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Money planning tips for single parents

Having children can put a real strain on finances, especially if you are relying on one income. To help you make your income stretch a little further, here are some money planning tips for single parents.

Record your spending

A good place to start is to write down everything you spend, no matter how small the amount. Do this for a couple of weeks and you will soon see where your money is going.

Cut back

Once you have your record of spending, you can decide where cutbacks can be made. Are you ordering takeaways regularly? Do you spend more than you should on treats for the kids? Could you reduce petrol costs by walking more? Cut back as much as you can on unnecessary spending and you will find it easier to save.

Morses Club PLC (LON:MCL) is an established, relationship-driven consumer finance provider offering a range of credit products and delivering exceptional services to customers in the non-standard finance market.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.