Budgeting and Money Management

As a single parent, it can be hard managing your money and making sure that you have enough to cover everything you need to pay for especially if you are on a low income. 

Make a budget plan

You should start by working out what money you have coming in and going out.  Money coming in should include any wages, benefits or child support money that you receive.

Money going out would be bills, housing payments, food and childrens clothes.  

Putting together a budget plan can help you to see what money you have, where it goes and if you could make any savings.  

Use the One Space budget calculator or the Money Advice Service calculator to help work out a budget. 

Understand and dealing with priority debts

The most important debts aren't necessarily the biggest ones. Priority debts are ones where serious action can be taken against you if you don't pay what you owe.  

You might find it useful to open a separate bank account for bills and mortgage or rent and other priority payments so when you get your wages or benefits, you can transfer enough money across to cover all these outgoings for the month and not have to worry about running out of money before paying them.  

Make the most of your income

Once you can see your income and outgoings written down, you may be able to think of ways to increase your income or make saving and reduce your outgoings. Check that you are receiving all of the benefits and tax credits that you are entitled to, including help with your rent or council tax.

Also also useful articles on saving money shopping on line, living on a budget, money saving tips, dealing with debt, plan your way out of debt and increasing income.