If you are a single parent, trying to have enough money for everyday bills is hard enough. Yet, you want your children to have an enjoyable life. Follow these money tips to save money and have enough to cover your bills without the worry.
Keep an Emergency Account
An emergency account is necessary for every household. This is useful for emergency repairs around the home or to your vehicle. It’s also good to have to help pay down medical or educational expenses.
Most emergency accounts are held at the bank, but for single parents, having extra cash at home is good. This is in case you need to order food in one night if you are attending a sick child, need medicine, or need to fill your gas tank again. Having an emergency fund will also help you from having to borrow cash. But if you need a loan there are a few decent need cash now places online.
Second-Hand Purchases are Acceptable
As a single parent on a budget, you should understand there is nothing wrong with certain second-hand purchases. Children clothing is a great example. They are growing so fast, they will soon outgrow expensive clothing.
This is not to say you don’t need to dress your child in name brand attire. To do so, purchase gently used clothing and other popular items at stores such as the thrift store, Ebay.com, and ToysShare.com. Other second hand items that can save you money include toys, cribs, bedding sets, DVD’s, and books. Purchasing these items from consignment stores can save you hundreds a year.
Take Your Child to Free Events
You don’t have to break the bank to give your family a good time. Many free events are in your city. Check with your local library or your city’s official website. A few activities include trips to the zoo, bike riding in the park, fishing, and trips to the museum. During the summer, enjoy fun family sports at the beach.
Budget for Groceries, But Purchase Food Last
It’s good to set a budget for everything including groceries. Now, once you have budgeted, set your grocery money aside, and purchase your food after you’ve paid your bills.
The reason being is that it’s easy to overspend when grocery shopping, especially if you have the children with you. If you purchase more than you’ve budgeted for, you can find yourself in the hole, left trying to find a way to cover your important bills such as utilities, car note, and rent.
If you do find yourself short on your food budget, consider stopping into your local food pantry for basic supplies.
Participate in Your Employers 401k Plan
Finally, never leave money on the table. As a single parent, you may feel you need every dime of your paycheck to go towards the household bills. But placing away 2-5% of each paycheck adds up, especially if your employer matches your contributions. This is a great way to place a few hundred dollars away a year, and borrow against it if you need to, instead of taking an emergency loan.