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Many single parents are on a tight budget.  Here you will find articles on single parent money issues, including advice on how to manage money as a single parent.

Single Moms in Kentucky have one in three Chance of Finding a New Job that Pays Enough

Single Moms in Kentucky have one in three Chance of Finding a New Job that Pays Enough

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For single parents in Kentucky, finding a job that pays enough to provide for your family is difficult. If you’re a single mother with two children living in Kentucky, only one in every three new jobs being created will provide you with enough income to sustain your family.

During a news conference at Spaulding University, Lopa Mehrota, interim director of the nonprofit organization, Women4Women stated that economic data they compiled showed that most new jobs fall far short of delivering the kind of wages that Kentucky single parents to survive.

“We have a long way to go in making sure Kentucky families can support themselves,” she said at the news conference.

The average Louisville single parent with two children needs to earn $23.60 per hour, or $49,836 annually, to make ends meet and still save up to $200 per month toward retirement, college education and home ownership. Those figures are from the “Basic Economic Security Tables,” compiled on a county-by-county basis throughout Kentucky.

Meanwhile, Louisville female heads of household with two children earn a median wage of around $25,000 annually, according to data from the U.S. Census.

Kentucky was one of five state analyzed in depth alongside a national set of income tables produced by Wider Opportunities for Women, a national nonprofit, in partnership with Women4Women.

The goal of making the report available to the public and policy makers is to highlight the difference between economic security and living just above the poverty level. For example, the federal poverty level for a family of three, in Kentucky is $18,130.

The poverty level guidelines describe what it takes to “barely survive on the desperate margins of society,” Mehrotra said at the press conference. As a policy tool, she added, “they do not capture what it costs to live.”

“The American dream of working hard to support your family is being rewritten by the growth of low-paying industries and rising expenses,” Joan Kuriansky, WOW’s executive director, said in a news release.

A Federal Reserve Bank official welcomed the study, calling the new income estimates “a wake-up call.”

“Job growth is not the total answer here,” Maria Hampton, vice president at the Louisville branch of the Federal Reserve Bank of St. Louis, said at the press conference. “This is the type of information that people need to make decisions about what they need to earn to cover basic expenses…. for a sound future.”

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Single Parents Struggling with Finances – There is Help

Single Parents Struggling with Finances – There is Help

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Help for Single Parents Struggling to Make Ends Meet

There is help for single parents struggling to make ends meet.

There was an old woman

who lived in a shoe,

She had so many children

she didn’t know what to do;

She gave them some broth

without any bread;

She whipped them all soundly

and put them to bed.

Not exactly sound parenting. But who could blame her? All those kids running around – and she obviously had little money. This had to be why they got broth without bread. Sounds like they were all a little on the bratty side, since she felt the need to just give up and put them to bed. And there’s no mention of a father, so apparently, the poor woman had all these kids to raise on her own.

How does a single parent make ends meet? With all the stress that is sure to come when raising kids on your own, the added stress of a mismanaged budget isn’t exactly welcome. Creating a budget is the first step to successful money management, even with a gaggle of kiddos.

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Cash Solutions for Single Parents

Cash Solutions for Single Parents

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Financial expert Dave Ramsey offers some advice for single parents who are trying to build a financially stable home when there’s no one else to lean on.

Dave RamseyThere’s a sense of hopelessness in the letters financial expert Dave Ramsey has received from single moms.

Combine the financial stress with the pressures of being a single parent and it’s no wonder single moms are looking for help. Ramsey offers advice on The Early Show.

He says the most common financial mistake that he sees single moms commit is that after a divorce many women hold on to their homes, hoping to maintain a sense of normality for kids whose family has just been torn apart.

Unfortunately, Ramsey says, these women can’t honestly afford the mortgage. They pay it, but they wind up spending too much money each month on housing. Financially, many single moms would be better off moving into a smaller home with a smaller mortgage payment.

Here are the questions he received and his advice:

I am a single parent of one daughter who is 14. I am at my wits end on what to do to get out of debt. I was divorced two years ago and was left with a lot of credit card debt, and not a very high paying job. I do have a better job now, but I feel I cannot pay off the credit cards or make ends meet. I have a monthly income of $2,200 and more bills than I can list at this time. I would appreciate any advice you could give me as to where to start.

Sharon

Ramsey says Sharon needs to start with a budget. She needs to write down everything that she needs to spend money on each month, from groceries to credit card bills. She then needs to write down how much she has available to spend each month. Sharon should plan to take care of all basic necessities first. She needs to budget for food, the utility bill, etc. After setting aside that money, she will clearly be able to see that she can’t afford to pay all her bills/debts.

So how does seeing that she can’t pay all of her obligations make her feel better? She should receive a sense of accomplishment knowing that she is providing all basic necessities for her family, Ramsey says. Also, although she won’t be paying all of her bills, she will be doing so consciously, she will be choosing what to pay and not pay. In this sense, she is taking control of her debt. Additionally, having everything written down on paper will help Sharon see where she can cut her spending and spark ideas for using her money more wisely. In this way, she will slowly be able to begin putting more towards bills, etc., each month.

Michelle in Wisconsin writes:

I am a single mom trying to make ends meet. I make just over $23,000 a year, but pay $400 a month in daycare. I have $20,000 in student loans and about $3,000 in other debt. I can barely make my monthly utilities. How do I get somewhere on my other bills?

Ramsey says Michelle needs a support system. The daycare issue is a financial hardship and also can be a scheduling and emotional nightmare. Michelle needs a neighbor or an older friend at church to “adopt” her and help take care of her kids from time to time. If Michelle doesn’t live near family, maybe it’s time for her to consider moving.

Ramsey has two specific financial suggestions for Michelle. First, he believes she — and all other single moms — needs to find an “accountability partner.” One of the hard things about being a single parent is that you feel isolated, like you have to make all big financial decisions by yourself. Single parents need to find someone they trust — a sister, a friend a pastor — to discuss the family finances and to assist in decisions like buying a car or replacing a dishwasher.

“This partner has to be someone who truly loves you,” Ramsey says, “because he or she also has to be able to ‘bust you’ when you make a stupid financial decision. The accountability partner has to be willing to say things like, ‘Don’t you dare take a shopping spree and put three pairs of shoes on your credit card this month.’ “

Ramsey also says that Michelle needs to look for ways to increase her income. A temporary solution is the dreaded part-time job. But Michelle needs to look for a long-term solution, too. He believes she should take advantage of any free time by reading or taking a class because “you get paid for what you know, not what you do.”

Michelle needs to formulate a plan for making more money. If she works in a salon, she needs to really learn the business so that one day she can own the salon, for example. She needs to continue to learn and grow so she’s prepared to move up the career ladder, he says.

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10 Ways Single Parents Can Save Money

10 Ways Single Parents Can Save Money

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According to the US Census Bureau, there are over 14 million single parents in the United States, and those single parents are responsible for raising more than 22 million children. More than 80% of single parents are mothers, and more than 30% percent of all single parents receive public assistance.

Single parents often struggle with buying basic necessities and paying bills, and usually live paycheck to paycheck. Single parents often do not have any savings and are in debt.  Here are some ways that single parents can save money so they can make ends meet.

10 ways for single parents to save money:

1. Buy a Used Car:

Buy or trade in your current car for a used car with a cheaper note. This will either eliminate your car note or save you $50 to $200 a month on your car payment.

2. Use Coupons:

Buy whatever items are on sale or buy items with coupons. This can save you $50 to $300 a month. There have been instances where shoppers had a total bill of $200 and ended up paying $5 using coupons and buying items on sale.

3. Buy Generic:

Buy everything generic: household items, clothing, prescriptions, toiletries, dry goods, canned goods, paper products, etc. This will save you on average $5 to $50 a month.

4. Buy Washable Clothes:

Buy clothes that do not require dry cleaning. This will save you on average $50 to $150 a month.

5. Do you own hair and nails

and buy your makeup from a drugstore, such as CVS or Rite Aid. This will save you on average $40 to $100 a month.

6. Gas:

Buy regular gas for your car unless the owner’s manual suggests otherwise. Find the cheapest gas in your neighborhood to purchase. This will save you on average $.05 to $.20 per gallon.

7. Shop at Discount Stores:

Buy household items in bulk, such as paper products, cleaning supplies at discount stores such as Target, Wal-Mart, Costco, etc. This will save you on average $5 to $50 a month.

8. Reduce Expenses:

Reduce or cancel your cable plan, cell phone or Internet service, or get the cheapest plan available. This can save you $20 to $100 a month.

9. Buy Groceries at Superstores:

Buy your groceries at superstores or wholesale stores such as Wal-Mart, Costco, Sam’s Club, etc. Buy nuts, grains, spices, legumes at wholesale or health food stores. This will save you $30 to $200 a month on processing costs charged at regular grocery stores.

10. Fun with Kids:

Check your local library or newspaper to find free activities that you can do to with your kids. This can save anywhere from $5-$100 a month.

Tips for Single Parents to get Cheaper Car Insurance Rates for Teens

Tips for Single Parents to get Cheaper Car Insurance Rates for Teens

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Tips from the Teen Car Insurance Guide

It’s scary enough when your teenager begins to drive – and as a single parent, it can be a bit tricky to determine where the responsibility lies when it comes to insuring them. Whether your child is living with your former spouse or is away at school, you should talk to your insurance company to determine whose policy your teen should go on.

Here are a few questions to be prepared for when talking with your agent:

  1. Who has custody? – If you’re a single parent, some insurance companies mandate that whoever has custody while the teen is attending school is responsible for the policy. Others suggest that the parent who has the teen a majority of the time should cover them under their policy. Depending on which company your insurance is through, your teen may also need to be named on both parents’ policies.

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  2. Do you and your ex-spouse have the same insurance company? – If you’re a single parent and you and your ex both have auto insurance through the same company, your child may be automatically covered under both policies. This is because some insurance policies define “the insured” as someone related to you by blood, marriage, or adoption who is a resident of your household.

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  3. Who has the best driving history? – As a single parent this can also be a deciding factor in whose policy your child should be covered under. If you or your former spouse have a poor driving record, this could increase the cost of your premium significantly. In this case, it may be best to have the other parent add your teen driver to their policy.

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  4. When does your teen’s coverage need to begin? – Make sure you notify the insurance company at least a few weeks before your teen gets his or her license. Even if you’re still deciding which policy they should be covered under, it’s important to have them covered in the interim – not doing so could cost you quite a bit of money if they’re involved in an accident. Not listing them also gives your insurance company the right to cancel your policy for misrepresentation. Make sure their coverage starts a few days before they’re ready to drive.

After you’ve determined whose policy your teen driver should be covered on, plan a time to talk with your former spouse about coverage options, safety issues, and related costs. Although this may be an uncomfortable conversation, there are many important things you should discuss:

  1. Decide between individual vs. existing policy – Most times, adding a child to your existing policy is best, rather than getting them their own. However, if you or your former spouse has a history of accidents or an overall poor driving record, it might be best to get them an individual policy.

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  2. Check back every six months – When your policy comes up for renewal (usually every six months), take a look at other companies to see if you can get a better rate. At this point, your current company may also give you a loyalty discount if you stay with them.

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  3. Switch the insured person – Some companies let you assign drivers to a specific car. To save money, list your teen as the driver of one of your older cars.

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  4. Increase your deductibles – Single parents might think this tip is a bit scary, but it does save you money. When you add a teenage driver to your policy, consider increasing your deductible. This can significantly lower your premium, so you can use your insurance in the unfortunate event of an accident, rather than on small things that you can pay out of pocket.

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  5. Take your college student off the policy – If your teen driver is away at school without a car, consider taking them off your policy. As a single parent you don’t want to be paying for something that is not needed. Make sure, though, that they won’t drive during a break from school – if they are uncovered and in an accident, you could risk losing a lot of money.

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  6. Don’t buy a new car – For most single parents (for most parents in general) this is not an option for you anyway, but if it is you need to know this: Brand-new cars are much more expensive to insure than older models. If you intend to buy a car for your teen to drive, resist the urge to get something brand-new. Instead, purchase a reliable older car and save a significant amount of money when it comes to insurance.

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  7. Don’t report fender benders – Although insurance companies aren’t a fan of this idea, consider paying for fender benders out of pocket, without reporting it. Even a single accident can raise your premiums, so it may be more cost-effective to you to not report it and instead, pay out-of-pocket.

    8.  

  8. Choose a safe car – As a single parent, when choosing a car for your teen to drive, consider something safe – this will not only do the obvious, but will also save you money on car insurance. Sporty cars always cost more to insure, as do larger trucks and SUVs; and single parents don’t need the added expense.

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  9. Safety features are good – Along with choosing a conservative car, look at the safety features as well. Cars with airbags, anti-lock brakes, and automatic seat belts can help make a difference in your insurance premium.

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  10. Car registration – Keep the car registered under the single parent’s name that the insurance is under, instead of the teen. This is a commonly missed factor that can affect insurance rates.

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  11. Drop collision or comprehensive coverage on old cars – If your teen plans to drive an older car, consider dropping the collision and comprehensive insurance. The reason is this: Paying a month premium to maintain these may be much more expensive than paying out-of-pocket in the rare event of an accident.

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The Single Parent Student

The Single Parent Student

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If you are a single parent and you are interested in becoming a Licensed Vocational Nurse, the following article may be helpful to you.

The Single Parent Student

Single parenting while attending a LVN program can be tough. But it can be done. I know a lot of people are saying to themselves, “no way, not with my kids. I’m too tired now without going to the program”. Well, if you want it bad enough you’ll go after it. Your children will live through it and may come out better for it. There are ways to go about getting the help you need.

First, check with family and friends. They want you to succeed and are usually willing to help where and when they can. You can also ask friends; start babysitting for each other,payable in time you can use later the same week. Ask the church you attend for a good sitter who needs to make some money. You supply the food and pay a couple of bucks an hour. Be sure to interview the people first. You should know them fairly well before just dropping off you kids. Set this all up before the program starts. This way no last minute things fall though the cracks. Like when the children are sick and no day care will take them.