Saving Money

Financial Strategies for Single Parents

Find Good Childcare: Many single parents find it difficult, if not impossible, to afford to stay at home with their children. In fact, many work not just one job, but two or more! Paying for childcare, whether it’s full-time care for a young child, or afterschool care for older ones, can quickly become very expensive. Here are some creative ways to handle this expense:

• YMCAs are the nation’s largest provider of child care programs. Child care is open to all, with financial aid available. Programs range from infant care to on-site after school care. To find a Y near you, visit www.ymca.net. Boys and Girls Clubs also offer inexpensive and free school programs in many communities. Visit www.bgca.org.

• Child care jobs. A child in the 8-12 year old range may be able to volunteer or get a job as a “mother’s helper” for a stay-at-home or work-at-home parent who would be glad for the break! This will ensure they are being cared for after school while learning valuable skills. Children 13 years or older may want to take a local Red Cross babysitting course and get an after-school babysitting job for younger children, or work as a counselor in an after school program or daycare. They’ll earn extra money and get valuable experience.

• Sick Care: Taking days off work to care for a sick child can be expensive for a single parent. It’s important (but not always easy) to line up help for those emergencies. Find out if a sick child daycare program is available in your community. Some hospitals, for example, offer this service and they are often staffed by nurses for added peace of mind. If not, you may want to talk with your local hospital and find out if there are retired nurses in your community who may welcome the chance to take care of your kids and earn some extra income. If the program you need doesn’t exist, see what you can do to help get one started.

• Get free babysitting: If you never have a moment to yourself, it may be time to trade with other single parents who would like a break as well. Starting a babysitting coop to exchange babysitting with other single parents can be a sanity saver. Check out the book Smart Mom’s Baby-Sitting Co-Op Handbook: How We Solved the Baby-Sitter Puzzle by Gary Myers for details on how to start a babysitting coop.

• Investigate flexible work hours: Find out whether your employer offers flexible work hours, or will allow you to do some of your work from home. Working Woman magazine publishes an annual list of the best employers for working mothers (which can often be great for working dads as well.)

• Ask! Many daycares, summer camp programs, and after care programs offer scholarships or will be willing to extend discounts to parents who can’t afford the full fee. You don’t know until you ask. If there a service you can provide in exchange for a discount (cleaning, publicity, typing, or maintenance are just a few examples), don’t be shy about suggesting a trade.

Warning! Be very careful about money-making propositions aimed at stay-at-home parents. While some of these home-based businesses may be legitimate, there are many scams as well. Remember, running a business requires time and energy (and often money). If you aren’t willing to invest a substantial amount of both in a home-based business, stick with a job. Or at least keep the home business on the side until you have enough money coming in to make it worthwhile to leave your job.

Take Free Advice: If hiring a financial planner is out of reach right now, research local financial planning classes. Local community colleges, extension offices and women’s resource centers may offer very inexpensive courses with expert instructors.

Get What You’re Owed: If your ex owes you child or spousal support, don’t assume you’ll never see the money. If you’ve tried to collect through your attorney and/or local child support enforcement agency, your next step may be to contact a private child support enforcement agency that will try to collect on your behalf. Child Support Collectors Inc. www.supportcollectors.com, for example, has been very successful in collecting past due support when other methods have failed. Best of all, you don’t have to pay them unless they are successful on your behalf.

Get the Best For Your Children: Don’t be too embarrassed or afraid to seek out public assistance programs that can help you and your children through tough times. There’s no question that navigating the maze of social services can be frustrating and difficult – and may seem overwhelming if you are trying to juggle work and parenthood. But it’s also important to get the help you need. Dianne Hadaway, guide for http://singleparents.about.com, recommends you keep a notebook recording everyone you’ve talked with at government agencies for assistance. She also recommends you ask before your appointments what kind of paperwork you will need to take with you and suggests you keep the following documents in a brightly colored, large (9”x12”) envelope (so you can always locate it in your papers):

* Driver’s license

* Social security cards/number for each family member

* Two or more recent utility bills

* Recent paycheck stub

* Bank account numbers

* Legal papers (name change, protective orders, etc.)

* References - names & phone numbers

* Previous address information

* Any other documents requested by the agency