Budgeting is never easy, and it can be even more of a challenge when you’re a single parent. But the good news is that you’re not alone. Between 40% to 50% of marriages in the U.S. end in divorce, and many divorcing couples have kids.
Whether you’re spending 88 days a year with your kids as a non-custodial parent or 277 as a custodial parent, there are a few ways you can save money without living paycheck-to-paycheck. Here are four ways you can cut costs around your home to save more money each month.
- Cancel subscriptions you barely use. Go through your bank statements and make a list of every subscription you have from Amazon Prime to Spotify. Make a note of the subscriptions you use regularly and those you rarely use. For instance, if you have Amazon Prime, but you only use it every so often to buy gifts or toys for your kids, that’s $119 a year you’re not using.
- Cancel cable if you never turn on the TV. You may be saving money on cable TV with a WiFi/Cable package, but how often are you actually watching TV? With online streaming services and YouTube, you and your kids can watch the shows and movies you love online rather than on TV. To save between $40 to $50 a month, consider canceling your cable, keeping your WiFi only, and opting for online streaming services like Netflix or Hulu, instead.
- Buy used clothing for your kids instead of new. Kids routinely outgrow their clothing as they age, which can make it expensive to regularly buy them new clothes. Stick to buying used clothing for your kids until their growth spurts start to slow down, usually around the age of 13. Used shoes, especially, can be a major financial saver.
- Plan your meals ahead of time. When you’re really busy, the last thing you may want to do is sit down and plan out your meals for the week or even the next two weeks. But planning your meals can actually save a lot of time and money. You’re less likely to splurge on eating out when you already know what to make for dinner.
It can be challenging to save money when you’re a single parent. But by following the tips above, you can save just a little more here and there to make a difference in your bank account every month.
