Not having money is usual for many people. The cause mismanagement of expenditure. It’s is more challenging for a single mum to monitor her spending.
By calculating your hourly paycheck you will be able to budget effectively. The calculations are done by comparing daily or hourly income with the expenses. It’s common for people to want to spend more than they earn. By removing unnecessary spending a person stop losing money. Some of the guidelines to help cut down expenses are.
Listing and ranking of expenses. Most people simply do not know where their money goes. Single parents have a hard time auditing their expenditures. Shopping with your child can lead to problems. Kids usually say they need things which they actually just want. Kids takes advantage of the parent lack of attention to make them make impulse buying. To be in charge of your spending. Write down each expense and assign a number depending on most essential to least essential. Parent are counseled to teach children to budget. Parents should be strict that the kid knows that the shopping is only for the listed items.
Always eat before going shopping. If you have a kid before leaving home feed them.
Ensure you benefit from complimentary products As a single parent find out free things being offered and take advantage. Newspapers and magazines may offer comic books your child for free. Loyalty points and discounts are other incentives for buying that as single mom you should consider. This may seem insignificant at first but in the long run the impact is high.
Eliminate wastages. Many people do not make the best use of the available resources. Children waste the large part of resources in comparison to adults. It is common to find a house bulb own even when there is sufficient sum lighting or find the sink overflowed whether by a kid or adult. Resulting to incurring high electricity or water cost. By efficient utilization of resources we can reduce the cost of utilities. Make it a routine to check that the all bulbs are turned off and all taps closed before leaving the house.
Raising children is rewarding but it require patience and effort. For single moms it is more demanding to raise a kid. All parents’ main responsibility is to give their children the basic needs which includes food, education, shelter and clothing. Budgeting will enable a parent to be able a fulfill their child’s dream.