by Karen Freihage

Created on: September 27, 2008

Raising a child is tough under ordinary circumstances. Add to that the stress of being a single parent and you open up a new set of challenges. In many cases a single parent is running a busy household on only one income. Financial woes and budgeting concerns can cause tremendous anxiety. With some simple planning and easy tips and tricks, you can take the worry out of your finances.

Look at your expenses and plan ahead. Track each monthly bill and pay check on a calendar. By marking the date for each occurrence, you have a visual chart of your financial picture. You will know how much you have left after each expense and can budget for future expenses. Maybe you have enough to pay the following month's rent charge or utility bill. You may just want to take any surplus and put it in a savings account.

Something else that can help is planning for future expenses that are out of the ordinary. For instance, how many times are your children invited to a birthday party and you find yourself shopping for a gift at the last minute? In a particular pay period where you may have extra money, you could pick up a gift well in advance. This also prevents you from paying too much for a gift because you are in a hurry. You can shop sales and clearances at discount stores instead of being forced to mindlessly buy a high-priced gift at a store that charges top dollar.

Large discount stores are also the best place to do your grocery shopping. They can buy in bulk nationwide, and offer the same items you find in your local grocery store at much lower prices. Farmer's markets are a great place to pick up your produce. Since they stock fruits and vegetables grown locally, they do not pay high shipping costs. Those savings are past on to the consumer and their products tend to be fresher than those found in the grocery stores.

Get your kids involved with the budget. There is no reason to frighten your kids about money, however letting children understand how budgeting works at an early age will be beneficial to them. A great family exercise is to save change. Have a container placed in a central location of your home where each family member deposits their loose change daily. Get excited about it by having a goal to save a certain amount or save for a purchase the entire family will enjoy. Again, this is a visual representation of how much things cost and an entertaining way to teach your children the value of money.

One task that always seems impossible for a single parent just trying to keep afloat is saving money. A savings account however is crucial, especially for the one-income household. Having an emergency fund in the event of a job loss or other unplanned event can save you from financial ruin. By treating your savings fund as a non-negotiable monthly expense, you will be able to plan and budget for it. The best way to make sure you are saving each month is to set up a monthly transfer from your checking account or having a payroll deduction from each pay check. If it is taken out of your pay check before it arrives, chances are you will not miss that money. You will be amazed at how fast your savings fund grows when you are diligent with your contributions.

Parenting in today's society can be a challenge and the single parent needs every advantage to succeed. With your family budget under control, you have more time for the joys and pleasures of parenting.

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