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Budgeting tips to help single parents save money

On Behalf of | Dec 2, 2022 | Family Law |

Life does not always go according to plan. Parents in Florida who have just gone through a separation and find themselves suddenly single may be wondering how they are going to raise their children on a limited income. When a parent is shouldering the financial burden alone, it is important for him or her to have a financial plan or budget in place to manage expenses. Here are a few budgeting recommendations for those single parents who want to save money.

Prioritize expenses

When newly single parents are creating a budget, it is important that they prioritize expenses for each parent and their children. When budgeting for the children, include things like clothing, school needs, trips and extracurricular activities. For the parent, the budget should include expenses that he or she will now be taking on, such as insurance or child care expenses.

Savings for long-term goals

While the day-to-day expenses are very important, don’t forget to account for long-term plans. Begin saving now for these goals. For the children, budget for future activities, school trips and, of course, college savings. Parents may want to save as much as possible for retirement or future living arrangements.

Live frugally

By learning to live a more frugal lifestyle, parents can stretch their money a bit further. For example, make coffee at home instead of hitting a drive-thru, or buy necessities in bulk. Some divorced parents may receive financial help in the form of child support periodically. The calculations for child support can be confusing and often difficult. By speaking with an experienced family law attorney, parents in Florida can get the guidance they need to ensure a beneficial outcome.