Budgeting For Single Parents On A Tight Income
Many single parents can find themselves needing to budget while on a tight income. And anyone can easily see how difficult it could be to do this completely on your own. With the increase in prices, it is important for you to find some good tips for managing personal finances.
The good thing is, you don’t have to search too far because these six tips can help get you on the right path. Keep reading to learn how you can budget on a tight income even if you are budgeting as a beginner.
6 Tips To Budget On A Small Income For Single Parents
1. Buy Second-Hand
Buying second-hand is a great way to massively cut your costs, and it’s also good for the planet. You can find all kinds of things second-hand, often in great condition. That’s partly because children grow out of things like clothes and shoes so fast – meaning there’s still plenty of wear in them to be passed on. It’s important to remember that there’s nothing shameful about buying second-hand items, and this is actually much better for the planet than buying new ones!
2. List Your Costs
Understanding your income and outgoings is crucial, and having a list of your essentials is a great starting point. This is why this is so high on our list of tips for managing personal finances. If you know what you need to cover each month, you’re in a better position to budget, and you’ll have an idea of how much free cash you’ve got to set aside for either a savings fund, an emergency fund, or even for your retirement.
3. Eliminate Unnecessary Costs
Taking out recurring bills for things you don’t currently need can make it easier to get your budget back on track. Gym memberships, magazine subscriptions, website subscriptions – you can easily cancel these subscriptions either for a while until you are back on track, or permanently. If you have lost track of your subscriptions, you can check some websites that are designed to help keep track of any subscriptions that you may have forgotten but are still paying.
4. Use Budgeting Tools
There are a lot of apps and tools out there now to make it easier for individuals to save money, so make use of them. Some of these apps and tools shave money off your income and put it into savings accounts, while others help you balance your books.
Whatever you need help with when it comes to your budget, we guarantee there is an app or tool out there that can help make it easy for you. Most of these apps and tools are free for you to use.
5. Save Hard
Saving money when you’re already on a tight budget can be tricky – especially for single parents. However, it’s often possible if you’re disciplined. Make sure you set aside money whenever you have it to spare by moving it into a separate account that you don’t use much.
You’ll then have some as a backup for emergencies, such as a car repair or home repair. If you do put your money in an account, consider getting a high-yield savings account to have your money grow over time!
6. Consider A Loan For Emergencies
The last option you have is to take out a loan to help you deal with emergencies that threaten your already tight budget. A loan can give you access to a lump sum of cash, allowing you to take care of emergencies when you haven’t got savings to fall back on.
When you need a loan, you can come to Southwest Title Loans for either our title loans or our registration loans. We will be glad to help you through the steps of the process to see if you qualify.
How Do Title And Registration Loans Work?
If you have an emergency, we offer both title loans and registration loans to help you quickly so you don’t have to ruin your budget. The way these loans work are simple! If you get a title loan, you are using your vehicle’s lien-free title to get a lump sum of money. This means you have to have a paid-off car in your name.
Keep in mind that, if you are approved, you get to keep your car while you repay the loan. However, we will inspect it to determine how much money you could get.
Now, if you are still making car payments or your title has unpaid loans on it, you won’t qualify for a title loan. However, you can look into getting a registration loan to help you out instead! Instead of using your title as collateral, a registration loan uses your car’s registration as the collateral.
This means you can qualify even if you are still making car payments. We also don’t have to inspect your vehicle beforehand. However, we will look at your income and credit to determine if you qualify.
Make Budgeting On A Tight Income Easier For You!
By now, you can see that being on a budget on a tight income is possible – even for single parents! With just some tips for managing personal finances, you can make that small income work for you and your kids.
Just use these six tips and you can make your life livable. And if an emergency has gotten in your way, don’t stress. Come to Southwest Title Loans now for our title or registration loans to help you out. Fill out the online form for either loan to begin the process!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.