Finance expert Jared Seyl from Denver shares practical tips for single parents
Jared Seyl, Denver financial expert, knows that being a single parent is tough, especially in terms of finances. Since you are the sole provider for your child, you need all the help you can get in order to raise your children well. Experts share their best tips on how to manage your finances as an individual provider.
Plan. When it’s all on you, having goals and planning for them will be a tremendous boost towards getting your future settled. Planning and setting goals also allow you to check and tick off items in the list, so you know that you’re getting somewhere.
Control your budget. It’s already a given that as a single parent, you are both the provider and the one handling the budget. Try to control what you spend, and get a clear understanding of your monthly spending. This way, you can see which things to prioritize.
Control your debt. As the sole provider, you may find yourself needing more than your income. While living and raising your children without incurring debt is almost an impossible task, try to control your debts, and pay them on time whenever possible.
Teach by example. Get your children to understand financial literacy by being an example. Try to live within your means. In addition, teach your children that happiness and satisfaction can also be achieved without splurging on things. It also helps to open up about your financial situation, so all the members of the family can adjust their financial expectations.
Plan to increase your income. Develop a plan to increase your earning potential, like investing on yourself so you get that promotion you wanted, or educate yourself so you can diversify income generation. Even small things like teaching yourself how to manage your time are important in planning to increase your income.
Plan. When it’s all on you, having goals and planning for them will be a tremendous boost towards getting your future settled. Planning and setting goals also allow you to check and tick off items in the list, so you know that you’re getting somewhere.
Control your budget. It’s already a given that as a single parent, you are both the provider and the one handling the budget. Try to control what you spend, and get a clear understanding of your monthly spending. This way, you can see which things to prioritize.
Control your debt. As the sole provider, you may find yourself needing more than your income. While living and raising your children without incurring debt is almost an impossible task, try to control your debts, and pay them on time whenever possible.
Teach by example. Get your children to understand financial literacy by being an example. Try to live within your means. In addition, teach your children that happiness and satisfaction can also be achieved without splurging on things. It also helps to open up about your financial situation, so all the members of the family can adjust their financial expectations.
Plan to increase your income. Develop a plan to increase your earning potential, like investing on yourself so you get that promotion you wanted, or educate yourself so you can diversify income generation. Even small things like teaching yourself how to manage your time are important in planning to increase your income.
Comments
Post a Comment