Single Parents and Money

Managing Money As A Single Parent – Part 02

Welcome to the latest series here at the wildly popular JosephSangl.com – “Managing Money As A Single Parent”!

Part Two  Eliminate as much work as possible!

Your time is extremely valuable. As a single parent who must run kids to practice, go grocery shopping, ferry kids back and forth from school, and, oh yeah, work, you realize more than most people that there are only 1,440 minutes in a given day. To ensure you have enough time for the most important things in life, seek to eliminate as much work as possible when it comes to managing your money.

To ensure you have enough time for the most important things in life, seek to eliminate as much work as possible when it comes to managing your money.

One key way to do this is to automate every bill you possibly can. For individuals or businesses who can’t accept automatic online bill payments, establish automatic checks. This is a free option from nearly every major bank.

For impulsive spending categories like food (grocery and restaurants), clothing, entertainment and spending money, use cash envelopes. Once you are paid, withdraw cash for the budgeted amount you’ve allocated to each of these categories. Put the money into an envelope and only use the money for these impulsive expenses. Once the money is gone, don’t spend money in that category until you are paid again. Employing these principles not only reduces the time you have to focus on money, but it also makes budgeting much simpler.

PRACTICAL STEPS TO TAKE:

  1. Establish automatic bill payments for your monthly bills as much as possible
  2. Implement the Cash Envelope System (see my short YouTube video explaining this in more detail)

Managing Money As A Single Parent – Part 01

Welcome to the latest series here at the wildly popular JosephSangl.com – “Managing Money As A Single Parent”!

Part One  Prepare and live by a monthly budget

A monthly budget allows you to tell your money where to go instead of wondering where it all went. Without this basic financial tool in place, you will not be able to maximize the money you have worked so diligently to earn. One of the greatest benefits of budgeting is being able to stop the morning routine of checking your bank account balance! You should prepare a budget every month, and it should be completed before the month actually begins. This systematic approach will allow you to review your financial performance over the previous month and make any adjustments necessary for the upcoming one.

“You can eliminate a lot of insanity from your life simply by preparing and living by a budget.”

By preparing your budget before the month begins, it will provide you an opportunity to recognize upcoming financial challenges and implement steps to address each one. For example, suppose your budget revealed a gap of $220 in the approaching month. Because you prepared a budget before the month began, it provides you the opportunity to either (a) eliminate $220 of expenses in the budget or (b) determine a way to produce an extra $220 in income (like working overtime, selling something, etc.) You could even potentially do a combination of options (a) and (b).

However, if you encountered this scenario without a budget, when would you would discover the $220 gap? That’s right. When your money ran out! This would leave you with little option beyond putting the overages on a credit card or using overdraft. You can eliminate a lot of insanity from your life simply by preparing and living by a budget.

As you approach the end of each month, follow these two simple steps:

  1. Review your budget for the month you are completing.
    • What went well?
    • What surprises did you encounter?
    • What do you need to adjust for upcoming months?
  2. Update your budget for the approaching month.
    • What items need to be included in this budget?
    • Do you need to make any changes to existing budget expenses?

Remember it is important to prepare your budget BEFORE the month begins! This process should take less than 15 minutes each month.

PRACTICAL STEP TO TAKE: Use the free budget tools from IWBNIN: www.iwbnin.com/tools and prepare your budget!

Managing Money As A Single Parent – Part 00

Welcome to the latest series here at the wildly popular JosephSangl.com – “Managing Money As A Single Parent”!

So many people are faced with this very situation, and it is a key issue many people face today. Life as a single parent is very challenging. Balancing your children’s needs with the demands of your job creates a near-constant tension. Toss money into this equation, and life can become overwhelming! The good news is it is still possible to thrive financially even when faced with what, at times, can feel like insurmountable odds. This series has been prepared to provide key steps you can take to win with money in spite of your circumstances.

Over the next several days, I will be sharing seven key steps single parents can take to win with money. If you apply these principles and take the practical steps outlined in each section, you will eliminate a ton of stress and frustration. You can do this!

As part of this series, I would love to hear from some single parents about the financial challenges you have faced. Will you take two minutes to share your thoughts with me? If you can’t see the survey, please click here to access the survey.