4 budgeting tips for single parents

I’ve spent a lot of money over the last few months. Partly it has been the classic ‘I’m sad about breaking up so I’m going to buy some pretty wine glasses’ type of spending, but also there has been a fair amount of eating out because I don’t want to cook and trips to the cinema because I want to entertain Belle but also want to sit quietly in the dark for two hours.

Budgeting as a single parent generally is tricky on several levels.

Firstly there is the fact that you only have one income. Dur, obviously that’s tricky. You have to basically spend the same as if you were a two-parent family though, because you have to live in a proper house and have a TV licence and pay bills and what not.

Secondly, and the bit I actually find hardest, is that you end up solely responsible for entertainment. You can’t tag team the amusements so that one of you can have a nice lie down with a book while the other one attempts wholesome craft activities, and it all ends up feeling a bit intense. As a result, I often resort to the aforementioned cinema trips and other outings that dilute the feelings of responsibility a little but that inevitably cost money.

Thirdly, you basically have no time to do anything and the fact there is no one to research car insurance prices for you makes you cry, and then you have to play patience on your phone for a little while to calm down, get distracted and forget to pay the credit card bill. (This last bit could just be me.)

Here are some tips then to help you budget as a single parent:

Get an overview

When you’re worrying about the pennies, it’s always good to get an idea of exactly what the pounds are up to. A tool like Money Dashboard is great for this – it helps you get to grips with what’s happening on a grander scale and gives you an idea of whether things are generally heading in the right direction. Better still, it has great visuals, so you can see at a glance what your money is up to.

Money Dashboard

Look at the detail

Now you’re a bit more comfortable with the bigger picture, you can afford* to drill down into the detail and see if you can identify areas for concern or potential savings. Recently I realised I was paying too much for my gas and electricity direct debits for instance and that I was over £600 in credit! It really does pay to check up on these things now and again. Money Dashboard can help with this too.

Take out cash

This is a classic one. Taking out actual physical cash helps you focus on what you’re spending. It makes you a little bit more aware of things, rather than simply popping to a café, handing over a bit of plastic and ‘spending’ £10 on two milkshakes and a toasted sandwich.

Fail to plan, plan to fail

Has anyone ever said this to you before? It’s highly annoying because you know it’s true, but it still doesn’t make you any more enthusiastic about the prospect of creating anything tedious like a weekly meal planner. As much as the idea may leave you screaming into a pillow, planning meals, outings and large items of expenditure really is important, otherwise like me you end up with a fridge full of pate, soft carrots and tonic water and have to go out for dinner.

What are your top budgeting tips?

*Pun intended

Sponsored post


5 comments on “4 budgeting tips for single parents

  1. Alice says:

    Why don’t we get a single person’s discount on the TV license, come to think of it? Like the council tax discount? That seems totally unfair… hmph.
    Alice recently posted…The Real Cost Of Being A Single Working ParentMy Profile

  2. Alice says:

    Why don’t we get a single person’s discount on the TV license, come to think of it? Like the council tax discount? That seems totally unfair… hmph.
    Alice recently posted…The Real Cost Of Being A Single Working ParentMy Profile

  3. gina caro says:

    That money dashboard sounds like a really handy programme. I’m off to take a look :)
    gina caro recently posted…Thrifty Thursday – How We Save Money By Buying In BulkMy Profile

  4. Emma says:

    I find it handy to make a list, mid month of all the bills I know have to be paid the following month and try and pay them within 3 days of getting paid or having a direct debit set up so that they come out as close to pay day as possible. That way you know exactly what you’ve got left and can budget with that. For things like shopping and the kids dinner money I work out roughly how much I need and put them in labelled envelopes.
    Emma recently posted…100 Happy Days ChallengeMy Profile

  5. hanna maria says:

    Some great points here! I think i am going to have a look into the money dashboard. Great post :)
    hanna maria recently posted…nursing bras : are they the least sexy thing about being pregnant?My Profile

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

CommentLuv badge