Money Strategies for Single Parents
Brought to you by: Breez DeGuzman
In today’s world, it’s difficult for many two-parent families to make it. For single parents, finances can be a nightmare. It’s hard enough trying to balance child care and find a way to earn enough money to keep food on the table and a roof over your family’s heads. But you also have to stretch your dollars to buy clothing, pay for transportation, and much more.
Children of single parents often find it hard to understand why they can’t have all of the things that other kids have. It’s especially hard on kids whose parents have recently divorced, or those with a deceased parent. Not only have they lost a parent (either part-time or permanently), they have also suffered a decrease in their standard of living.
As a single parent, it’s important to keep your kids in the loop. Here are some tips that will keep the kids happy while keeping spending low.
* Sit your kids down for a nice, long talk. Explain to them that now that the household has less income, there will have to be less spending. Let each child know that he is not the only one who less money is being spent on, and assuage any concerns that all parties are not being treated equally.
* Draw up a detailed budget. Get the kids involved as much as possible so that they know their opinions are important. Include all necessities and monthly bills, and allocate as much as possible toward paying off debt. Put some in savings if there is any way you can do so.
* Discuss how you will handle allowances. Assigning chores and paying a certain amount for each one will give you some help around the house while teaching children how to earn money.
* Encourage the kids to save a portion of their allowance each week. This can be used for school trips, extracurricular activities and other optional things. Not only will it prevent money in the budget from being tied up in these things, it will also teach the kids the importance and benefits of saving money.
* Find creative ways to come up with extra money. If the kids want something extra, help them have a yard sale. They could sell clothes and toys they’ve outgrown. Or you could help them start an age-appropriate business such as a dog walking, car washing or babysitting service. These projects will help the kids earn their own money and allow them to have things that they would otherwise have to do without.
Being a single parent often seems like an impossible juggling act. Keeping the finances in order alone can be difficult, and it’s even harder when the kids don’t understand why money is so tight. Keeping them informed and allowing them to help can prevent arguments and save hurt feelings on both sides.
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Tags: Children of single parents, Money Strategies, Single Parents
