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How to Manage Finances for Children for Single Parents

Single parents must have a household budget in order to get good finances in the family.

Single parents make it necessary to have responsibility in everything, including managing family finances. Income and expenses must be considered properly so that the finances in the family remain good and maintained. So, single parents must have a household budget in order to get good finances in the family.

In addition to having to manage finances, single parents must think about financial plans so they don't feel burdened in the future. The expenses of a child must be considered by a single parent if they suddenly need a large expenditure for a child, a single parent has already prepared the finances. How to manage finances for single parents:

1.   Prioritize mandatory expenses for children and yourself

In preparing the budget, you must prioritize mandatory expenses for yourself and your children. Mandatory expenses are debt, other costs (internet, electricity, and telephone), children's school expenses such as tuition fees. By prioritizing mandatory expenditures, you can have an estimate of the amount of income being met. If you experience excess spending, then you have to choose the most priority or look for extra money. By prioritizing expenditures, single parents are required to pay these expenses so as not to be disturbed in their children's education or family health.

2.  Prepare an emergency fund to prevent large expenditures

Prepare an emergency fund for the next 3 to 6 months. Emergency funds are used to prevent bad things that will happen suddenly, such as being laid off and family members having accidents. Emergency funds, if possible, can be included in school fees and learning needs such as the purchase of books and stationery for schools.

3.  Save on monthly shopping by using discounts

United States Bureau of Labor Statistics, single parents spent 15% of income on food in 2019. Judging from these statistics, single parents should understand about frugality. Taking advantage of discounts available in e-commerce or shopping centers can be used. In addition, spending money to buy food can be replaced by cooking yourself because it is healthier and more economical.

4.  Provide free and fun entertainment

There are many ways to do free but still fun vacations such as walking around the house, playing in the park around the house and doing events in the yard, besides that the government has provided free tourist spots for public places such as libraries and villages by going to this place. Can reduce spending on vacation.

5.  Set aside money for long-term savings

Preparing money in the long term does not have to be in large amounts, single parents have to think about money needs for their children's college, and for their own parents such as retirement money, business capital and buying and maintaining a home. By saving in long-term savings can make the financial foundation in the future restrained.

Source : idntimes

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