For single parents it’s not just the lack of support that is overwhelming, but also managing on one income. It can have a real impact on your wellbeing. Thankfully there are free resources available to help you with budgeting and managing debt. Read on to find out our best budgeting tips for single parents:
How to create a single parent budget
If trying to plan a family budget alone feels overwhelming, a good place to start is using a free online tool to establish exactly what you have coming in and out. There are some great free online budget building tools available from organisations such as The Debt Advice Foundation and MoneyHelper.
Work out what money you have coming in (salary, benefits, maintenance payments) and going out. The usual items we spend on are rent/mortgage, bills (gas electric, water, phone, insurance, council tax), food, clothing, toiletries, travel costs (including car tax, MOT, repairs, servicing), and subscriptions. But don’t forget the occasional items such as gifts, trips, vets’ bills and repairs.
Tip: Are you missing out? Check out our guide to what benefits you might be entitled to here.
Tip: Make sure you aren’t set up with automatic renewals for things like insurance or utilities. Websites such as Money Supermarket and Go Compare can help you shop around for the best deal. If you get caught out – or find a better deal – you are usually protected by a cooling off period of 14 days for most goods and services.
Compromises and sacrifices
Some cutbacks can make a difference without the rest of the family even noticing!
- Reducing the heating by one or two degrees centigrade could save up to £40 a year.
- Turning off all unnecessary lights and also telephone chargers, computers and TVs on stand-by, can save up to £120 a year.
- Buying own-brand items in a supermarket will shave up to 15 per cent off your normal weekly shopping bill, assuming the items are comparable. In many cases, they are made by the same manufacturer.
‘There are certain things that you don’t do when you don’t have the security of two incomes,’ says Ben. ‘Eating out I hardly ever do as I just can’t justify the cost. Instead I batch cook at home – and freeze stuff- which saves a lot. Holidays is the big one as it is an enormous cost to take on your own. I try to save a bit each month so I can take my son away somewhere every other year instead. Doing up the house is a slow process as I have to spread the cost which can get frustrating at times.’
Take a walk around your local area
It’s a good idea to get to know your community spaces and checking out their notice boards and social media. Food banks, free repair services and clothes exchanges are often found there. Make yourself aware of local charity shops, too. Toys and kid’s books can be purchased for a fraction of the price, and kid’s clothing (which they grow out of quickly) can be snapped up cheaply.
Talk to someone
If you are struggling with debt the most important thing is to talk to someone trusted and qualified. You are not alone and help is available free of charge from trained debt advisors.
You can access free debt advice from charities such as StepChange, The Debt Advice Foundation (freephone 0800 292 2077) and from your local Citizens Advice Bureau.
Time with your children is priceless
If you are feeling guilty about not being able to afford everything your children want, try to be kind to yourself. ‘You have to be quite smart with finances and accept you can’t do all the things other people seem to do,’ says Ben. ‘You can feel like you are letting your children down. It is really hard not to put pressure on yourself. But we do spend a lot of time together playing football – and that doesn’t cost anything. Deep down I know that spending time together matters more than spending money.’
To chat to other dads about money and more, visit our forum.
