Everyone has their own unique financial situation to deal with. It can be difficult to manage money, especially for those who are operating with limited funds. Single parents are in this category, as they are working with only one income and may or may not receive child support. Especially for single parents who are not receiving child support payments, managing money can be overwhelmingly challenging. For single parents, it is all about stretching the budget as far and as wide as it will go. This article outlines several money management tips for the single parent.
Ways For Single Parents To Save Money
One of the best ways for single parents to save money is on grocery expenses. This can be done in a variety of ways. First, be sure to get the Sunday newspaper for the coupons. Coupons can also be found on many online websites. Additionally, look for the weekly flyers for the grocery stores where you shop. When combined with coupons, items on sale in the weekly flyers will help cut costs. With a little bit of extra planning, it is easily possible to save $30.00 or more per shopping trip.
Another way that single parents can save money is by purchasing necessary items such as furniture or other household things at a discount. This can be done by using websites such as Craigslist.org or eBay.com or by looking in the classified section of your local newspaper. Discounted items can be either new or used, but it is always better to look in these places for needed items before purchasing them brand new in a retail store at full price.
Setting Goals For Yourself And Your Children
It is especially important for single parents to set financial goals for themselves and for their children. Big financial goals such as paying for college for your children can be achieved with the right planning. Even things which seem unattainable to a single parent can be obtained. Starting small can lead to big savings over time.
Understand Your Cash Flow
If you don't have control over your finances, it can be next to impossible to set financial goals and to later achieve them. You can start by analyzing your finances and setting up a personal budget and comparing your income to your expenses. If you do not have enough left over at the end of the month to save, you must evaluate how you are spending your money to find places to cut back.
Retirement As A Goal
Everyone must retire sometime, so financial planning for your retirement should be something you are thinking about. Setting up a 401K with your employer or a retirement savings account through your bank will ensure you are ready to retire when the time comes. Even if it is just a small percentage of your paycheck, many employers have a matching program that will give you more bang for your buck. In the end, you could have twice the amount saved by using a 401K than if you had just saved on your own.
Scholarships For Single Parent
Single parents are already faced with many challenges, but when they wish to homeschool their child, those challenges increase dramatically. Without a partner, the parent may feel that they are barely able to support their child alone, much less be home and educate their child and devote that necessary time to education. Private school is also often out of the question because it is simply not economically feasible for the single parent.
However, every year thousands of single parents find ways to homeschool their children. Regardless of gender, these single parents are successfully educating their children in the way that they feel is best and they are highly successful in doing it. Statistics show that homeschooled children generally surpass their peers on standardized tests and rank high on college admissions lists.
The first step in successful homeschooling is time management. A parent who is organized will discover that they have more time to devote to homeschooling than they initially thought. This is particularly true when you break down the actual instruction time in a public school setting. A six hour day in public school consist of lunch breaks, breaks between classes, time spent doing "busy work" and even time spent simply sitting and not doing anything constructive. A concerted effort to make every hour count can easily make up for time that the parent feels they may lack for homeschooling.
When you include weekends, holidays and summer vacation, the time available for homeschooling expands even further. While it is true that children need time to relax and pursue their own personal interests, when they enjoy learning then life and learning come together. When you add up holiday time, weekends, summer and the evenings, it is possible to come up with more than ample time for homeschooling.
The majority of homeschooling approaches are generally unstructured or are child driven. What this means is that the parent is not always monitoring the child's activities as in the case of public school. In this type of educational structure, the child may be left entirely free to pursue any subject that is of interest to them, working at their own pace much like the unschooling approach, or they may utilize resources and go the route of independent study. The child's work can be checked at some point during the day, in the evenings or even on weekends. At that time, instruction can be given and corrections can be made if necessary.
Tutoring is another viable option for single parents who want their children to be homeschooled. Tutors may be home teachers, periodic tutors who come once or twice a week, or they may be fully automated online resources. Costs vary considerably, but in the long run, a tutor usually is far less expensive than day care or private school. In some cases, though, day care and tutoring services may be combined.
As the internet expands, bringing the world literally to your doorstep, many single parents are opting to start their own home based business. When you consider day care costs, fuel and the time required for a commute to and from work as well as the uncertainty of advancement and even job stability, then a home based business begins to appear a more sensible option and certainly a better move financially.
A home based business can yield many attractive tax write offs. By avoiding a business that requires a large investment for start up can help you reach your financial goals. A home business, though, can give you maximum time and freedom. A low start up cost home business is not difficult to find, there are many opportunities out there.
There are many opportunities that are directly online, such as affiliate marketers. Affiliate marketers can make $50,000 or even more per year. They build websites, write newsletters and keep blogs to promote their affiliate partners. This requires very little technical skill but the rewards can be substantial if you are consistent.
A little research and creative thinking can get single parents a long way in achieving their goals for homeschooling their children. Both parent and child can reap great rewards from the homeschooling experience. It does require a little courage to take that first step, but single parents already have plenty of that so it should be a breeze.
Both Richard Macgrueber & Amar Mahallati are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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