Let’s be honest — simply going about day-to-day life can be expensive. From filling the pantry to paying for rent or childcare, expenses can rack up on your bill before you know it. For a single parent, managing these everyday costs can feel overwhelming, and it can be hard to know how to budget and prioritize cutting costs.
Though there are many tips and tricks to manage your money, here are a couple small ways that you can save money through everyday purchases and budgeting.
1. Cut grocery costs
Buying groceries is a necessary expense, especially when raising a family. However, there are ways to get the food you need without breaking the bank. Using coupon finders like Coupons.com or Groupon can help you score deals at your local stores. Plus, strategies like buying generic brands, only buying bulk of items you know you will use, and using up what you have in your pantry before going back to the store can help lower your overall monthly food budget. It can also be profitable to check out rebate apps like Ibotta, Fetch Rewards, and Receipt Hog, which can give you money back after shopping!
2. Save on clothing
Clothing costs — especially for growing children — can quickly add up. Borrowing clothes from family members or thrifting can be easy ways to save money. You can even thrift clothes online through shops like Poshmark and ThredUp. Beyond thrifting, you can also save money on clothes by shopping for items out of season (like buying coats in summer or swimsuits in winter), as well as buying generic brands for basic clothes. Plus, you can find clothing discounts and coupons for local stores using sites like RetailMeNot and Rakuten.
3. Find free activities
As a parent, you are always looking for fun activities to do with your kids. Luckily, there are plenty of free activities that you can do throughout the year to keep your children entertained. You can go exploring at local parks or trails or spend an afternoon at a local museum or library. Plus, many places have discount days that you could take your kids to, such as lower movie theater tickets on Tuesdays or going to eat at a restaurant during a kids-eat-free day.
4. Learn how to budget
Budgeting is one of the most important and effective ways you can take control of your finances. When you examine and categorize how much you spend each month, it can help you prioritize your spending and set goals for saving or paying off debt. By looking at your budget, you can trim expenses you don’t need, such as recurring subscriptions you don’t use or overpaying for cell phone or insurance plans. If you aren’t sure where to start with budgeting, you can use apps like Mint or Empower that will help you set your goals and budget categories.
At H.O.P.E. Inc., we want to support single parents so that they feel equipped to gain their degrees and pursue their dreams. Through financial aid, budget coaching, and more, H.O.P.E. walks alongside parents and encourages them as they work towards their goals.