Superheroes are everywhere—real-life superheroes, not just pretend ones. No, they don’t wear their underwear on top of their clothes, nor do they run around jumping on moving cars, but they are still performing remarkable feats.
We’re talking about single parents.
Single-parent families make up almost 23 percent of all families with children that are still dependent. These superheroes carry a burden that usually takes two people to bear.
Single Parent Woes
What are some of the woes that single parents must deal with?
Raising the Child
Almost 54 percent of all single parents are taking care of one child, but that can be a handful already. Having a partner means that the tasks and duties can be split, if not 50/50, then at least the burden can be reduced on one parent.
Now imagine being alone and having to care for multiple children. The pressure is not only doubled but increased exponentially.
Raising children properly while being alone may be the main problem for most single parents, but the list of woes does not end there. There are other issues like dealing with legal matters such as custody and not forgetting about self-care while taking care of everything. It’s so easy to forget about caring for one’s self as a single parent when all the focus is on providing for the child or children.
Then, of course, there is the question of financial security. Based on statistics from the US Census Bureau, families with single parents have a median income of $36,151, compared to $81,025 of a married couple. While that does not mean they are living in poverty, it shows how it can be a struggle for a single parent to gain financial security.
Tips for Financial Wellness
If you’re a single mom or a single dad, then some of the best parenting tips that single parents can get are those that are aimed at boosting your money management capabilities. Not having to worry about whether you can pay the next Georgia Gas bill or how you can afford to buy clothes for your kids can be such a relief.
To achieve financial wellness, you must start with the basics, and nothing could be more basic than spending less than what is earned. Most people might say that this easier said than done, especially when one’s earning isn’t that much to start with. The truth is, though, that most families have a lot of unnecessary spending. You should list yours and cross out those which you can do without.
You might be surprised by how much money you can save, at least on paper. That’s where having a budget can help in clearing things up. By having a spending plan, you can allocate where your money goes.
Get Smart with Credit Cards
When you are no longer constantly struggling to figure out how you are going to pay for your bills, then you know that you have mastered the basics. That’s the time when you can move on to the more advance steps of mastering your finances. One of those steps is to use credit cards to your advantage.
Irresponsible credit card use is among the easiest ways to fall into a debt trap, but there is a way that you can use cards to your advantage. Choose a card that has a reward system. There are cards that offer cashback rewards, for example. Once you have that card, use it to pay for everything to get the reward as soon as possible.
Go Crazy with Coupons
If you’re willing to spend the time (and you should be), then coupons can save you a lot of money. You don’t have to be like shoppers on the TV shows who hoard more products than they can use just because they got them from coupons, but you can save if you find the right coupons.
You should combine the coupons that you have with the discounts during sales, to get even more savings.
Trick Yourself into Saving Money
If you find it hard to save money, then you may have to trick yourself into doing so. You can block Amazon and other online shopping sites in your home so that you aren’t tempted to buy something online. Or you can change your routine, so you end up doing less of those things that are expensive.
As a single parent, you’re facing a lot of challenges. Some of those challenges are more difficult than others, but when it comes to your finances, you can bet that you have complete power over that.