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5 Financial Tips for Single Parents (That Everyone Should Follow)

By carolyncastiglia |

financial tips, single mothers money, single fathers tips, how to budget, how to save money

Don't let financial worries get the best of you.

According to the US Census Bureau, there are almost 10 million single mothers and nearly 2 million single fathers in this country. Samantha Fraelich, Vice-President of financial firm Bernard R. Wolfe & Associates, notes that “single parents often have no other person or income source that they can fall back on, which can create challenges.” One of the most important things that single parents can do, according to Fraelich, is to take charge of their finances. “Often times, one parent paid the bills, while the other made the money,” she says. ”Single parents must do all they can to get educated regarding their finances and develop a plan that can help create a safety net for both them and their children.”

I can certainly relate. I have been divorced for nearly three years now, and I am still in the process of really taking charge of my financial life. It’s not just single parents or single people that need to worry about their long-term financial strategy, however. Many married couples are struggling with debt and feel like their financial futures are uncertain, as well. Here are five things each of us, whether living single or married, with children or without, should start doing as soon as possible in order to gain control over our finances:

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5 Financial Tips for Single Parents (That Everyone Should Follow)

BUDGET

It’s a good idea for everyone to budget their money and expenses, but this is especially true for those who are single parents. Create a realistic budget and discuss it openly with the children, so they understand why they can’t get money for everything they want.
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Main photo via Flickr

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About carolyncastiglia

carolyncastiglia

carolyncastiglia

Carolyn Castiglia is a New York-based comedian/writer wowing audiences with her stand-up and freestyle rap. She’s appeared in TONY, The NY Post, The Idiot’s Guide to Jokes and Life & Style. You can find Carolyn’s writing elsewhere online at MarieClaire.com and The Huffington Post. Read bio and latest posts → Read Carolyn's latest posts →

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0 thoughts on “5 Financial Tips for Single Parents (That Everyone Should Follow)

  1. Elexis says:

    You may say this is what Single Parents need to do. But try it from my situation. I take care of my son and my disabled father by myself. Barely get over $1000 a month. may sound like alot but its not. I pay rent and ALL utilities and still have to afford diapers and such for my son. Also now i have to find a new car because i had a blow out on the free way and theres way to much damage for me to even think of getting it out of the tow lot. There is no way in hell i can save or have the right Insurances because all that costs money i dont have. And im sure alot of other Single Parents feel my pain and are going threw a similar situation at least with the financial situation.

  2. carolyncastiglia says:

    I hear you, Elexis. I’m a single parent and I struggle financially, too. You can think of these as goals, even if you can’t tackle all of them right now. I have been working to get out of debt so that I can eventually save. I wish you the best of luck!

  3. Stephanie says:

    I know the feeling. I am a single mother of two. I make less than $950 dollars a month and I pay almost $600 dollars a month for day care. How am I supposed to save? Let alone get the insurance or professional counseling ha yea right. My plan: keep our heads above water and their tummies full until I can graduate from college and then maybe start looking at some of these “necessities”. It would be nice if everyone who got married straight out of high school to a man that demanded a stay at home wife got alimony and child support. But that’s not always the case.

  4. carolyncastiglia says:

    Stephanie – have you pursued all of your legal options? I know sometimes even when you seek help from family court it doesn’t work out, but just want to make sure you’ve tried!

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