Advice for single parents: 3 important financial habits to have

Reading Time: 3 mins

While financial struggles can be difficult for anyone, it can be exceptionally stressful for single parents. Although single parent families often have the support of close friends and family, they still hold full responsibility for their job, parenting, household chores as well as hefty finance bills.

Some of the problems single parents face are due to the lack of understanding and inclusivity, which is why it is important for companies like PayPlan to highlight the habits single parents may want to start doing in order to maintain a good lifestyle. Some of the habits they discussed in their blog post include:


Managing necessary expenses

There are a lot of expenditures to make each month, this can include household bills, food and even taxes. If uncareful, these numbers can continuously creep up and leave families with little to no money left to spend.

In order to maintain a healthy bank balance, it is important to be aware of how much will need to go into these necessary expenses and budget accordingly. Alternatively, you can contact suppliers and ask to reduce the cost of your household bills. Should you need to consider a different solution to lower the cost of your bills, you may even visit the uSwitch website and see how much you can save with a different, potentially cheaper, supplier.

If these payments aren’t paid on time, it is likely that your debt will snowball over time, creating an even greater pressure.


Having ‘emergency’ money

The biggest challenge for single parents is saving. With one person’s earnings and a minimum of two people to feed, it is expected to not have much left after all the outgoings. All of your money goes into the bills, the food shop or new shoes that your children constantly grow out of. However, it is important to be able to save whatever you can in case of emergencies.

Budgeting is one way to stay on top of it. You can anticipate how much you will need to spend in a month and have the intention to save the rest of the money. It is important to try and be in the habit of putting away spare money rather than spending it all. This way you will be able to have extra funds for when something comes up for you or your child.

Alternatively, you can also look into earning cashback on your purchases through cashback websites. You can save lots of money this way and keep it aside for any surprise occasions.


Saving for regular days out

Every once in a while, it is important for single parents to unwind. Both the parent and child can benefit from a trip to relax and enjoy family activities. PayPlan has rightfully pointed out that some typical family activities can be more expensive for single parents, due to ‘family deals’ targeting two parents and two children. Their results show that a single family can find themselves paying £2,904.95 compared to a two-parent family over the course of a few years – companies seem to favour two-parent families, offering discounts that single parents aren’t eligible for.

While companies need to work on this pressing matter as soon as possible, this shouldn’t limit your family on what to do. Not only are there plenty of free activities that can be done, like a picnic in the park or a day on the beach, there are also many children’s discounts available and online deals for you to snatch up if you plan and book ahead of time.

These are just some of the financial habits that single parents should bear in mind. Families of all sizes all deserve to have a fun time and there are many ways to ensure that this is possible regardless of a single parent or two parent family. It would be ideal if companies can identify this and make deals available for all sorts of families to enjoy as well.

The post Advice for single parents: 3 important financial habits to have appeared first on MoneyMagpie.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *