When you’re on your own and don’t have two steady income coming in, you’ll have to pinch your pennies and watch your pennies.
It doesn’t mean you can’t have fun and do some cool things. You’ve just got to be strategic and plan around limited resources.
Here are 8 solid and basic tips for single parents, courtesy of Larry Mathis, author of Mom Was Right.
1.Track your expenses – This is key! You need to know where your money is going. Carry a note pad with you and write down every expense and then categorize them, i.e. eating out, school lunches, groceries, gas, etc. Another option is to get receipt and then take a picture of the receipt rather than writing them down. Be sure to write down everything, even if its just a pack of gum!
- Use grocery coupons. Then take your coupon savings and our the money in a savings account!
3. Get rid of cable TV!There’s nothing on anyway.
- Shop at thrift stores, especially for clothes and furniture. You will be amazed at what some people will throw away! You can also find great deals three on dishes and other household items.
Take your lunch to work. It’s easy to spend $5 – $8 eating fast food. $5.00 is over $100 per two weeks.
6. Pay with cash rather than credit or debit cards. Cash is much harder to let go of.
7. Save you pocket change. At then end of the day put you loose change in a jar. At the end of every onto put it in a savings account.
8. Like to read? Libraries still provide free books! Use a libraries rather than paying for books!
Good luck, parents!
