Single Parenting On A Budget: A little planning could save you money!

Parenting, although difficult and full of challenges, can be one of the most rewarding and exciting journeys in life. The United States Census Bureau claims that there are about 13 million households in America where this journey is being experienced by a single parent. It is possible to create a budget and, if you involve your children, they may even learn good spending habits in the process! Using a debt settlement savings account can be a good way for single parents to educate their children early and establish good spending habits and the process of saving money.
 
Take some time to focus on yourself.
 
If possible, discuss issues with family members and trusted friends. Remember, taking time for yourself doesn't necessarily mean you are being selfish. Also, think about finding an inexpensive hobby that could help you relieve stress. Try to find something that you enjoy that inspires you. If you feel centered, you may make better financial decisions regarding you and your children.
 
Control Spending and have fun.
 
Consider creating a spending plan. If you aren't sure how to start, enlist the help of someone who can offer you responsible advice about budgeting and finance. You may also want to talk to your children about the importance of a good budget. Go shopping at sales and clip coupons together. You could plan a 'cheap date' outing during which time all of you can take advantage of special events such as 'Kids Eat Free' meals or Family Days/Nights at local facilities. Your public library could offer access to free resources.
 
Do your children have health insurance?
 
If your income is limited, you may qualify for Medicaid. If you do not currently receive child support, Medicaid may also be able to refer you to your local office of Child Support Enforcement. The State Children's Health Insurance Program (SCHIP) may also be an option. Eligibility criteria vary by state. To explore SCHIP go to insurekidsnow.gov.
 
Be aware of tax breaks available to you.
 
You may be eligible for some tax breaks from the Internal Revenue Service depending on gross income, age of children and other factors. Go to irs.gov or call 800-829-1040. You may also be eligible for child tax credits, working tax credits or child care allowances that can be taken from pre-tax dollars.
 
Speaking of child care...
 
Consider the help of relatives, friends or other parents. Discuss if they would be willing to watch your children and try to come to an agreement about what you can afford to pay. If your child is a student, some schools offer inexpensive after-school programs.
 
Think about a new career.
 
Do you feel you need to update your job skills or foster new ones? Think about what you might like to do and contact an individual in that career field. Perhaps he/she would be willing to meet with you, discuss their career and serve as a mentor. You may also want to research online sites such as elearners.com/projectworkingmom which may offer help for single moms and dads.
 
Review financial documents.
 
If having life insurance is affordable for you, it could benefit your children during a time of need. Perhaps you could create a will, review your retirement accounts and update all beneficiary information where applicable in order to secure their future and give you peace of mind.
 
Don't give up.
 
Continue your efforts to have an amicable relationship with your former spouse or partner. Being on good terms might make decisions easier and provide a good example to the children you share.
 
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