{"id":613,"date":"2015-03-20T15:00:49","date_gmt":"2015-03-20T15:00:49","guid":{"rendered":"http:\/\/blog.mrlender.com\/?p=613"},"modified":"2021-01-05T15:42:18","modified_gmt":"2021-01-05T15:42:18","slug":"the-balancing-act-of-being-frugal-as-a-single-parent","status":"publish","type":"post","link":"https:\/\/www.mrlender.com\/blog\/the-balancing-act-of-being-frugal-as-a-single-parent\/","title":{"rendered":"The balancing act of being frugal as a single parent"},"content":{"rendered":"

In today’s busy society, getting the\u00a0balance right between family life, work and your finances is a bit of a fine art. For some it can seem an eternal juggling act, and for many its a real struggle… none more so than for single parents. With over two million single parent families in the UK, it means that approximately\u00a01\/4\u00a0of all UK families are surviving on just one income. This fact is made even more stark when you consider that single parent families are twice as likely to be living in relative poverty. That’s why, with\u00a0Saturday 21 March 2015 marking National Single Parent’s Day, we have decided to dedicate our latest blog<\/a><\/strong> to those hardworking single parents. Because money is always one of the biggest worries,\u00a0we are going to look at some key budgeting tips<\/a><\/strong> and downloadable tools<\/a><\/strong> that will help you to manage your money a little easier, as well as passing on some frugal\u00a0money-saving advice<\/a><\/strong>\u00a0that will hopefully make your newly managed money\u00a0stretch that little bit further.<\/p>\n

\"The<\/p>\n

Making ends meet<\/strong><\/h2>\n

Being the sole breadwinner can be a struggle, and despite 63.4% of single parents being in employment, most only work part time and even in\u00a0full time employment, single parents\u00a0bring home 48% less than couple families; on average \u00a3337 a week compared to \u00a3700 for\u00a0two working parents. With less money coming in and your time and attention stretched between\u00a0children, work and a household to run, it can be hard to find the time to properly manage your money. A report by the Office of National Statistics has found that 38% of single parents say their money runs out before the end of the month, and 63% state that they have no savings to fall back on. \u00a0A more worrying set of statistics is that single parent families are 31% more likely to be in arrears with their rent, mortgage or household bills, and 47% say that they need to borrow money from either banks, credit cards, family or\u00a0friends to pay for childcare. <\/a> With facts like these, there has never been a stronger reason to take control of your finances and start budgeting your income.<\/p>\n

Why do you need a budget?<\/strong><\/h2>\n

We’re told time and again to budget our money, but the truth is that budgeting can be a crucial way of avoiding getting into debt. Putting together a budget helps you see what money you have coming in, what essential things you need to pay for, and most importantly, what money you have left. It helps you take control and puts you in a better position to deal with any unexpected changes in your life. Be honest with yourself and write down what you really spend, otherwise your budget will never work. Sounds rather daunting, but don’t worry. We’ve sourced this fantastic budget planner<\/a>\u00a0<\/strong>via the Money Advice Service<\/a><\/strong>, which is free to download and covers every possible incoming and outgoing expense in a simple spreadsheet. \u00a0Just pop in your figures and it will do all the working out for you. Download Budget Planner<\/a><\/strong>.<\/p>\n

Tips for budgeting:<\/strong><\/h3>\n