Being a single parent takes incredible skill, dedication, and sometimes, a leap of faith. While you’re managing everything from homework help to household, it’s easy for financial planning to slack off. Let’s talk about some common money mistakes that could be financial disasters and how to avoid them.

1. Stop Trying to Buy Your Kid’s Happiness

Look, we’ve all been there – standing in Target while your kid begs for those expensive sneakers “because everyone has them.” 

I used to cave in all the time, maxing out my cards because I felt guilty about being a single parent. But here’s what I learned: my kids need my financial stability more than another toy. These days, we do movie nights and park adventures. Honestly? They’re happier with these moments than they ever were with expensive gifts.

2. Smart Childcare Doesn’t Have to Break the Bank

I nearly cried when I first saw daycare prices. Then I got smart about it. I found out my company had childcare benefits (nobody told me!), started sharing childcare duties with another single mom, and discovered some amazing state programs. I went from paying $1,200 monthly to about $400. Seriously, don’t just accept the first expensive option you see.

3. College Costs Gave Me Nightmares Until I Did This

I regularly see single parents pushing off saving for my kids’ college because bills are tight, this is a big mistake. When my eldest turned 12, I panicked. Now I put away just $50 a month in a 529 plan. It’s not huge, but it’s something. I also discovered tons of scholarships and grants I never knew existed. Start small, but start now – that’s what matters.

A little smart research for scholarship programs and grants will help you get relief from big stress and probably from student loans.

4. Don’t Skip Insurance

Skipping insurance to save money seemed smart until that $8,000 emergency room bill hit. One broken arm during soccer practice taught a painful lesson. 

Keeping health insurance, a basic life policy, and disability coverage is non-negotiable. Found decent coverage through the state marketplace for much less than expected. Trust me skipping a few streaming subscriptions to make it work will be worth it with the the peace of mind. After all, those kids need protection no matter what life throws our way.

5. Neglecting an Emergency Fund

I call it the “uh-oh” fund because life is happening. Started with just $20 per paycheck, and it’s saved my butt more times than I can count. Car repairs, surprise school fees, that time my washing machine died – having this cushion kept these surprises from becoming disasters. Aim for $1,000 to start then work toward having 3-6 months of expenses saved. Trust me, it’s a game-changer.

6. Your Future Matters Too (Retirement Planning)

Between soccer practice, meal prep, and homework help, who has time to think about retirement? I’ve seen people who have spent years putting everything into my kids’ needs and completely ignoring their retirement. This approach might seem selfless, but it could be a burden on your children later, I just want to ask what the plan is for not being a burden on your kids later. 

7. Get Financial Professional Help

This was the hardest lesson for me. I was too proud to apply for assistance or even fight for proper child support. What a mistake. Once I got over myself, I found so much help – tax credits I didn’t know about, food assistance when things were tight, even free school supplies. There’s no shame in using the support systems that exist.

Remember, none of us have this all figured out. I’m still learning, but these lessons have saved my family from so much financial stress. Take what works for you, and don’t be too hard on yourself. We’re all doing the best we can.

Stay Financially Aware Stary Financially Secure