Being a single parent can be , especially if your income doesn’t stretch to providing your children with everything they want and need. However, there are still ways to make your dollar go further while preventing yourself from falling into money traps. Pay attention to these financial tips below to benefit your family in more ways than one:
Avoid Money Traps
Sometimes, life hits us with unexpected expenses that we’re not able to handle on our own. If it’s time to pay tuition fees, buy school books, or cover other one-off costs, then consider payday loan alternatives. While it might seem convenient to access a payday loan, the high interest rates and dicey repayment terms can end up putting you in more financial pain than you were before. Know there are other options with more flexible repayment criteria and lower interest rates to help you until your next paycheck.
Get Creative in the Kitchen
When you rely on a single income, it can be tough to buy all the things you want and need at the grocery store. Even if most Americans are budgeting for six percent of their income to go on food, it’s not always a possibility.
Therefore, you have to be creative with what you buy. You can use some of the more affordable staples such as pasta, beans, and grains to create wholesome dishes without breaking the bank. What’s more, if you find dented cans of sauces, you can often receive discounts. Stay away from expensive snacks such as chips and cookies and focus on what will give you more meals for less money.
Did you know it can cost between $11,130 and $19,080 to clothe a child between the age of zero to 17? For a single-income household, that’s a lot of money. What’s more, given how quickly children grow, buying clothing can be a continual drain on your finances. To reduce the burden, consider purchasing children’s clothing in bulk from thrift stores and friends and family with children. Hand-me-downs and thrift store clothing is often of the same quality as what you would buy new.
Owning a car comes with an average yearly cost of a little under $10,000. If you don’t urgently need a car, then consider alternative means of transport. Walk or bike to school and work, and use public transportation when you need to go shopping. Even if you have to use a taxi from time to time, it can still be more affordable than the ongoing cost of vehicle maintenance and fuel.
See a Financial Advisor
Whether you’ve always had a sole income or you’re recently down to one, it can be a challenge to work out what you need to survive, what money you need to set aside for what, and how to stay out of financial trouble. To set you on the right path, you may find that seeing a financial advisor can be beneficial. They can help you to understand where you can make cuts, how to budget, and what changes to make so you can always cover the necessities.
Single parents can face a lot of struggles, as raising children is hard enough – let alone doing it on your own. However, you don’t have to allow your finances to add to your struggle. Consider these five practical financial tips and start to live life with more economic freedom.