How to Avoid Going Broke When You’re a Single Dad

When you’re a single dad, it can be easy to get into trouble with money. You only have the one income coming in, but you still need to take care of the kids, which means you might not be able to work quite as much as you once did. It can be so easy to let your finances go south.

Of course, it doesn’t have to be like that. It is totally possible to avoid going broke when you’re a single dad if you’re smarter with your money, and below you will find some top tips to help you keep your finance on track.

Avoid Going Broke – Draw Up a Budget

Yes, it’s boring, and it can feel quite restrictive at first, but having a family budget in place can really help you to get to grips with your spending. It will make it really clear how much you have coming in and going out each month, and it will identify areas where savings can be made, so you can end the month with a surplus in your account.

Learn to Say No

When you have kids, learning how to say no and mean it can really save your financial life. Kids want everything they see from the latest LEGO set to that expensive ice cream, and of course, you can and should treat them from time to time, but do it every time, and not only will your bank balance suffer, but your kids will and up being spoiled too Practice saying no more often and you’ll soon get comfortable with it.

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Consider a Side Hustle

If you cannot make enough money in your main job, then starting a side hustle when the kids are sleeping or at school could be a good way to bring some extra money in. Whether you train to become a group fitness instructor or start your own graphic design business, any skills you have, you can usually turn into some extra income on your terms, which means you can fit your side hustle around daddy duties.

Avoid Going Broke – Know Your Worth

When was the last time you asked for a raise? If you are good at what you do and everyone knows it, asking to be paid your worth is always worth a try and it could help you to take better care of your family.

Start Saving

Saving as much money as you can into an emergency fund every month will mean that, if the kids get sick, you will be able to stay home and take care of them without having to worry about your finances, or that if the car breaks down, you will be able to cover it without getting into debt. It will make your family that bit more secure, which is why you should make spending less than you earn and saving the excess a priority if it is at all possible to do so, even if you have to forgo a luxury or two.

As a single dad, you might need to be more careful with money, but as long as you’re sensible and you think before you spend, there is no reason why your finances can’t flourish.

Contributed post. Feature image via Pexels.