A Single Parent's Guide to Budget Planning

There are a lot of single parents who face the everyday challenge of managing their finances. Having a single income makes it difficult to maintain a budget. Single parents often find themselves in some sort of a financial predicament and so planning and committing to a family budget may prove to be a BIG TASK.

But if you are struggling to make ends meet, it is best to analyze your financial situation. Sticking to a family budget means having discipline. Here are some suggestions on how a single parent can accomplish this.

Monitor Your Income and Expenses

When making a budget plan, the first thing you have to do is to have a list that breaks down your income and expenses according to a time period, amount and category. This will help to identify whether any cash problems arise due to timing differences. By making a  list  family’s income and expenses for about 3 months, you will understand how your money is spent. Your budget will also help to ascertain whether your expenses exceed your income. If so, you need to balance your budget by a combination of increasing your income and  reducing expenses.

As a single parent, both these choice may seem difficult. It requires saying no to yourself and your children. It may require cancelling tempting credit cards and buying only with cash and debit cards.

Increase Your Family Income

If your income as a single parent consists of a regular pay check and child support payments, you may want to consider having a second job. However this is not advisable if you have kids who need be in day care while you work.

Look around your home. You can also raise additional fund by selling items that you don’t need anymore. You can sell these items thru online sites or by having garage sales.   

If you have some skills, use your talents to earn extra money by offering services or teaching such skills to others. If you have an entrepreneurial nature, you can set up a small store or sell products you’ve made to your co-workers, friends, or neighbors. From hand-crafted items and cake decorating to music, art and writing, there are many avenues that you can explore.

Curb Your Family Expenses

Take a closer look at the expense side of your budget. Do you have high utility bills? Do you tend to eat out more often? Check on every area and  make an effort to control such expense.

Make a weekly meal plan and identify food items that you can eliminate from your list to avoid impulse buying. Search for easy to cook recipes. You’ll save time and money and avoid eating out as well.

Scout places where you can buy food, clothing or school items at much lower prices. Look out for sales and or special events. Use coupons and bulk shop for consumables when they are on sale. Factory outlets and online auctions can be good alternatives to buying quality items at reduced prices. Look to ways to reduce your energy and transport costs. Use public transit whenever possible.

Seek out a support network

Managing a family budget or caring for your kids is not a responsibility you can undertake alone. Ask for help from family and friends. They will willingly do chores and help with taking care of your kids. More importantly, they provide emotional support to you and your family.

Think of yourself as well

Many single parents tend to forget about themselves and concentrate all their efforts on raising their children. Set up a personal fund for yourself that you can use to pursue education, hobby, entertainment or a fitness routine. Keep yourself physically and mentally active. Making a family budget includes making a long-term goal for each member of your family and that includes you as well.

Be Optimistic

At first, living within your means may seem difficult. But with a positive disposition and a can-do attitude, you are better equipped to manage your family’s finances and help make those choices that seem to be difficult at first. Keep in mind that a well-planned family budget is essential to having a happy family.