7 Budgeting Strategies for Single Parents

1. Make a Roadmap

Whether you're co-parenting or raising your child on your own, make a plan for your new life, including a schedule and a budget.

2. Create an Emergency Fund

As a single parent, it is critical to have an emergency fund on hand in case something unexpected occurs.

3. Find the Balance Between Budgeting and Having Fun

Just because you're a single parent on a tight budget doesn't mean you have to cut back on spending that could be spent on fun activities with your child.

4. Study Your Financial Documents

Examine your monthly utility bills, appliance plans, and other home-related expenses to see where you can save money.

5. Explore Tax Breaks

You may be eligible for several tax breaks as a single parent that you are unaware of. If your annual income is less than $75,000, you may be eligible for a $1,000 tax credit for each child.

6. Discover a New Career

Consider whether now is the time to explore new career paths if you want to learn how to make more money to provide for your family.

7. Use Your Support System

Recognize that you are not alone in caring for your child. It is acceptable to seek assistance when necessary.