Being a single parent: 10 ways to save and prepare financially
According to CNN.com, families can expect to spend between $12,350 and nearly $14,000 a year, on average, to raise a child.
Housing can be a big money sucker when raising a child. Usually, a parent will choose a home with an extra bedroom instead of a one bedroom apartment, which ups the costs of living immediately. On top of chasing your little one around and trying to prevent them from hurting themselves, you most likely have to go to work every day and leave your child in the hands of someone else. According to the government, expect to spend about an average of $37,378 per child for that care.
All in all, it costs roughly $233,610 to raise a child in the U.S., How can you prepare yourself as a single parent for those costs?
We talked to some single parents in the Atlanta area and got their advice. Here are some tips they wanted to share:
- For toys, clothes and entertainment, look for local garage sales and deals to spend less.
- Instead of buying books, you can check them out – for free – at the local library.
- A great, quick movie entertainment alternative is getting a RedBox or online rental and microwaving your own popcorn at home.
- Couponing is a life saver!
- Select one of the 7 days of the week to not spend ANY money. This is hard to do, but it is possible.
- Collect your change and use your change before dollar bills.
- Time spent with your child is important. Instead of splurging financially, your child will love spending some quality time with you at a local park.
- When your kid blossoms into a teenager, they’ll most-likely want designer things. Instead of buying impulsively, check out Amazon Prime and the sale rack in the back of the store.
- If you can, use one paycheck to pay all the bills up front and save as much as you can and buy on an “as needed” basis rather than impulse.
- Most importantly, “It takes a village even you’re a single parent — don’t be afraid to ask for help when you need it.”.
We’re a part of your village and we’re here to help. We offer personal loans up to $20,000 and you can apply today to see if you qualify! A little extra money can help put the mind at ease, especially when you’re a single parent.