The Financial Challenge Will be online on December 27, 2015
We will host 6 families from Toronto, Ottawa, Montreal, Vancouver & Berry (Ontario)
Many couples who have children can all agree that the process of raising and providing for their loved ones is extremely difficult to say the least. As such, you can imagine the level of difficulty that a single parent has to undergo when it comes to raising and financially providing for a child on their own. If you are reading this article, chances are that you’re seeking some financial survival advice that single parents can find useful. Well, you have come to the right place. In this overview we’ll take a look at the three biggest expenses that single parents endure when it comes to raising a child on their own and some financial survival advice that you can utilize to reduce those expenses.
One of the biggest expenses single parents face is the costs that are associated with buying groceries month after month. However, if you are a single parent and do not earn a substantial amount of money, one of the things you can acquire is what’s known as a food stamps or EBT card. With this card you will be given a set amount per month that you can utilize to buy groceries for you and your children. Another thing you can do to reduce the amount of money that you spend on groceries is by coupon clipping. By coupon clipping you can save an average of $5-10 off your weekly grocery bill. Additionally, it’s also worth noting that statistics demonstrate that you can save as much as 5% off your monthly grocery bill if you buy in bulk.
Another expense that single parents struggle to handle is the cost of electricity. This is partially due to the fact that in today’s world children are continuously on their tablets, computers and video games. But, by utilizing energy saving appliances and electronics such as an eco-friendly tablet or TV, or a “green” smartphone for example, it can help to reduce your electric bill. This is due to the fact that modern appliances are increasingly being built to be more energy efficient. Here are some other things you can do to reduce your utility expenses.
* Set your refrigerator temperature between 30 and 42 degrees F.
* Hang your clothing to air dry.
* Use copper plated pans, they heat more efficiently.
* Replace standard bulbs and utilize CFL or compact fluorescent light bulbs instead, they are more energy effecient than a typical light bulb.
* Use a motion sensor for outdoor lighting.
Another expense that single parents have to endure is the costs that are associated with buying and replacing their children’s clothing as they get older. Here are some financial survival tips that you can utilize to save some money on your clothing expenses.
* Buy your children’s clothing online – You can find beautifully designed shirts for as little as $5-$6 from an online store.
* Go to a thrift store – Many thrift stores sell lightly used children’s and adult clothing. Children’s clothing in particular, are especially cheap in thrift stores and usually go for $.99 – $1.99 for a lightly used t-shirt.
* Stay on the lookout for clearance sales.
* Sturdier clothing such as jeans, coats and sweaters should be re-worn a few times before you wash them so that you can prolong the quality of them as well as to save on your utility costs as far as utilizing the washing machine is concerned.