Erica’s World

Now that you are living on one income, it’s about time you learn how to budget. The word budget is a scary term for every family but mandatory for the single parent household. You are not alone; there are roughly 13 million single parents today. You’re in luck! There are many ways to stretch those hard earned dollars. It’s time to take advantage of the help available to you. Follow these tips and you will learn better ways to manage your money.

Estimate Your Income

How can you budget if you don’t have a clue about what your annual income is ? Figure in child support to give you a better understanding of the amount of money you bring in annually. This is your starting base and will give you a better understanding of what you have to spend. Keep a notebook and keep track of your expenses so you can see what bills must be paid and what you have left over to spend on non-essentials.

What Do You Need?

Sure you may want the latest techno-gadgets. Sometimes it’s more convenient to make frozen dinners for supper and sure, we love anything with a name brand. Think seriously about what you really need rather than what you want. You’ll save money if you only buy out of necessity. That is not to say that you should never buy a product with a name brand. Just think smartly about how you spend your money. Is soda really necessary or is milk a better option? Is a generic brand really that bad of an option? Can I do without internet access? Isn’t basic cable enough to satisfy my tv viewing needs? These are the types of questions you need to keep in mind when prioritizing your needs from your wants.

Proclaim Your Single Parent Status

Use your single parent status to your advantage. If you are thinking about going back to school, there is a lot of aid specifically reserved for the single parent. Take advantage! Check your local government page. A single parent can get financial help for daycare and rent. Don’t be ashamed to use the plethora of resources available to you that can help you manage a difficult period where you often are at a disadvantage.

Save On Household Expenses

You can save money and energy by sealing your home windows and doors so both heat and cold air from air conditioners are not wasted. Pay for basic cable versus the premium package. If you don’t need internet service at home, save that service for work and the public library. Think of ways to cut down on your energy costs like never putting heat on higher than 74 degrees or not turning on air conditioning. The more you save on energy, the more money you’ll be able to put in the bank.

Take Advantage of Coupons and Discounts

Newspaper, magazines and the internet offer many discounts and coupons. Most people overlook these offers but they do save you money. Shop around for the best deals so you aren’t paying more when you don’t really need to be. Take advantage of parent resource centers and Tuesday Kids Eat Free Nights at the local Ponderosa when you are looking for some entertainment. Many communities have free and inexpensive forms of entertainment right at your finger tips. Utilize them. You don’t have to spend a lot of money to have a good time.

Save on Gas

If at all possible, use public transportation. Walk or ride a bicycle to the park and the library instead of a car. Gas is expensive. At last check, it was $3.59 a gallon. When buying a car, do your research. Find a vehicle that consumes less gas and requires less expensive spare parts. Fill up on regular gas rather than premium because it is often cheaper. When going to work or taking your kids to school, look into car pooling to help cut the amount you spend at the pump.

Check Out These!

http://singleparents.about.com/library/Calculator/bl_budget_calculator.htm

http://www.singlemotherresources.com/

http://www.acf.hhs.gov/programs/cse/extinf.html