1. Budgeting and Tracking Expenses
Making a budget for each month and tracking your expenses is the first thing you should do when you are on a tight budget. Here’s why and how to do it.
Without a clear understanding of where your money goes, it’s easy to overspend or overlook potential savings. As a single parent, it’s crucial to ensure that every penny is being used efficiently.
Create a monthly budget that outlines your fixed expenses (like rent and utilities) and variable expenses (like groceries and entertainment). Use mobile apps or good old-fashioned pen and paper to track every purchase. Review your expenses regularly to identify any unnecessary spending and make necessary adjustments.