Managing money when you’re a single parent is tough— especially if you don’t have any form of child or spousal support. In short, money management is tough in any situation, but especially when you’re the one handling it all. So, we’re going to give you a little bit of help. Following, you will find a guide for any single parent who is struggling to juggle it all. From starting a savings, to scheduling bills, to breaking it all down into categories. We’re here for you. So, let’s get started.
Money Management for Newly Single Parents: Getting Settled and Comfortable
Create a schedule
Make a list of every bill you have to pay month to month. From electricity, mortgage, rent, HOA fees, cable, internet— the whole nine. Write down every bill and amount you pay. Once you’ve done that, add the due dates to that list. You want to know what goes out and when. When you’ve got your list complete— add them into a calendar you look at once a day. Whether that be a computer calendar, a physical one, or on your phone. Wherever your calendar resides, add your due dates to them.
Once you’ve added your due dates— create alerts
Paying your bills on the day that they’re due is all well and good. But, cutting it close is always more stressful than doing it ahead of time. So, remind yourself a week/ a few days/ whenever you prefer. But, ahead of time. It isn’t a bad idea to set one day aside to pay all your bills. Whether it’s the first Saturday of every month, your first paycheck of the month— whenever you have the most money in your account that you will for the month, is likely the best time. You want to feel comfortable while paying bills, and that’s likely right after you get paid.
After you’ve paid your bills, throw a little in savings
Creating a budget is a great thing to do. It helps you plan for the now and the later. Your budget should always include your bills, groceries, a bit of free money, and also a savings amount. Creating a nest egg and an emergency fund are essential to lifting that stress off your shoulders in the event of an accident. Money management can be quite tough. But, writing it all down and creating a routine for maintaining what goes in and out can make it a much easier process. Good luck!