How To Save Money as a Single Parent

How to Save Money as a Single Parent

If you’re finding yourself a newly single parent, you might be feeling a little lost. There is a lot to think about to adapt and getting it right is important because your kids are involved.

It makes sense to panic but take a deep breath. There are things you can do to make the transition a lot easier. We can’t help too much with the relationship aspect, but one thing at a time. We can, however, help with the finances. With only one salary coming in now, and hopefully some child support, you will need to rethink your finances.

If you find you might need some tips on how to keep your finances down as a single parent, read on.

• Save on the utilities

The double-whammy of good news in cutting back on your utilities is that it will save energy too. Since we’re doing this for your kids, we might as well make sure they have a planet to live on too.

There are a lot of things you can do to save energy, and they range from the affordable small changes like remembering to pull out all the plugs and washing your clothes on a cool cycle, to the expensive ideas like replacing your windows with double and triple glazing to preserve heat and insulating your loft.

Somewhere in the middle, again, depending on what you buy, is smart tech. Smart tech is quickly getting embedded in every electronic appliance in the home and is designed to use less energy. For example, you can get a smart thermometer that will turn your boiler off once it gets to a certain temperature, and then on again when the temperature drops. You can get smart lights, with energy-saving LED light bulbs, and you can even get smart plugs that will cut off power to your appliances set by a timer, so you don’t have to go around pulling out plugs.

• Save on the lawyer

Chances are, whether you were married before the break-up or not, you will eventually need a lawyer. It’s important to get a lot of the negotiations in writing so that everyone sticks to them, but also, you may need a mediator to allow the two of you to come to a compromise.

However, depending on who you go with, lawyers can be expensive, therefore it’s important that you have one that you can depend on. If you are looking for divorce law specialists, make sure you are certain that they have your best interest at heart. If you think that isn’t the case, you will only spend more money hiring one that does, getting you into a deeper hole. And that’s all before negotiations conclude, and you might find yourself owing your ex.

• Save with benefits

Put the pride aside for a minute. Too many of us have been raised to feel shame when we consider benefits, but if you need it, you need it and you are entitled to it.

There are a lot of options for single parents when it comes to benefits – and no matter how tight you are with your money, rainy days happen and sometimes you need that extra aid.

Low income families are entitled to Universal Credit from the government, which can cover childcare, council tax reductions are possible, schools offer free meals and aid with uniforms and supplies. Ultimately, you won’t know unless you ask.

| Guest Article.