Parenting is the most undervalued job in the whole world. Raising a human being and being responsible for fulfilling all their basic needs is not an easy task to accomplish, which becomes even more challenging when you are the only parent in the picture. Whether by choice or by circumstance, taking on the role of a single parent can be quite daunting as it means double the trouble, stress, and responsibilities.
Jonah Engler understands that running a household and providing financially for your dependents on a single income can be tough in today’s economy. This is why he has come up with the following tips to help you manage your finances as a single parent.
Jonah Engler’s Tips to Manage Finances as a Single Parent
Make a budget and stick to it
The first step in getting your finances in order is making a budget for all your monthly expenses. This will help you see where your money is going and what areas you can cut back on. Once you have made your budget, try your best to stick to it. It can be difficult, but it’s important to be mindful of your spending.
Get creative with childcare
If you are working full-time and cannot afford traditional childcare, get creative. Nowadays, there are many options available such as nannies, au pairs, or even grandparent care. You can also look into shared childcare arrangements with another working parent.
Make the most of government benefits
As a single parent, you may be eligible for certain government benefits. These benefits can help you make ends meet and provide for your family. Do thorough research and see what benefits you may be entitled to. Some benefits for single parents include the Canada Child Benefit, the National Child Benefit Supplement, and the Universal Child Care Benefit.
Save for your future
It’s important to start saving for your future, even if it’s just a small amount each month. You never know when you will need extra money, so it’s best to be prepared. Try to put away at least 10% of your income into savings. This may seem like a lot, but it will be worthwhile in the long run.
Prioritize your spending
When it comes to spending, it’s important to prioritize necessities and cut down on luxuries. Make sure to put aside money for essential items such as food, shelter, and Clothing. You can use that money for other things such as entertainment or savings if there is anything leftover.
Invest in yourself
It’s important to remember that you are important too. Make sure to set aside some time and money for yourself. Whether it’s getting a manicure or taking a yoga class, it’s important to invest in your own well-being.
If you have any debts, it’s important to try and pay them off as soon as possible. The sooner you are debt-free, the better. It’s also a good idea to start building up an emergency savings fund. If anything unexpected comes up, you will have some financial cushion to fall back on.
Jonah Engler believes that being a single parent isn’t all that bad, as challenging as it may be. With discipline, consistency, and a little patience, you can learn to get a better hold of your finances and provide your children with a comfortable life.