vacation with your kids or long-term goals like contributing monthly to your kids’ college fund, emergency fund, or retirement savings. Each coin counts, no matter how small it is.

5.   Live A Frugal Lifestyle

Unlike what most think, being frugal doesn’t necessarily mean not purchasing quality things. However, it means that you now have to be more disciplined about your money spending habits, and it will help you save more. If you don’t change your spending habits, all the efforts listed above will be fruitless. To get you started, here are things you can do:

  • Start buying second-hand clothes
  • Start purchasing items in bulk
  • Use coupons
  • Reuse plastic bags
  • Stop using a paper towel and instead use a reusable cloth

Financial issues are one of the leading causes of stress in most homes. It’s even harder when you’re the only parent that your kids can rely on. Amidst your busy schedule, always take time to talk with your kids and pray. It will not only bring comfort to all of you and peace and unity amongst all of you. 

About the Author

Veronica Baxter is a writer, blogger, and legal assistant operating out of the greater Philadelphia area.

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