If you’re a parent, you know it’s incredibly rewarding, but it can also be challenging – especially as a single parent and especially when it comes to managing money. Your unique financial situation can make saving for the future, or even covering the cost of childcare, feel impossible. But as a single parent, there are ways to get the most out of your money and improve your family’s financial standing.
Here are a few important money management tips for single parents:
- Build a budget. Make a list of your income and your monthly expenses, so you know exactly where your money is going: housing, transportation, food, children’s expenses, entertainment, and more. Look for areas to save or eliminate spending. Consider using a free budgeting tool that connects with your bank account like Mint.com.
- Get insurance. Medical costs can quickly sink your finances. If you don’t have health insurance through an employer, make sure you’re covered other ways. Visit HealthCare.gov to look for information on how to get covered. Visit www.InsureKidsNow.gov for free and low-cost children’s health insurance programs in Pennsylvania.
- Get advice from a tax professional. When it comes to getting the best tax benefits as a single parent, don’t do it alone. Find a tax professional who can show you how to save money on taxes whether it’s how you file or what exemptions you may be eligible for.
- Get out of debt. If you are carrying credit card debt, you’re losing money. Create a plan to pay it off by starting with the smallest debt and working your way up to the larger amounts. Or, target your highest interest card first and work down from there. Use the method that works best for you and your budget.
- Check your credit. Having a good credit score can help you save money on loans and qualify for better deals on a mortgage or other financial goals. Go to AnnualCreditReport.com to get your free credit report once a year.
With these simple steps, you can start to create a stronger financial future for yourself and your family.
Fulton Bank, N.A. Member FDIC.