Single Parent Finances
Why is a 'budget' important for a single parent?
As a single parent, it's important to know what you have available to you, because the worst thing is to spend more money than you have and that's going to add a lot of stress and get into credit card debt; that's going to add a lot of stress. So, you really want to start slowly and budget yourself and also keep as much nest egg as you can, even if its $50 a month in your savings account, but you are going to feel really good about yourself by doing that.
Should I rely on credit cards as a single parent?
You know a lot of people rely on credit cards as a single parent going through divorce or separation. It's not a great idea to get in credit card debt, but the first thing I would do is get a credit card which gives you miles. You can use a credit card in restaurants, as well as grocery stores so you get miles buying food, eating out, and also buying things that will help too, because at least you're getting something for your money. But also just make sure that you don't overspend on a credit card, because if you're charging a lot and you don't have the money to cover it you're going to get really stressed out.
How can I get my ex to help pay for our child's expenses?
When you get divorced or separated and you have a custody agreement and a divorce agreement, that will usually be spelled out and I suggest that you do that. So, either you create that with each other or with help of a lawyer in mediator, and all that will be spelled out on your agreement which is a legal contract.
Are there tax breaks for single parents?
There are tax credit breaks for single parents, and childcare credit breaks for single parents. So, yes, as the head of household, you get a lot of benefit with that when you're a single parent around tax time.
How can a single parent save on groceries?
Saving money on groceries is a really important thing to do as a single parent. Nowadays, between Smart and Final, Costco and things like that, you can go in with another single mom and split the cost so that you can get more for your money and pay less. That's always a good idea. Also, a lot of single parents cut coupons. A lot of grocery stores have double coupons, so you can save a lot of money that way too.
What if my ex has ruined my credit?
When you find yourself in a situation where your ex-partner has ruined your credit, what you can do is talk to creditors and let them know the situation and see if you can work things out. Talk to your attorney, if it's viable, to see what can be done. Let people know what's going on and see how they can help you.
How do I establish or improve my credit as a single parent?
The good news about becoming a single parent and starting over is that you can re-establish all of your credit. You can start with a low credit card, and then the more you pay off on time, you can build up your credit limit, they'll lower your APR, and they'll do a lot of things like that. Your bank can give you a low loan. That's great for starting over, so just talk to people and find out how you can build your credit better.
What are money-saving tips for a single parent?
My favourite money-saving tips for single parent are: garage sales - they are amazing. Craigslist is great, eBay is wonderful because children grow out of clothes so quickly, you can get great bargains on new things for hardly any money like toys and all that stuff. So, you don't have to spend a lot of money on buying new things - you can find them.
