Finances are one of those stressful topics that come up again and again for the average single parent. We struggle to make enough money and make what we do have stretch as far as it can. There are questions about insurance, education, and credit and all sorts of other financial concerns that pop up again and again. Even for those of us on the tightest budgets, there is something to be said for good, old-fashioned savings…
I think that it doesn’t matter how little we make, we can still put some away in savings. I am not talking about living on such a shoestring and socking away money for a rainy day that you put your family in jeopardy—but I do think we can manage to save even a little bit. For me, saving is something I have worked on as a single parent—even though it has often been tough.
Money does add up—I started college savings accounts for each of my three children the same year I separated and headed into full time single parenthood. At first, I couldn’t afford very much each month, and there have been months when I couldn’t afford to put in any at all. But, I have kept them up and even though the market has done all sorts of dances, over time the money continues to build up in value. I certainly don’t have enough to pay for three kids to go to four full years of college, but I do have several thousand dollars saved for each of them. I feel proud to be able to contribute something to their college funds—even if it may only pay for a couple years’ worth of books. I have also managed to save a little for my own retirement. Again, it isn’t a fortune, but I have done it on my own and I do believe that every little bit helps.
Many of us single parents can get discouraged, thinking that we can’t possibly save a great deal of money or think that it won’t make much of a difference. We might also beat ourselves up if we have to “dip into” our savings. I think that it is all about continuing the practice and NOT putting pressure on our selves to be perfect. Things may come up, but the important thing is that we keep saving and we keep putting a little money away. There is a psychological edge too, I think, to knowing that we are doing more than just subsisting from paycheck to paycheck.
Also: Common Single Parenting Struggles
Facing the Lower Income=Lower Self-Esteem Issue