10 Money Saving Tips for Single Parents

As a single parent, I initially found that one of the most difficult aspects of raising children on my own was the financial struggle. But by practicing some money saving techniques, I was able to raise my five children without too much of a hardship.

The most effective way of doing this was to reduce expenses. This can be done in many ways but the following are the ten best ways I discovered to do it:

1. Share and trade with friends, relatives and colleagues such things as children's clothes, outgrown toys and baby requirements, etc. Bartering also is a good way of getting what you need and giving what you have. Examples of this would be: a friend can do haircuts and you can do resumes, or you will babysit and your friend is an excellent seamstress. Basically, bartering is an exchange of goods and services between people without money changing hands.
2. Do not be wasteful. The old saying, 'waste not, want not' certainly applies when trying to live on a limited income. This means using all leftovers, not getting rid of things just because you're tired of them, and wearing things out. If your sofa is worn, make do with what you have. If it is really bad, buy second-hand or look in the free columns. Shop at second-hand or thrift shops and take the time to look around for the best deals in everything. Save those pennies that don't seem to be worth anything. Added together they can make the difference between having a treat or not.
3. If you own a car, cnsider how to cut down the costs of operating your vehicle. Drive sensibly keeping in mind the cost of gas by planning your route and doing errands along the way so other trips won't have to be made. Invest in a small economical car rather than one of the larger ones. Share your drive with others in order to help pay for the gas. Sometimes the cost of owning a car is not feasible. If that is the case, other transportation options such as transit or bicycling could be considered.
4. Avoid debt. In order to help do this catalogue expenses daily to help you realize where your money is going. In this way you will be able to determine what you can do without and wasteful spending can be avoided. Another helpful way is to make a list of what is needed before you go shopping. This will control impulse buying. Avoid also using a credit card - it is the quickest way to slide into debt.
5. Take advantage of special offers. Many utility services offer packaged deals which are usually more economical than buying individually. Basic package deals are also less expensive. This may encourage watching less television. Also apply for rebates and make use of coupons.
6. Don't eat out. Taking your own lunch to work will save many dollars each week compared to going out for lunch every day. Restaurants and even fast food outlets are very expensive. Another savings can be to drink water instead of buying pop or coffee out. Even one cup of coffee a day will add up over a month.
7. Smoking and drinking are other expenses that will kill even the most carefully designed budget.
8. Associate with other frugal and thrifty-minded single parents so as to avoid being tempted to keep up or feel included. Those who are in the same financial position will have other ideas on how to reduce their expenses too. They will also increase the number of people who will be interested in bartering and sharing.
9. Other savings within the home will be to only run your dishwasher and washer when there is a full load; invest in a low flow shower head, and buy in bulk.
10. Do you need it or do you want it? When I was a single parent I found remembering the difference between the two saved me a lot of money. In almost all cases, with a few days' thought before a purchase, I realized that most things were a want and not an absolute need.

I also discovered that it made it easier when I involved my children in helping me with these money saving strategies. By encouraging them to be part of the saving process, they learned to be thrifty too.