We have discussed the importance of planning numerous times on our blogs to a point it may sound like a broken record, but it’s the most crucial aspect in any financial budgeting. Planning is essential; you have to precisely understand where you are spending and what you can do to improve. Make a list ( yes, I love lists) of all your spending and total earnings. Set aside the fixed expenses you have every month, like rents and utilities. And decide on how much you have to spend on other things.
When planing as a single parent, it is important to take into account the unforeseen expenses that you may encounter, it may be a medical expense or even paying for a trip that your kids are asking for so long, so always have an emergency fund that you will save at least 4-5 months of your existing expenses.
The pandemic has been brutal for working-class citizens. But it has been especially difficult for single parents who have lost many of their working hours or have permanently been laid off. But this is an excellent lesson for you to start your side hustle. You have a hobby; it’s time you turn that into a business. No matter how small, anything you love doing will eventually become a successful venture. The hard part is figuring out what you want to be; if you figure that out, your gig will start making money in no time.
The tax itself is a very complex topic, and we request you to check with a local expert on tax benefits as single parents
There are hundreds of business ideas you can start today from the comfort of your home; some of these hustles do not need any investments at all. Here are some of the best ideas for starting a side hustle in 2021.
We, humans, are social animals; no matter how much you prefer to be alone, we can do so much more together. So we recommend you connecting with the community and other local single parents. This way, you can share your issues and get a helping hand when needed. A small tip to save on baby sitter is connecting with other single parents and making a schedule where one parent might watch all the children one day. Then another day you can look after them. This will also give you some time alone or to work on errands that you would otherwise have time for.
This also negatively affects your credit score, and in some extreme cases, you will be reported as a defaulter, and it will be improbable for you to get any loans approved
Governments usually have several programs that aid single parents, and in some cases, they can be exempt from certain taxes.
Saving a penny is as his comment is here important as earning it. If you are a single parent, we highly encourage you to prioritize saving. You do not need a lavendish lifestyle, and children prefer to outglow many of their things, so spend as little as you can on items like clothing and shoes. Prefer buying stuff in bulk as they can be cost-effective, but do buy things you need and not everything that has a discount. If your kids are going to school, take advantage of back-to-school sales, we have a fantastic article on just that.
Saving does not mean cutting corners on everything; prioritize where you need to spend and cut corners for the more significant cause.
If you have a cash crunch, staying on top of your monthly bills and credit card fees is vital. If unpaid, these fees can quickly pile up, and many bills come with late fee penalties causing a severe dent in your budget. Credit cards, in particular, are notorious for their astronomical interests if not paid on time.