We have discussed the importance of planning numerous times on our blogs to a point it may sound like a broken record, but it’s the most crucial aspect in any financial budgeting. Planning is essential; you have to precisely understand where you are spending and what you can do to improve. Make a list ( yes, I love lists) of all your spending and total earnings. Set aside the fixed expenses you have every month, like rents and utilities. And decide on how much you have to spend on other things.
When planing as a single parent, it is important to take into account the unforeseen expenses that you may encounter, it may be a medical expense or even paying for a trip that your kids are asking for so long, so always have an emergency fund that you will save at least 4-5 months of your existing expenses.
The pandemic has been brutal for working-class citizens. But it has been especially difficult for single parents who have lost many of their working hours or have permanently been laid off. But this is an excellent lesson for you to start your side hustle. You have a hobby; it’s time you turn that into a business. Continue reading Thanks to the pandemic, earning cash has never been more complicated, no matter what the situation is