Managing finances to build a brighter future

From covering everyday expenses to planning for the future, single parents often find themselves navigating financial hurdles alone.

However, you are not alone and with the right support, strategies and mindset, it’s possible to get your finances in order. We’ll explore practical tips to help you effectively manage your finances and build a brighter financial future for you and your family.

Begin with the end in mind

Beginning with the end in mind of where you would like to be in the future financially is an important step in creating a successful financial plan. It helps focus your efforts, creating a clear path for reaching financial goals and staying motivated throughout the process.

Don’t put your head in the sand

The first step in sorting out one’s finances is to gain a clear understanding of our financial situation. Not dealing with our finances only makes matters worse, prolonging any stress and/or anxiety we may be feeling about it. Dealing with debt can be overwhelming, but it’s essential to address it proactively.

Know what you are entitled to

Make sure to find out what benefits you are entitled to. Gingerbread provide advice, support and information on benefits.

Create a realistic budget

Budgeting is crucial to achieving financial goals. Create a budget that outlines your monthly income and expenses, including essential items such as housing, groceries, utilities, and childcare.

Be realistic about your spending habits. If you can, create an emergency fund that you save into. By knowing where your money is going, you can identify areas where you can cut back and prioritise your spending.

Use budgeting apps or spreadsheets to track your expenses and stay on top of your finances. Prioritise paying high-interest debts and creating a repayment plan to pay them off systematically. Avoid taking on new debt whenever possible.

Get support

If you find yourself struggling financially, you don’t need to deal with it on your own. There are many places to get free help and advice such as Christians Against Poverty (CAP) and Citizens Advice.

Maximise your income

Explore opportunities for additional income streams, such as part-time work, freelancing, or starting a small business from home. Take advantage of government assistance programmes or tax credits available to single parents to help supplement your income and reduce financial strain.

Embrace frugal living

Embracing a frugal lifestyle can help stretch money further and achieve financial goals faster. Look for ways to cut costs on everyday expenses, such as meal planning. Explore free or low-cost activities for entertainment and recreation, such as visiting local parks or libraries. You could use trainees at a local college for haircuts instead of the hairdresser.

Stick to your budget

Focus on living within your means and avoid spending more than you earn. Not doing so is a sure-fire way to stay in the debt trap. Successfully navigating single parenthood on a limited budget requires careful planning, discipline and resilience.

Build a support network

Navigating the challenges of single parenthood can feel isolating at times but building a strong support network can provide invaluable emotional and practical support. Reach out to family, friends, or local community organisations for assistance when needed. Consider joining single parent support groups or online forums to connect with others facing similar challenges and share tips and advice.

Invest in yourself and your future

While it’s essential to focus on meeting your immediate financial needs, don’t forget to invest in yourself and your future as well. If it’s right for you, you could pursue opportunities for further education or training that can enhance your earning potential and career prospects. Start saving for retirement and your children’s education early, even if it’s just a small amount each month. Remember that investing in yourself and your future is an investment in your family’s long-term financial well-being.