5 Easy Ways for Solo Parents to Save Money after Divorce

Save money after divorce

Being a single parent is stressful even when you don’t have to worry about money and budgeting at all times. In order for your child to thrive, you need to make sure they have all their essential needs covered, which all costs money. From new sneakers to school supplies, every month is its own challenge. Therefore, to get the most out of the little you have, you need to be smart about your spending. Here are some tips for single parents that will help them save money in the long run!

Create a budget for the month

A budget may seem like a waste of time if you’re already struggling to make ends meet. Regardless of your income, though, setting up a budget is critical. When it comes to creating a budget, all you really need is a plan for spending. This way, having a budget allows you to take control of your money rather than just react to events as they occur. Create a budget for the following month after tracking your previous expenses. Include all of your fixed costs, such as rent or mortgage payments, utility bills, and insurance premiums, and set spending restrictions for those areas. You may be left with some leeway. In an ideal world, you’ll be able to save some money immediately, even if it’s only a modest amount.

Be thrifty

Since no one can receive everything for free, staying on top of coupons and top deals is the most one can hope for. If your child hasn’t been brainwashed by big brand marketing yet, look for bargains at your local car boot and charity stores. For deals, you should also visit Facebook’s marketplace and other online second-hand sites. Another way to save money by being thrifty is by using a car share service. You don’t have to spend money on your own gas and you may also meet some new people along the way! Who knows, maybe they’re also single parents who can give you some great advice!

Automate fixed expenses

Single parenthood can be a challenge, particularly when costs keep piling up. Having the essential utilities automatically paid is one method to help you budget. No matter if you have a lot of debt or it’s all paid off, you’re sure to benefit from automated payments. Because you’ll never see the excess money that should go to utilities in your account, you’ll never be able to spend it. This is also a great way to avoid late penalties and not spend time worrying about them. When you’re a single parent, it might be hard to keep up with everything, so even little things can be a great way to alleviate the stress.

Bulk buy for groceries

Saving money as a single parent can be done if you do a huge monthly grocery haul. Bulk buying your food can be a great way to get more for less. Whenever feasible, go with the value store since it’s much cheaper and basically the same thing. Store-brand items can cost you half the price of a brand name. Who wouldn’t be excited about that?! If you’ve been living week to week, bulk purchasing might be a challenge at first, but it becomes simpler as you save more money.

Parenting is a hard ordeal in its own right, but when you have to be thrifty at all times, it can be even tougher. The key thing is to think about your monthly expenses and plan accordingly, taking into account the essential utilities you need to pay. Also, make sure to get free things and bulk buy groceries every chance you get. Buy second-hand as often as you can. If your kid is young, they may not even notice the difference!

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