Money Management For the Single Parent

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Everyone has their own unique financial situation to deal with. It can be difficult to manage money, especially for those who are operating with limited funds. Single parents are in this category, as they are working with only one income and may or may not receive child support. Especially for single parents who are not receiving child support payments, managing money can be overwhelmingly challenging. For single parents, it is all about stretching the budget as far and as wide as it will go. This article outlines several money management tips for the single parent.

Ways For Single Parents To Save Money

One of the best ways for single parents to save money is on grocery expenses. This can be done in a variety of ways. First, be sure to get the Sunday newspaper for the coupons. Coupons can also be found on many online websites. Additionally, look for the weekly fliers for the grocery stores where you shop. When combined with coupons, items on sale in the weekly fliers will help cut costs. With a little bit of extra planning, it is easily possible to save $30.00 or more per shopping trip.

Another way that single parents can save money is by purchasing necessary items such as furniture or other household things at a discount. This can be done by using websites such as Craigslist.org or eBay.com or by looking in the classified section of your local newspaper. Discounted items can be either new or used, but it is always better to look in these places for needed items before purchasing them brand new in a retail store at full price.

Setting Goals For Yourself And Your Children

It is especially important for single parents to set financial goals for themselves and for their children. Big financial goals such as paying for college for your children can be achieved with the right planning. Even things which seem unattainable to a single parent can be obtained. Starting small can lead to big savings over time.

Understand Your Cash Flow

If you don’t have control over your finances, it can be next to impossible to set financial goals and to later achieve them. You can start by analyzing your finances and setting up a personal budget and comparing your income to your expenses. If you do not have enough left over at the end of the month to save, you must evaluate how you are spending your money to find places to cut back.

Retirement As A Goal

Everyone must retire sometime, so financial planning for your retirement should be something you are thinking about. Setting up a 401K with your employer or a retirement savings account through your bank will ensure you are ready to retire when the time comes. Even if it is just a small percentage of your paycheck, many employers have a matching program that will give you more bang for your buck. In the end, you could have twice the amount saved by using a 401K than if you had just saved on your own.

Source by Richard MacGrueber

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