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Being a parent is an amazing experience, and it is one that I wouldn't give up for the world. But sometimes, being a parent - especially a single parent - can feel a little financially draining. Keeping on top of those finances, staying out of debt and ensuring that your child is getting the best possible upbringing is totally imperative! These are just a few of the ways that I make sure that my finances are always topped up!

Setting a Budget

You have probably heard it said time and time again, but there really is no way of saving money without having set a realistic budget first. With no threshold set, you are more than likely to spend too much! Here are some budget setting tips:

  • The income & outcome balance: Make sure that you evaluate how much money you have coming in and going out every month. Calculate your outgoings as the average amount that your food, clothing, essentials, bills and rent comes to every month. Minus these outgoings from you incomings and whatever is left over can either be carried over, saved for emergencies or used as a treat. If you are breaking even or going into the minuses then something will have to give.
  • Being realistic: be realistic with your budget. No single parent can live off a fiver each week and you can't either. Make sure that you really evaluate what will work for you.
  • Be prepared to sacrifice luxuries: If you are struggling to set a budget that you can stick to then begin evaluating the luxuries in your life. Instead of getting the expensive conditioner, get the own brand one. It’s that simple.

Using Online Discounts

One of my life lines is online savings. I personally use My Favourite Voucher Codes to save some money on my weekly shops, clothing and essentials, but there are plenty of other sites as well! By doing a simple search for deals online you will come across a myriad of discounted goods that could cut the cost of your spending substantially!

Keeping Track Of Your Spending

There is no point in setting a budget if you then don't keep track of your spending. This is a great way of making you more consciously aware of how much you are spending! Tapping our cards against a machine and handing over cash is like second nature to us now. So much so that sometimes we don't even register the fact that we are spending money! By keeping receipts or tracking your spending in a diary, an app or just online, you can consciously see the areas where you are needlessly spending money!

Saving Money On The Little Things

We spend so much of our money on small and frivolous things. It is time for that to come to an end. Starbucks coffee? Wait until you are home! Need to park somewhere? Use Purple Parking voucher codes! Dinner out? Cook a meal at home instead! Just these small lifestyle changes can make a huge difference to your spending, so make sure that you keep an eye out for them!

Learning to Say No

This is the one that I struggled with the most. Withholding luxury items from myself was totally fine, but saying no literally every time my kids asked for something? Now that was hard to do! But it does have to be done. If you children wants an unnecessary teddy bear or toy, you will have to say no.

There are so many ways that you can save money as a single parent. These are the budgeting tips that I have been using and succeeding with. If you are worrying about your finances then it might be worth seeking some more professional advice! Good luck!

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