After pay day it does not take long for majority to be tapped out. This is usually due to not managing expenses well. It’s is more challenging for a single mum to monitor her spending.
In order to monitor spending it is advisable to calculate a person hourly paycheck. The calculations are done by comparing daily or hourly income with the expenses. The majority has an income deficit. To prevent yourself from being tapped out it is crucial to reduce your expenditure. Some of the guidelines to help cut down expenses are.
Writing down and numbering the things you use money on. Majority of the people do not track their expense. Having a kid become more challenging to monitor expenses. Shopping with your child can lead to problems. To a kid needs and wants are the same thing. Kids may push parents into purchasing crap. To ensure you monitor your expenses. Develop a list all your expenses group them in order of the most important such as food to least important. Also its advisable if your kid is grown old even to understand basic things write a shopping list with them. Parents should be strict that the kid knows that the shopping is only for the listed items.
Do not go shopping on an empty stomach. Hunger messes with your head and you end up shopping for the wrong items.
Take merit of charge less goods and services. A single moms should all ears when it comes to charge less goods and service as they can merit from them. Newspapers and magazines may offer comic books your child for free. A single parent should also seek other complimentary products such as discounts and loyalty points. Initially the result will be minimal but with time the result rises.
Avoid wastages. Most people misuse resources. Kids are even more terrible when it comes to resources management. Both adults and kids will leave the light on during the day or leave tap water running. Causing the amount charged for water or electricity to go up. By efficient utilization of resources we can reduce the cost of utilities. Make it a routine to check that the all bulbs are turned off and all taps closed before leaving the house.
Although kids brings joy to a family it is not easy to raise them. The challenge is even harder for single parents. Providing basic needs is the number one thing to most parents such as feeding them, taking them to school and providing housing. By managing your expenses well you will even be able to cater for your kid crazy wants.