September 22, 2017

7 tips to save money for families living on a single income

Raising children on a dual income is a challenge, but as a single parent, you may feel as if you are grappling simply to meet the basic needs of your family let alone have enough money to put into a savings account. If you are struggling in this area, here are some hints and tips to teach you how to save money on a single income.

Evaluate your spending:

There is a huge difference between buying what you want, and buying what you need. You can cut out a lot of unnecessary expenses by following this simple strategy. The money that you spend on what you want can be put into a savings account.

Downsize:

Is it a must that you pay for a cable TV plan with hundreds of channels that you don’t even watch? Begin cutting down on things in the home that are not necessities. If you own a home and a mobile phone, get rid of your home phone. You can save money on utility bills by opening the windows instead of turning on the air conditioning or turning on lights only when it’s absolutely necessary. Each item might only save you a few dollars each month, but over the year, it adds up.

Eat home cooked meals:

Eating out is convenient but it is also much more expensive. If you were to calculate the amount of money spent eating out each month as opposed to making home cooked meals, you will notice a substantial price difference. Reserve eating out for special occasions.

Buy second hand goods:

Second hand goods are often sold at a fraction of the price of brand new items. If you invest some time looking, you can find some very high quality second hand goods.

Shop online:

Websites such as Amazon often sell their products cheaper than the retailers. Not only will you save money on buying goods, you will also save money on travel expenses since when you order products online they are delivered straight to your door.

Child care expenses:

If your children are of the age where they need a babysitter, look for reduced cost child care referrals from schools, churches and neighbours. Before paying for a babysitter consider asking friends or family members and offer to pay them through non financial means such as mowing the lawn or washing the car.

Join the library:

Instead of buying movies and books, join your local library. You and your children will be able to rent unlimited books and movies free of charge.

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