Money tips for single parents
Money (or the lack of it) can often be a big issue for single parent families. Thankfully there are many organisations that can help you with your finances. These tips are taken from 'Top Tips for single parents' - a booklet full of tips written by single parents for single parents. Do remember this information is free; never pay anyone for advice.
1. To check what benefits you are entitled to, get advice from your local benefits office. The phone number can be found in the local telephone directory or from your local job centre; or via www.direct.gov.uk/en/MoneyTaxAndBenefits/BenefitsTaxCreditsAndOtherSupport
2. Know when your bills are due in and plan accordingly. If you can’t pay, contact the company immediately and negotiate when payment can be made.
3. Don’t be tempted by impulse buying. Just buy things you can afford or need. Resist the pressure to spend on children to make up for only having one parent. Having you is more important than having things.
4. When you can afford it, give the children money (e.g. 50p) so they can buy you a little surprise. This teaches them to plan their spending and to think of others too.
5. Budget by working out what you have coming in each week/month, and how much you are spending each week/month. What is the difference? Do you have some money left over, or did you discover there is not enough coming in to pay for what is going out? If there’s not enough coming in, you need to change your spending. (But when doing a budget, try to include entertainment and holidays so you have something to look forward to.)
6. For more information on money and how to plan a budget see Rob Parsons’ book The Money Secret (available from Care for the Family). This book gives practical examples, such as: If you’re in debt and don’t know where to start ‘Pay T.H.E.M. F.I.R.S.T.’ The letters all stand for one of the priority bills; not paying these can result in fines or imprisonment: Tax (council), Hire purchase, Electricity/gas, Maintenance and child support, Fines, Income tax, Rent/mortgage, Second mortgage, Television licence.
Taken from ‘Top Tips for single parents’ – a booklet full of tips written by single parents for single parents. Available now from Care for the Family.
Buy your copy of The Money Secret
Written by Single Parents. Posted on 29th September.
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