Financial Planning for Single Parents

Track your income:

• Wages or salary
• Child maintenance (if applicable)
• Benefits (Child Benefit, Universal Credit, etc.)
• Any other regular income

Track your expenses:

• **Essentials first:** Housing (rent/mortgage, council tax, utilities), food, childcare, transport, insurance
• **Necessities:** Phone/internet, clothing, school supplies, medical costs
• **Everything else:** Entertainment, treats, savings

Create your budget:

• List income and expenses
• Prioritise essentials
• Identify areas to reduce if needed
• Build in some flexibility for unexpected costs
• Review and adjust regularly

Tools to help:

• Budgeting apps (many free options available)
• Spreadsheets
• Pen and paper—whatever works for you
• Your bank's budgeting tools

Remember:

A budget is a tool, not a punishment. It helps you make informed decisions and feel more in control.

Government support:

• **Child Benefit:** Available for all children under 16 (or 20 if in education)
• **Universal Credit:** Can help with housing, childcare, and living costs
• **Child Maintenance Service:** If applicable, can help secure maintenance
• **Council Tax Reduction:** May be available depending on income
• **Free School Meals:** Available for eligible children
• **Healthy Start vouchers:** For pregnant women and children under 4

Local resources:

• Food banks (contact your local council or Citizens Advice)
• Local charities supporting families
• Community centres offering support
• Energy assistance programs
• Clothing banks or swap events

How to access:

• Contact Citizens Advice for guidance
• Check your local council website
• Speak to your child's school (they often know local resources)
• Contact local charities directly

Remember:

These resources exist to help. There's no shame in using them when you need them.

Food:

• Meal plan and shop with a list
• Buy own-brand products
• Cook from scratch when possible
• Use leftovers creatively
• Shop at discount stores
• Look for reduced items

Utilities:

• Compare energy suppliers
• Use energy-saving measures (LED bulbs, lower thermostat)
• Switch off appliances when not in use
• Consider a water meter if it would save money

Childcare:

• Check if you're eligible for free childcare hours
• Consider childcare vouchers or tax-free childcare
• Look into after-school clubs (often cheaper than full childcare)
• Share childcare with other parents when possible

Other expenses:

• Review subscriptions and cancel unused ones
• Shop around for insurance
• Buy second-hand when possible (clothes, toys, furniture)
• Use free activities and resources (libraries, parks, community events)
• Pack lunches instead of buying

Remember:

Every small saving adds up. Don't feel you need to cut everything—find a balance that works.

Start small:

• Even £5-10 a week adds up
• Set up a separate savings account
• Automate transfers if possible
• Treat it like a bill—non-negotiable

Build gradually:

• Aim for £100, then £500, then £1000
• Every little bit helps
• Don't be discouraged by small amounts

What counts as an emergency:

• Unexpected car repairs
• Medical expenses
• Essential appliance breakdown
• Job loss or reduced hours
• Unexpected bills

What's not an emergency:

• Sales or "good deals"
• Non-essential purchases
• Impulse buys

If you can't save right now:

• That's okay. Focus on covering essentials first
• Start when you can, even if it's just £1
• Every little bit helps when you need it

Remember:

An emergency fund is a buffer, not a requirement. Start where you can.

Prioritise debts:

• **Priority debts:** Council tax, rent/mortgage, energy bills, court fines
• **Non-priority debts:** Credit cards, loans, overdrafts

Get help:

• Contact Citizens Advice for free debt advice
• Speak to creditors—many will work with you
• Consider a debt management plan
• Don't ignore debt—it won't go away

Avoid high-cost borrowing:

• Payday loans and high-interest credit can trap you
• Explore alternatives first
• Seek advice before taking on new debt

Remember:

Debt is manageable with the right help. Don't struggle alone—seek free, confidential advice.

Young children (3-6):

• Use play money to teach basic concepts
• Explain that money is used to buy things
• Talk about needs vs. wants in simple terms
• Let them help with simple shopping decisions

Primary school (7-11):

• Give small amounts of pocket money
• Help them save for things they want
• Talk about family budgeting in simple terms
• Explain why you make certain choices
• It's okay to say "we can't afford that right now"

Teenagers (12+):

• Discuss family finances more openly
• Teach about saving, budgeting, and spending
• Help them understand the value of money
• Encourage part-time work when appropriate
• Discuss future financial goals

Key messages:

• Money is a tool, not a measure of worth
• It's okay to not have everything
• Saving and planning are important
• Family decisions are made together

Remember:

Teaching kids about money doesn't mean sharing all financial stress. Keep it age-appropriate and positive.

Short-term goals:

• Build emergency fund
• Pay off high-interest debt
• Save for specific expenses (holidays, school trips)

Long-term goals:

• Children's education
• Retirement (even small amounts help)
• Home ownership (if desired)

How to plan:

• Set realistic, achievable goals
• Break big goals into smaller steps
• Review and adjust regularly
• Celebrate progress, no matter how small

Remember:

Planning for the future doesn't mean you have to have everything figured out. Start where you are, and adjust as you go.