These money-saving tips for single parents will help you save money whenever and wherever possible. Being a parent is the hardest job in the world, more so if you’re at it alone. And it’s freaking expensive! So it’s common for single parents to struggle financially especially during these trying times.
When you’re a single parent, the list of expenses never seems to end. But the more you can shorten the list, the more chances you have of achieving financial freedom.
Consider these money-saving tips:
Money-Saving Tips for Single Parents: Shop Economically
Shop on-sale items.
If you want to save money, browsing the items on sale can help a lot. Just make sure that you need the item. There are so many sales promos online and in-store. So, try to cut costs by checking those out first before buying something at full price. And when you reward yourself or your kids with a shopping spree, pay with cash instead of with a credit card. That way, you only spend what money you have.
Never go grocery shopping when you’re hungry.
Research says you’re more likely to spend more when your stomach is empty. You might also want to try grocery shopping online where there are a lot of money-saving deals. It will also help you save on fuel. Many stores in Australia, such as Coles and Woolworths now offer online shopping and delivery.
Compare prices before purchasing.
Shop around and find out what different stores are offering. It’s important to compare prices to help you save a lot of money. Sites like PriceMe and GetPrice can help you find the best prices for the products you need such as children’s toys, electronics, home and garden supplies, clothing, and health essentials. You’ll be surprised at how much you can save from this extra step in your shopping process.
Only buy the essentials.
Try not to be wasteful. Try your best not to spend so much money on things that your family don’t need. Learning to distinguish between a “must-have” and a “good-to-have” is important. This makes the difference between single parents who continue to struggle financially and those who successfully save money and get out of debt. Bringing a list is one way to make sure you buy only what you need.
Set up a savings account especially for Christmas shopping.
Christmas is the time of year when single parents are likely to spoil their kids. Make sure that you have enough money for Christmas shopping so you can avoid using your credit cards.
Don’t shy away from hand-me-downs.
Does your friend or sister have something they no longer want? If they offer clothing, gadgets, and household supplies they’re not using anymore, don’t be too shy to accept them. Chances are, they’re happy to help and are glad to get rid of the items without throwing them into the bin.
If you have more than one child, consider passing toys, clothes, shoes, and other items from the older kid to the younger one. This is especially helpful when it comes to gadgets. Your younger child doesn’t need a high-end phone. They’d be happy that you finally gave them a phone.
Another similar way to save money is to buy from consignment shops or second-hand shops.
Money-Saving Tips for Single Parents: Have Fun Without Going Broke
Try having a picnic at the park or plan a potluck dinner.
Doing so can help you save money as restaurant meals are so expensive.
Let your friends know you’re trying to spend as little as possible. Tell them you’ll pay for yourself. Then, make sure you pick low-cost choices of food or drinks. Or you can just learn to say “No.” when money is just too tight. Real friends will understand.
If you’re planning to go to a theme park, watch a movie, or a restaurant, go online and check for deals. These kinds of establishments often have online offerings that can help you save money.
Money-Saving Tips for Single Parents: Save On Your Bills:
Use InsuranceWatch or CompareTheMarket.
Using financial comparison sites will help you find the best deals from Australia’s top insurance companies.
You can compare monthly bank charges like you would with insurance. Be wary of banks that charge hefty monthly fees or penalties. Switch to one that will help you save more money.
Check your debit and credit card statements regularly.
Make sure you’re not still paying for subscriptions that you no longer use or need.
Learn to read your utility bills correctly.
If there’s something you don’t understand in your electric bill, call your provider and ask them to clarify things for you.
Do you have an extra room in your house? You can rent it out to a fellow single parent. Home-sharing is a great way to earn extra money for your mortgage. Or if you’re looking for a place to rent, consider moving to a shared home. It’s a more affordable option. In fact, there are home-sharing benefits you probably don’t know about yet.
Additional Money-Saving Tips for Single Parents
- Instead of buying books, go to your local library and borrow books for your kids. And if they have a copy of Your Money or Your Life By Vicki Robin, don’t forget to get that for yourself too!
- Limit your coffee runs and bring your lunch at work instead of buying it at the restaurant nearby.
There are a lot of money-saving tips for single parents. These are just a few of them. If you’re serious about having enough savings for the future, do these things to start cutting your expenses. The sooner you get into living frugally, the more financially independent you’re going to be.