Single parenting brings unique budgeting challenges.
The U.S. Department of Agriculture reports that it costs an estimated $241,080 for a middle-income couple to raise a child to age 18 – and many single parents shoulder that responsibility alone. Even with adequate child support, it’s smart to be proactive about financial matters as a single mom or dad.
1.) Credit cards
Single parenting is tough. While retail therapy may be a tempting salve to pull yourself out of a funk, the added debt you’ll incur will make you feel worse. Plan all shopping carefully and avoid impulse purchases.