Single Parents

If we go shopping, watch TV and read magazines less, then we are likely to spend a smaller amount.
Pride can often stop us asking for help, but if you're struggling with money speaking to someone is the best thing you can do - people will normally be glad to help.
Make sure you differentiate between those things that you want and those things that you need.

Much advertising is targeted at children and this can lead to kids nagging! Don't give in, even if this is hard.
Remember that your kids will learn more from your example than from your words.
Teaching your kids that money doesn't grow on trees and that they need to be responsible, can be done through pocket money or a clothing allowance.

The emotional impact of money worries can be great, leading to real despair.
Our health can be affected by the stress associated with money worries.
We can lose friends if we don't deal with the problem and hide ourselves away.
At its worst money worries can affect our relationship with our children and lead to forms of abuse.

Make sure that whenever you buy an item, you think through every aspect of the purchase such as; price, discounts, guarantees, comparative prices and VAT to ensure value for money.
Bills are a key part of money management; make sure that you have got enough money put aside or have an affordable system of payment set up for essentials.
Maintenance and child support are a key part of managing your money but can be confusing or liable to change. See links at end of page for more information.
Accommodation is a big cost. See links at end of page for more information.
Make sure if you have divorced you have made arrangements with your ex-partner and the bank over mortgage repayments.
Budget! For budgeting help and calculator go to www.moneybasics.co.uk

Saving may seem really difficult but it can offer real financial peace of mind.
Make sure you understand the conditions associated with any credit you use.
Understand the different kinds of credit - secured, unsecured and fixed-term and revolving.
Don't become reliant on credit. If you find you are buying essentials such as food on credit it may well be time to seek help.

As a single parent there are numerous benefits to which you may be entitled from basic Child Benefits and Income Support to free milk and vitamins and help with NHS costs.
For further information on benefits check www.adviceguide.org.uk/index/life/benefits.htm

Work can be a good way to both engage socially and improve income although you should try and work out the impact it may have on benefits - this is complicated so get help!
If you work over 16 hours a week you will be entitled to the Working Families Tax Credit
If any work you get is your first job since becoming a lone parent then ask your employer for a P38S which can be sent to the Inland Revenue to ensure you don't pay tax on your wages up to the single person's allowance.
If you go back to work you will have to consider arrangements for nursery or child inding. See below for further information.

For more info on maintenance and child support - www.csa.gov.uk

For more info on Childminding - www.ncma.org.uk

For support and info as a single parent - www.gingerbread.org.uk

For money saving tips and general advice - www.moneybasics.co.uk

If you get into difficulties with money then talk to someone about it

Call for free advice from the Consumer Credit Counselling Service on 0800 138 1111