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Single parents have one huge liability when it comes to making financial decisions: a single parent is the only one responsible for the outcome of that decision. There is no one to help, and no one to bounce idea off of who will be as concerned and as affected by the result.

Many single parents have budget difficulties, simply because they only have one income to rely upon and, perhaps additionally, erratic child support. Do not count on any income that you yourself have not earned, and do not count on even that until you have received it.

Make a list of all monthly expenditures, and a corresponding column of all income. List everything you can think of; if you are divorced or have a child support order in place you may have already done this for the court's information. If your expenses exceed your income, it's time to cut back or, alternatively, to increase your income.

Obviously one must spend money on food - food is an absolute necessity; one must also have a place to live, so rent or mortgage payments will be next on the list. Utilities are needed as well, for subsistence and comfort, and one must have clothing too, of course. The last "necessary" expense is savings - too many people put this at the bottom of list, but that old adage "pay yourself first" is crucial for retirement, college, and emergencies such as lay-off or illness.

If there is still money left on the income side of this equation, there are things which are really quite necessary but often fall by the wayside or, in some instances, can be gotten around quite nicely if one is not too particular. This, of course, would be a car payment and the accompanying insurance. Some areas have better public transportation than others, and one must consider the ease of travel as well as the amount of which must be done on a daily basis. Then, too, there is health insurance and life insurance, but these must be weighed carefully as to whether the potential benefits are greater than the costs.

Finally, there is debt. Ideally, no one would be in debt, but the American way has been, for many years, to live on credit. This must stop. The fees and interest will eat up your budget like nothing else. Have a plan to eliminate your debt while not accumulating more; yes, things happen, but more often than not one can convince himself that a situation really is an "emergency", when in truth it's a "want" versus a need.

Pay the minimums on your credit cards each and every month. As soon as you are able, pay double; start

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