When you become a single parent, you truly begin to experience a different world. No longer do you have a partner who can assist you with parenting your children as well as losing an income. It can be very difficult to be a single parent, causing stress and anxiety as you begin this new journey. As a single mother trying to start my own business, I have found it very difficult to support myself and my children, much less try to start a savings account.
Thankfully, I have been able to find small ways to save that have helped me start a savings account which can be used for a rainy day or when something comes up that is too big for me to handle, such as car repairs or house issues. Below are a few tips to get you started saving money for when you need it most.
Cutting Back on Monthly Costs
The first step I took when becoming single was to cut back on monthly costs. This included cable television, telephone bill, etc. I found ways to save, be it signing with a new provider or cutting aspects of my service. This helped me to have more coming in each month than what I had going out.
Stop Extra Spending
To be able to save, I have to have extra money. Once I became single, I stopped my extra spending. No more coffees from the local coffee shop or nights out for dinner. If I do any of these things it might be once a week or every two weeks. The little purchases you make can quickly add up. If you must have these ‘extras’ find ways to cut corners, such as half-price days or special discounts.
Save Your Change
If you carry cash on a regular basis, take time to save your change. Always pay with bills and any change you receive can go in a piggy bank or jar. This will quickly add up if you use cash frequently. This way, you will be able to save money for a rainy day or even a vacation over a period of a few months.
Review Your Finances
Take time each month to review your finances. Keep track of everything you spend. Did you spend too much on groceries this month? Or maybe you actually saved? Take time to review what you have done over the month and see how much you can spare for a savings account. Take into account monthly bills and what you have coming in to see just what you can put back to begin your savings account.