These are our tips for maximising income, minimising unnecessary expenses, and making informed decisions about available support as a single parent.
In 2021, there were 3 million lone-parent households in the UK. That’s 15.4% of all families – a statistic that highlights the significant portion of the population navigating the financial landscape with the unique challenges that come with single parenthood.
Managing a household on a single income or benefits can place these families under greater financial strain, making efficient budgeting essential for covering the cost of necessities like heating and food. These are our tips for maximising income, minimising unnecessary expenses, and making informed decisions about available support as a single parent.
Budgeting and managing resources
For single parents, budgeting is the cornerstone of financial management. Crafting a detailed budget helps you to get a clear overview of your income versus expenditures, making sure that essential needs are met while possibly setting aside small amounts for savings or emergencies. The key is to prioritise expenses that positively impact the family's wellbeing and stability.
Making the most of benefits checkers
Maximising your income through benefit entitlements can significantly reduce financial pressure. Benefit checkers are invaluable tools for single parents to ensure they are receiving all the support they qualify for, such as tax credits, housing benefits, or council tax discounts. These resources can provide a much-needed financial buffer when every penny counts.
Child maintenance options
If it is possible to get child maintenance from the other parent, this can substantially contribute to your household budget. If you're not currently receiving child maintenance, or if past attempts have been unsuccessful, it's worth revisiting your options. Regulations and eligibility criteria evolve, and you might find that you're now eligible for support that wasn't previously available.
Extra support avenues
Beyond regular income and maintenance payments, single parents may find additional financial support through grants and aids for child-related expenses. Organisations like Family Action offer small grants for welfare or educational reasons, which could cover unexpected costs such as appliance repairs or educational materials. Hardship funds are also available through schemes like free school meals or the Healthy Start scheme.
Want to know more about how Great Western Credit Union can help? Email us at info@gwcu.org.uk or visit https://greatwesterncu.org.
