Remember, being a single parent is twice the work, twice the stress, and twice the tears. But also, twice the hugs, twice the love and twice the pride.
Being a single parent comes with a lot of responsibility.
You must go to work every day, get dinner on the table, help with homework, and make sure your kids get to school on time. Not to mention, driving them all around town, playing nurse when they are not feeling well, and making twenty-four cupcakes at a moment’s notice. You also need to meet all your financial responsibilities. As a single parent that may be your most important role.
There are days where you may feel like the weight of the world rests on your shoulders, and to be honest, it does.
Following these tips may help you get a hold on things and feel financially prepared so that you can focus on the best parts of being a parent.
If you find yourself struggling every month, you can ask for help. There are so many programs out there that can help you. Don’t feel embarrassed or think that you don’t qualify for it. It’s never a bad idea to try. Some of the programs available are:
A quick google search in your state is a great place to start. Remember these programs were set in place to aid families in achieving self-sufficiency. Whether you’re a two parent or a single parent home they are there to help.
A budget is a must. I know I say this repeatedly, but it really is the best way to manage your money. You need to know where every dollar is coming from and where it’s going. It’s not just about making sure your bills are being paid.
You also want to set aside funds for short-term and long-term savings. Maybe you want to be able to sign your child up for little league, or dance lessons. There needs to be a line item in your budget for these types of expenses. You’ll want to be better prepared for unexpected fun experiences that may come your way. There are plenty of “free” online budgeting tools that you can download right on to your phone. They are very easy to use and can make things a lot easier for you.
If you are overwhelmed with debt, paying it down should be your priority. If you have completed step two in this process (the budget), then you should already know who you owe and what you owe. It will be very difficult to be able to have the lifestyle you really want for you and your children if every dollar coming in is allotted towards debt. If there is an income problem, try to figure out ways to increase your earnings.
Maybe it’s about time you ask for that much deserved raise. Or maybe you have a hidden talent that you could use to make extra income. Take some time to really reflect on what your passions are and use them to your advantage. I know an elementary school teacher who sells lesson plans online to other teaches for extra income. It doesn’t have to be anything extraordinary, just something to boost your bank account.
Be honest about what you can afford. We all want to say yes to our children all the time, in doing so is not only be detrimental to your wallet but also to your children. Teaching children to handle money responsibly at a young age, (as early as 3 years old) will build positive habits and relationships with money. Sit down with your children and get them involved. Set goals together as a family and make it fun.
Maybe there’s a trip you’d love to go on. Find ways to have “fun” without spending any money so that you can save towards that dream trip. The internet is filled with a ton of ideas, I’m sure you’ve all heard of Pinterest. Have them take turns on picking what to do. You’d be amazed how excited they will be.
Protect yourself and your children. It’s extremely important you carry life insurance. No one wants to think about end-of-life decisions, but it’s necessary you do. Whether you are a single parent or co-parenting with an ex-spouse, these are important conversations that need to be had. Even if you feel confident someone in your family would care for your children, there are so many financial considerations to plan for in your absence.
If you already have life insurance, make sure you are up to date with your premium payments and make any needed adjustments to the policy. Check in once a year to make sure it’s still in line with your needs.
These are just a few tips to follow. As head of household, it’s up to you to make sure your entire family’s needs are met. If you are a newly single parent and are struggling to make ends meet or feel overwhelmed with all the added responsibilities, please call, text, or email for a free consultation. There are a ton of resources out there to help. Knowing where to go is the first step.
Remember, being a single parent is twice the work, twice the stress, and twice the tears. But also, twice the hugs, twice the love and twice the pride.
