Money Management for Single-Income Households

Money management is a stressor for many people, though it can be even more pronounced when you’re a single-income household. Here are a few things for single parents to consider when it comes to managing money. • Create a Budget. Finding a budgeting method that works for you is important—otherwise you won’t use it. There are free online budgeting tools such as Mint or PocketGuard, or you can build your own spreadsheets. Even a notepad and pen is better than NOT budgeting when money is tight. • Pay Down Debt. With debt comes interest, so make paying off debts a priority. Look at the interest rate on any credit card balances or loans and pay off the ones with the higher interest rates first. • Ask for Assistance. There are numerous organizations and programs available to help families with children. Many are managed at the state level, so contact your state’s or county’s department of health and human services. For child care specifically, check out childcare.gov for federal and state resources, including financial assistance. Remember that asking for assistance isn’t solely about money—if you have family nearby, for instance, they may be able to offer non-monetary help in the form of child care.