To sacrifice your wishes to create a better life for your children is the best interpretation of a solo parent. I interacted with a single mother who has devoted her life to her sons and worked day and night tirelessly, performed two jobs, saved money, and gave them higher education. Upon asking what had driven her to conduct this daily, she responded, to provide my sons with everything they desire. How phenomenal are they!
Now, when you are thriving every day with this notion, sometimes it gets challenging to make your ends meet, especially in allocating a certain amount for the coming years. Furthermore, according to the United States Department of Agriculture, the total expenditure for raising a child from birth to age 18 is $233,000. It includes food, clothing, childcare, housing, transportation, and health. Amidst these expenses, how can you creatively save for the future? Let’s explore.
Create a fantastic budget, just as you are as a solo parent!
Incredible single parents follow effective strategies that have the potential to enrich their children’s lives. They create and follow their creative approaches to make the best of their lives, and one of them is creating a budget.
Creating a budget solves half of your financial problems and enlightens you on your current financial standings. This strategy works like a magic trick, as many solo parents share. And most of them follow the 50-30-20 rule for a better experience. How does it work? The 50-30-20 rule is a budgeting method that can assist you significantly in managing your money effectively and sustainability. This rule goes like dividing your monthly income into three categories: 50% for needs, 30% for wants, and 20% for savings or paying off debt.
Explore free and fun activities to do with your kids
The urge to give every happiness to your kid is natural, but this might not be possible when you are tight on a budget. But don’t lose hope; this doesn’t put an end to having fun. Instead, there are numerous activities out there that too free! For instance, museums, libraries, parks, free events, and many more outdoors offer free entries on certain occasions. Keep an eye for fun activities that may be coming, and plan an exciting day with your children!
Additionally, outdoor activities can be expensive, and in the long term, they can cause a strain on your budget. There are endless opportunities available on Pinterest. You can find and make a cherishable memory with your family.
Automate your savings
A single parent can occupy and manage your finances sustainably with a corporate job. Multiple responsibilities can be perplexing to even think about building a nest egg but automating your savings can resolve this. You can open an account for this purpose and effortlessly save money on the arrival of monthly income. This practice is rewarding and simplifies your finances.
Cost-cutting on groceries
Saving money on groceries should be a priority. According to the Bureau of Labor Statistics, single-parent households spent 14.9% of their total income on food and groceries in 2019, the highest household composition. It is alarming as you may be spending a lot unconsciously on your groceries and may face severe consequences in the long run. Every dollar counts when you are solely responsible for your child’s future. Cut unnecessary spending on it and look for deals that offer discounts. Afterward, put the money immediately into the savings account.
Spend mindfully on children’s growing essentials
It can be financially stressful to keep up with the essentials of a growing kid. It can be expensive, but it is necessary to encourage your child’s development. For instance, a significant amount is spent on clothing, toys, and books. However, there is no need to spend on brands every time. You can also buy from retail outlets for the time being for a better future. Furthermore, try this trick of saving money the whole year and purchasing the most desirable toy for your kid.
Cancel non-essential subscriptions and wants
When working for a cause, it’s imperative to reflect on the fact that it will not be an easy task. Every purpose has some struggles, which are fundamental to making your journey more meaningful. To offer the best lifestyle, we often subscribe to channels that may not be in use anymore, but the monthly subscriptions are still being paid. Watch out for any subscriptions and list them for a clear picture. It is like your hard-earned money is going in vain.