How do you plan your budget around one income (and child support if you get it) when big purchases come up?
If you are a single parent like me, your budget is tight. You live a little better than paycheck to paycheck, or maybe not, and know where every nickel is going once you earn it. How do you plan for and incorporate big ticket items in your budget?
I usually know when something unexpected is coming up. For example, this month I had to pay for Little League registration and soccer for the spring. I let each of my children pick one activity (this isn't a fight yet) to do each season. If I really had to, this would be eliminated from my budget. Since I am able, I knew a month ahead the bill was coming and set it aside. Granted, $120 doesn't seem like a lot, but when your budget is tight, this can mean the difference of groceries or not in two weeks time.
Is living on one income really that different than two? I ask myself this often. You still have to budget the money. What I have found is that two incomes just seems to buy larger things and have larger bills. If one income were to fall short, the other could make up for it I suppose.
I fell into a bad cycle when I first separated from my spouse. I will get into my "credit" lessons and share them in a series beginning next week. I hope to save many of you the headaches and tears I have had learning about finances. My first article will be all about credit cards.
Let's start a discussion about budget planning. How do you do it? What do you do?
Until next time, happy parenting!
