5 Financial Challenges Faced By Today’s Single Parents

Posted on Nov 4 2019 - 11:23am by Ella

Everyone knows in their mind that being a single parent is a monumental task, but not everyone is able to truly grasp the weight of being a single parent in today’s world. There are challenges to face today that weren’t an issue ten years ago, and new challenges will always arise as time passes.

If you’re interested in knowing more about what a close friend or family member faces on a daily basis, delve into some facts about the life of a single parent. Here is a brief look into some of the most common financial challenges faced by today’s single parents.

Paying for year round child care

The average cost of child care in the United States is around $1,200 per month for just one child. If you want quality child care for your kids, you’ll have to spend time researching to find a fitting program.

You will also have to have a healthy income. Child care is expensive, and it’s important that a single parent has time to work. The infinite catch 22 can cause a single parent some significant stress.

Not keeping up with the budget

Budgeting is an essential part of proper money management, and not all single parents have the time to really stick to the budget. Fast meals, extra gas, new clothes, and other expenses add up fast.

It’s difficult but not impossible to stick to a budget as a single parent. The most important thing to remember is persistence. If you mess it all up this week, don’t stop trying next week. And remember coupons like those on this site https://www.raise.com/coupons/walmart are your friend!

Lacking the ability to maintain a security fund

The various expenses single parents face make it more than difficult to keep up with a savings account. When you don’t have enough money to pay for what you need, you don’t have enough money to stash away in a savings account.

Living without a security fund is a dangerous game of roulette. Life happens, and life costs money. Don’t get caught without a backup plan when it comes to your money.

Missing work for the needs of your family

Single parents take more sick days than any other type of employee.  This is not to say that they don’t have a good reason, but to take note of the struggle to be in more than one place at a time.  

When you have a really sick kid at home, the only right choice is to stay with them. However, missing work leads to missed income, while a sick kid can cost you a pretty penny. The numbers don’t exactly add up.

The expense of sending your kids to school

Even if your kids go to public school, there is a related expense to their education. Schools require parents to fulfill a list of supplies at the beginning of the year, and your kids need new clothes for school.