As a single parent, you have only one income to draw from, which can make saving a bit tricky. However, that doesn’t mean it’s impossible. In fact, here are five ways for a single parent such as yourself to start a saving fund:
Live a Minimalist Lifestyle
One of the best ways to start saving money (and increase what you have available for a saving fund) is to live a minimalist lifestyle. In other words, unless you need an item, do not purchase it. This not only can help you save money, but it may also reduce stress. Studies show a decluttered house reduces stress levels.
Earn Money While Shopping
There are a number of ways you can earn money shopping. Aside from clipping coupons from the weekly paper, download free applications such as Ibotta. This app (and several others) will pay you money for making certain purchases. You can then deposit the money you earn into your savings account.
Shop Around For a Better Savings Account
You don’t need to settle when it comes to your savings account. Many banks pay nothing, or next to nothing for a saving account. Unless you already have thousands of dollars stored away, you’ll see interest levels add a few cents every month. Instead, shop around for the best savings account interest rates. A single interest point can help you earn thousands of dollars more, over the life of your savings fund.
Look For a Side Hustle
One of the best ways to earn extra money for a savings fund is to start a side hustle. It doesn’t need to be a ton. You can earn money blogging, creating a YouTube channel, or selling items on Etsy. Every little bit helps when it comes to your savings fund.
Money Saving Alternatives
Instead of buying coffee at work every day, make it at home. Switching from name brands to store brands helps you save, as well.
It is important to have money put away. Whether for a rainy day, for a college fund, or simply to have on hand when necessary, you should always have some cash tucked away. As a single parent, you may find this challenging, but it doesn’t need to be impossible. By following these five suggestions, you can put away some extra cash, even if it’s just a few dollars at a time.
To learn more about Heritage Bank’s personal savings options, click here: https://www.heritagebank.com/personal-banking/savings-accounts/.
As a Branch Manager, Kay helps personal and business clients by providing products and services designed to meet their individual needs. A dedicated volunteer with the City and County, she has over 33 years in banking and a vast knowledge of financial services. Kay is able to provide financial counseling through consultative conversations as a part of her role. Whether your needs are deposit or loan related, contact Kay and see how she can help with your individual financial security!
Asst Vice President & Branch Manager • 770-515-7073 • [email protected]