Managing your finances as a single parent can seem like an impossible task, especially when it comes to losing half of your yearly revenue. This can be a difficult time that could often lead to financial difficulties if finances are not managed properly. But how can this occur?
In this article, we will be looking into some of the simple ways that you can manage your finances with ease.
Pay Off Your Debt
Before you can begin bettering your financial standing, it is important to focus on paying off any outstanding debt. This will help to build up your credit score and begin with a clean slate. When the debts are paid off in full you are then able to spend this money elsewhere.
Placing this in a bank account can help to generate savings should you need them. If you are met with a financial emergency despite having saved your pennies there is the option for a 12 month loan and other personal loan options.
This will allow you to help yourself out of financial difficulty with an APR and loan term that is affordable.
Set A Budget
Another way that you can begin to resolve your finances is by setting a budget.
Whether this is a weekly spending budget or allowances for eating out and weekly food shop, this can help you to regulate spending as a single parent. In addition, these budgets can be altered depending on monthly income allowing you to ensure you are spending wisely and giving yourself the opportunity to save.
Though it can take time to break these habits, this will benefit you in the long term as you begin to get used to living off of a single wage.
Check Your Finances Weekly
In addition to setting a budget, scheduling in weekly finance checks is also crucial.
This will allow you to monitor whether or not you are overspending and change your habits accordingly. Whether this is by logging onto the computer or checking on your phone on the way home from work, this will allow you to monitor income and make sure all the monthly bills are covered.
This is a simple yet effective solution to this common problem and is the first step to efficiently managing finances over time. In addition to this, using mobile banking can help you to save money as you are able to check your funds instantly regardless of where you are.
However, it is crucial to ensure that you keep your login details protected as this could pose a risk to you and your account.
Enlist The Help Of An App
If you find that you are struggling to stick to the budgets on your own, you may benefit from using a third-party app to manage your finances.
There are a number of these available on Apple and IOS devices and can all help to show you where your money is going. Whether this is in clear pie charts or with their own unique windows, you can track your spending across a number of different areas all with a touch of a button.
A number of these applications are also available for free, allowing you to take back control of your finances within just a few seconds.
Some of these apps such as Yolt, Money Dashboard, and Monzo are all specially designed to listen to the customer, they will enable you to save as much or as little as you want either by direct debit on payday or manually.
This allows you to monitor where your money is going and maintains a healthy level of spending over time.
Make Your Own Fun
The final way that you can manage your finances as a single parent is to make your own activities at home.
Whether this is arts and crafts using recycling or homemade bubble mixture in the garden, there are a number of ways that you can keep your children entertained without having to spend a small fortune on days out.
Though this can be challenging when the weather takes a turn for the worst, this will help you to cut the costs in the long term. This will then allow you to save up the funds for days out and other fun activities for you and your children making this a simple way for you to save money.
With this being said, there are a number of options available that can allow you to monitor your finances as a single parent helping you to become more financially stable and make ends meet.
Whether you decide to do this yourself or enlist the help of a mobile application, we are sure that you will find the help you need to maintain healthy spending habits without affecting your budget in any way.