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Parenting, although difficult and full of challenges, can be one of the most rewarding and exciting journeys in life. The United States Census Bureau claims that there are about 13 million households in America where this journey is being experienced by a single parent. It is possible to create a budget and, if you involve your children, they may even learn good spending habits in the process! Using a [Link Removed] savings account can be a good way for single parents to educate their children early and establish good spending habits and the process of saving money.

Take some time to focus on yourself.

If possible, discuss issues with family members and trusted friends. Remember, taking time for yourself doesn't necessarily mean you are being selfish. Also, think about finding an inexpensive hobby that could help you relieve stress. Try to find something that you enjoy that inspires you. If you feel centered, you may make better financial decisions regarding you and your children.

Control Spending and have fun.

Consider creating a spending plan. If you aren't sure how to start, enlist the help of someone who can offer you responsible advice about budgeting and finance. You may also want to talk to your children about the importance of a good budget. Go shopping at sales and clip coupons together. You could plan a 'cheap date' outing during which time all of you can take advantage of special events such as 'Kids Eat Free' meals or Family Days/Nights at local facilities. Your public library could offer access to free resources.

Do your children have health insurance?

If your income is limited, you may qualify for Medicaid. If you do not currently receive child support, Medicaid may also be able to refer you to your local office of Child Support Enforcement. The State Children's Health Insurance Program (SCHIP) may also be an option. Eligibility criteria vary by state. To explore SCHIP go to insurekidsnow.gov.

Be aware of tax breaks available to you.

You may be eligible for some tax breaks from the Internal Revenue Service depending on gross income, age of children and other factors. Go to irs.gov or call 800-829-1040. You may also be eligible for child tax credits, working tax credits or child care allowances that can be taken from pre-tax dollars.


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