Saturday, November 6, 2010

Single Parents and Money Management-Tips for Balancing A One Income Household

In this day and age, the concept of single parenting is no longer new and doesn't raise many eyebrows. What does raise the eyebrows, however, is the prospect of raising children in a one income household without losing all your hair or gnashing your teeth. In order to make less money go farther, it is imperative that the single parent remain vigilant over the family's spending and saving habits. In order to get it all done it is also very likely that it will be necessary to enlist the help of the entire family. With a lot of planning and some discipline, it can be done.



If you are a single parent, then you must formulate and stick to a strict monthly budget in order to ensure that your family's needs are met in a way that does not do your family a financial injustice in the future. Take a look at your expenditures and set aside money each month for each and every necessary item. In order to save for bigger ticket items, look for ways to trim your budget in non-essential areas such as entertainment. You don't have to eliminate entertainment altogether. Instead, look for low cost or free ways to entertain yourself and your family. For example, trips to the library and the park don't cost a thing and create happy memories. Maybe rent a video for a $1.00 from the movie boxes in the local supermarket or simply reading books together opening up their imagination and creativity.


Another important habit of the successful single parent is to clip, organize and use coupons for most, if not all, purchases. Check weekly advertisements before going shopping each week and look for ways to use your coupons. In order to make your coupons more effective, get a coupon organizer and arrange your coupons by type and expiration date. Take your coupons with you every time you leave the house. That way, you will never run into the situation of paying full price because you need the item now even though you have a coupon at home.



It is important that a single parent explain to their kids about proper money management. It may be tough saying no to some things because you just can't afford them, but in the end, kids need your time and attention more than they need stuff. If you teach your kids that money is a tool and also teach them how to use the tool properly, then the upshot of single parenthood might just become kids who become fiscally fit grownups. Who knows, they might even appreciate you for it!














Jackie writes for Cash Choice UK who are a faxless payday loans company. They believe that a
faxless payday loan
should only be used intelligently to bridge a financial gap from time to time. http://www.cashchoiceuk.co.uk



Source: http://www.submityourarticle.com/



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