As a parent, it can be hard to manage your finances. As a single parent, this responsibility can stretch even further. Knowing where to put your money, what to do with it and learning the difference between want and need in terms of whether you should purchase something can be both confusing and daunting. Unless you have a form a stability with your finances, being aware of what you can do with what you’ve got, how far you can stretch it and where to invest it are all things which are mind boggling to say the least.
Know Your Rights - And Learn Them Inside Out
It’s not so much rights per se, but more what you’re entitled to. As parents, we are subject to certain tax breaks. There are things which may affect exactly what you can get, so if you have wondered things like "how do structured settlements affect taxes? +” or “could I get more a break being a single parent than as part of a married couple?”, these are things that are worth researching - you may just be surprised by the answer that you get. There are so many people who are struggling due to not doing a simple bit of research. The breaks that they are looking for aren’t displayed out for everybody to see - you have to dig a little bit to find them out.
Put Away Savings
There are a lot of places that you can invest your money, but simply putting them away into a bank account with a good rate of interest will suffice. It doesn’t matter if you’ve got a little or a lot to put away, and nor does it matter how often you’re doing it. As long as the intent is there and you know that you have at least a little bit of money to fall back on when things get tough, that’s all that you need. Don’t make yourself live through hard times just to be able to put something away each month. If you can’t afford it at the time, wait until you can.
Think About Necessities
We are living in quite an exciting age in terms of actually having stuff around us that is accessible. By ‘stuff’ this means literally anything; clothes, food, technology. It’s all available to us via various different communities - whether they’re online or in person - and charities which are willing to help. If you need something that is genuinely a necessity that you can’t afford, ask around for it. If you know that you can wait for it, then do so - but never reject help that is being offered to you. There is a certain amount of pride that a) has to be put to one side and b) isn’t even being recognised anymore … you’re not the first and you certainly won’t be the last to recognise when you need an extra helping hand. Hopefully, if this applies to you, you’ll be in a position in the future where you can give the help back.