How Single Parents With Small Salaries Can Budget for Savings

I am aware that many divorcees struggle financially. I've had moments of my own where stretching to meet the next financial need was something I had to do. I have interviewed several women who were divorced and who managed to save money on small clerical salaries. I wanted to share their resourcefulness and creativity with you in the hopes you might find a few ideas that are useful for your situation.

You can develop the habit of saving even if you've never done it before. You can decide that you will begin to save. In order to save something, you need to understand your finances. It's wise to have a budget and let saving be one of the items in your budget. Set up a savings account in the bank. If you have an automatic deposit of your paycheck, ask the bank if they can move the amount you chose into your savings account each week or month. I have always felt that if I don't have it in my pocket, it's easier not to spend it.

Once you know how much you need for your budget, you can decide that you will always spend less than you earn. Saving change is a great way to do this. Find a large container and seal a lid on the top of it. Use paint or Gorilla Glue to be sure it cannot open until you make a solid decision to open it. Make a game out of putting your change in that container. Let the kids put the change it. It's teaching them to save as well. Maybe this is the way you can have money for vacations.

Don't spend your raise. You're getting by without it, aren't you? So take that extra money and invest it in the 401K at your work or a Savings Account at your bank for something special that you and your children want. It's helpful to name the account. Our New Patio Furniture account. Your kids will participate in the goals of the family; plus, you'll be setting a wonderful example for them.

Buy Specials and Use Coupons at the grocery store. Stores run specials weekly and they put a lot of money into advertising those specials to you. You can really stretch the budgeted amount for weekly groceries if you'll use coupons and buy specials. And sticking to a budget is a great way to teach kids how to shop wisely, an added benefit. If the specials keep you below your budget, let the kids add the money remaining to the Vacation Change Container.

Pack lunches. It's always nice to let kids buy their lunch or for you to buy yours, and sometimes you should do just that. If you will pack daily lunches, you eat more nutritionally in addition to saving money.

Shop for most reasonable utility plans. If your income falls below the norm, many utility companies will offer you a discount for their services. Take them up on it and when you no longer need the discount, you can return to paying full price. Explain that you are a single, low-income parent and ask if they have any considerations for your circumstances.

Recycle cans and bottles as a family project. One of my friends lived near a beach and her sons frequently scavenged for bottles and cans after a busy beach weekend as part of their spending money. She helped them gather them and they went to the recycler together.

Do entertaining things with your children that are free. Walking or hiking is free and so are bike rides. Feeding the ducks and fish your bread scraps is free. Using wading pools at public parks is free. You can do many free things at the Library: listen to storytime, check out books, and check out DVDs. Walking barefoot in gutters while it's raining is free and the cocoa and toast afterwards is great fun too. Look in your local paper for free events that you know your kids will enjoy.

You can be creative and find lots of ways to have a wonderful life without spending a lot of money and still be able to save for the things you truly want to have (like a college fund) or the things you'd love to enjoy (like a vacation.) It's not necessary to struggle financially. Small savings do add up. Start small to save money. Persevere.