Budgeting is one of the least favorite topics of many single parents—maybe because it is so important to all of us. If the every day budgeting for groceries, clothes and living expenses is not challenging enough, there is the daunting task of saving up for major purchases—a car, house, or other big expensive item. While the nature of saving is the same, it can feel a bit tougher and more challenging to save up for major purchases for the average single parent.
It may take more time for a single parent to save up for a major purchase, but I also think there are some creative ways to go about it. Once you have identified what it is you need to save for—whether it is a car, a washer and dryer, or a house, you can start to develop a strategy for how to accomplish your goal. Start by letting others in on your plans. You might be surprised how if others know you are looking to purchase a car or in the market for a house, a great deal might present itself.
In addition to saving a portion of your income, look for other ways to save up more money faster. Instead of gifts for your birthday and Christmas, ask people to contribute to your “car” (or whatever) fund. This lets people in on your saving and it can actually be kind of fun as you watch your savings grow faster through these “donations.” Also, consider giving up something for a year or two and putting all the money spent into the savings fund. Whether it is lunches out, movies at the theatre, cable television or coffee—again, you may be surprised how quickly the money will add up and you will be able to make that major purchase.
Saving up for a major purchase can seem daunting since it can take a while. Find fun ways to enjoy the process of savings and it will not seem nearly such an unbearable goal or wait.
See Also: The MONEY Blog