Single Parent Families - Twenty Hints on How to Manage Financially

Stretching our hard-earned dollars, regardless of what our income is, puts more money into our pocket to spend on necessities or for the occasional treat. The following suggestions will work for most people or can be adapted to suit each family depending on their needs.

The following are some general money-saving suggestions:

1. Cut up your credit cards and use cash only. There can be no temptation to overspend if you are only using cash. In order for this to properly work, it will be important to have a budget.
2. Utility costs can be reduced by either packaging your utilities and/or getting the basics only.
3. Use cellphone for emergencies only; stay within your allotted minutes, or use a pay-as-you-go cellphone plan.
4. Borrow DVD's and CD's, as well as magazines from the library and avoid the cost of purchases, going to movies or rentals of videos; or trade with friends.
5. Take advantage of all refunds and rebates available.
6. Look for bargains. There are many places to go if you shop around, i.e.: flea markets, garage sales, discount outlets and consignment shops.
7. Make your coffee at home rather than stopping at a coffee outlet.
8. Avoid luxuries – they are exactly that and not necessary. Rather than buy a newspaper every day, most news can be read online, make your own greeting cards, reuse wrapping paper or use plain brown paper when wrapping gifts. At Christmas I use brown paper for my gifts and red crepe paper for the ribbon – it costs almost nothing and looks very elegant.
9. Instead of going out for dinner, socialize by entertaining friends at your home potluck style – it won't break anyone's bank.
10. Cut out snacks and avoid using the vending machines, you'll save money and be healthier for it as well.
11. Make sure all products such as shampoo, dish soap, toothpaste and ketchup are completely finished before assigning them to the garbage basket.
12. Every small savings adds up whether it's a penny here or there or half an inch of ketchup in the bottom of the container.
13. Make your own wine, it is cheaper than buying it.
14. Barter your services or goods for what someone else has to offer.
15. When grocery shopping, never go without a list – never impulse buy and never shop when hungry.
16. Use coupons, buy bulk food items, buy store brands (there is most often little difference in taste), buy case lots on items that are frequently used, look for bargains and buy on sale.
17. When buying in bulk, freeze the extra food for other meals, this is especially true in the summer when fresh produce is plentiful and less expensive.
18. Use leftovers – reinvent them for another meal, i.e.: many things can be added to the soup pot or add leftover vegetables to a stir fry or fried rice.
19. Gas expenses for your car can be reduced by planning your trips, taking public transit, bicycling, walking or carpooling.
20. Many things can be made rather than bought which will save money, i.e.: kid's Hallowe'en costumes, gifts, Christmas decorations or baking and cooking from scratch.

There are many other ways to save if we just realize that the basic thing to remember is the importance of reducing expenses. Once that becomes ingrained, stretching your money and saving will become an automatic habit.