How to relieve financial and emotional stress when living alone or as a single parent

Daily financial challenges

When you live alone, every expense counts. The slightest change such as an unexpected bill, a sick child or loss of employment can upend your finances. Since you can’t count on a second income, you bear the responsibility alone.

Fixed expenses (rent, electricity, insurance, phone and internet bills, for example) eat into your budget. And if you’re a single parent, you have additional costs for your children such as meals, clothing, activities and childcare expenses. Even if you have a good salary, making ends meet can be a struggle.

In addition to financial stress, you may feel alone. Managing your finances, emotions and all the responsibilities on your own can cause a lot of stress. You might feel overwhelmed or guilty about “not succeeding.” This mental burden can be quite heavy.

A few tips to help you shrink your budget

While balancing a budget as a single person is not easy, especially when you have children, there are ways to reduce your expenses and gradually regain control of your budget and finances. Here are a few tips that can make a difference.

1. Review your subscriptions

   Start out by listing your subscriptions (cable TV, phone, streaming platforms and gym membership, for example). Cancel any subscriptions that you don’t really use and consider sharing others with a friend or family member.

   Alternatively, renegotiating a package or changing providers can save you dozens or even hundreds of dollars per year.

2. Plan your budget

   Making a budget is essentially plotting a course so you can determine your starting point and destination. You may find our free online budget tool useful. List your income, fixed expenses, debts and non-essential purchases. You’ll quickly see where you can make changes. You can also download a PDF version of your budget and keep it close at hand.

   An effective budget should be both realistic and flexible. Set aside a small amount (even $20 per week) for unexpected expenses. Track your spending every week. This will help you to avoid unpleasant surprises and regain control of your finances.

3. Save money every day

   Adopting a few new habits can also make a huge difference:

   • Prepare your meals at home;
   • Make a list before grocery shopping;
   • Buy in bulk and take advantage of discounts;
   • Repair items instead of replacing them;
   • Use public transit where possible.

   These small steps can help you to reduce your expenses without depriving yourself.

4. Use local resources

   There are many community resources such as food banks, collective kitchens and parental support and discount clothing organizations. These services are in place to help you without judgment. All you have to do is take the first step. You can benefit from both material and social support. Talking to individuals in similar situations can restore your strength.

Protect your wellbeing

Financial worries affect your mood, energy and relationships. When your finances are tight, your stress level goes up. However, you can take care of yourself during challenging times.

1. Open up to others

   Many people keep their money worries to themselves. However, talking about it changes everything. Share your concerns with a friend or loved one. You’ll feel less isolated and could even come up with solutions that you hadn’t considered.

2. Give yourself some breathing room

   A budget shouldn’t be all about hardship. Treat yourself to simple pleasures (a walk outdoors, coffee with a friend, a movie at home or an occasional trip to the movies) to keep your spirits up. Taking time for little breaks is vital for keeping your spirits up. However, moderation (treating yourself without putting yourself in the red) is key.

3. Seek help

   Asking for help is not a sign of weakness. Our advisors support people in your situation every day. They can help you to reduce your debt, prepare a realistic plan and get back on track.

Regain financial and emotional stability

Living alone or as a single parent means taking on challenges every day. You have to manage everything (money, children, unexpected expenses and emotions) by yourself. And we’re here to help you. With a little planning, support and the right tools, you can regain your peace of mind.

At Raymond Chabot, we know that every situation is unique. Our Financial Recovery Counsellors are there to listen to you, understand your reality and help you to come up with a realistic plan. Together, we can turn financial stress into a peaceful future.