Budgeting and Single parenthood go hand in hand. Sure, there are those celebrity and wealthy single parents but I’m willing to bet that most of us here do not fall into that category! Still, all that budgeting and financial stress can get us down after a while. As a word of hope I want to remind you that you can expect your financial picture to change and improve over time!
When we are first adjusting to life a single parent–whether we have chosen to embark on parenthood solo, or a death or divorce has chosen the circumstance for us–it is important to face reality and get a good grasp on our financial situation. It can be a tough adjustment for some while others of us seem born to live on a budget! Regardless, the constant penny-pinching and trying to live on one income can get old after awhile and we can feel beaten down by the realities of such a tight financial picture. Just remember that things do not stay the same. Our earning potential should grow over time, and all of that budgeting and saving will start to pay off as we see our assets grow. Not to mention, I think that the realities of single parenthood force many of us to learn how to manage and invest money where we might not have learned to do that if we had stayed married or partnered. Experience and reality make us better money managers and give us a keen understanding of how to make, save and invest what money we do bring into our lives.
You may never get a windfall, win the lottery or land that six figure income job, but for most of us, things do improve–kids grow up, our finances settle down, and we learn all sorts of important lessons in budgeting and self-sufficiency along the way.
Also: Single Parents and Work
Child Support From the Ex-Spouse