This time of year is always stressful financially. It is especially stressful when you are a single parent, you have to make that dollar you are stretching go even farther. Striving to be financially responsible is something you should do all year round. As a single parent it is doubly important that you do your best to manage your money.
*Don’t keep secrets about money, talk to your kids. I remember when I was a child and my mother would tell me we couldn’t afford something and I would be resentful because I knew she had money. Because we never talked about finances in our house I had no idea that money was needed to keep a roof over my head. If you kids are old enough to understand talk to them about what goes out every month. Telling Hailey how much we paid for our mortgage quickly cured the “I wants.” Once she realized how much money it took to run our household she was much less likely to ask for things she didn’t need.
*Track your spending. We all think we know where our money goes but once your write down everything for a month you will find places that you can trim if necessary to allow you to save for a rainy day.
*Create an emergency fund. Just $500 can be a lifesaver when the car breaks down or there is some other unexpected expense.
*Stay out of debt. There are very few things that are worth the interest rate credit cards charge. If you have debt do you best to pay it off, not having to make that monthly payment will create some wiggle room in your budget.
*Save for retirement. It’s coming, I know sometimes it doesn’t seem like that day will ever come but it will, so be prepared.
*Save for your child’s education. Very few people can pay for a full four years of college in cash but every little bit you save now will be less that you or they have to borrow later.
* Live within your means. If you can’t afford your car or your home, downsize to something smaller and more affordable. Less money going out each month equals less stress and more time with your kids.
*Find free things to do. This isn’t at all hard. Scour your local newspaper for the weekend roundup of things to do. I look at mine every week, online so I don’t have to buy it, there is usually something fun to do for free. When all else fails, go to the park, bake cookies, or sleep in a tent in the backyard. You may not think those things are great fun but you will make memories you kids will never forget.
Most of all, laugh, it’s free, and it will improve your mood. Who cares if you don’t have the biggest flat screen on the block, or the latest clothes, your kids are happy, healthy and loved, and that is priceless.