Being a single parent is hard – you have to shoulder the responsibility of earning an income and managing your household budget alongside the full-time job of raising your child and making sure they get a good education. Playing all those roles isn’t easy, even if the other parent is still available and willing to offer support.

Unfortunately, that isn’t always an option, and many single moms and single dads face the task on their own. Money doesn’t solve everything, but careful financial planning and budgeting can make life easier.

Consider these tips.

Budgeting: Put needs before wants

To manage your money better, it’s essential to create a budget – and it doesn’t have to be a complicated spreadsheet.  Budgeting always comes down to the basics: cover your essential expenses first, then consider the extras. Groceries, school fees, rent and transport should always come before luxuries or items that are useful but not essential. Careful budgeting should leave you some money to spend on treats, but what really matters must come first.

Start financial planning for education early

If you want to give your child the best options in education, you need to start saving and investing for those expenses as early as possible. A dedicated savings account or an education policy can help you stay on track – you can set up automatic payments to these accounts after your salary is paid every month to separate those savings from your everyday spending account immediately.

Even if you can save only a small amount every month, if you start early enough and make consistent payments, the growth in your investment will make it easier for you to afford the cost of a quality education. Saving regular small amounts can also help you build up a balance big enough to transfer your savings into investments that may have higher entry thresholds but offer better growth.

Shop smarter

Sales, loyalty points, bulk buying and meal planning can save you more than you’d expect over a year. Stock up on non-perishables when they’re discounted and plan your weekly meals to avoid last-minute takeaways that eat into your budget.

Whether you use public transport or have your own car, plan cost-effective shopping trips to malls or markets where you can get everything you need from different stores while spending the minimum on fares or fuel. When you shop online, many outlets offer free delivery if you spend above a certain limit – so provided everything you’re ordering is something you actually need (not random extras thrown in ‘to get the free delivery’), this is also a savings strategy.

Consider tax-free savings for long-term goals

A tax-free savings (TFS) or tax-free investment (TFI) account is a smart investment over the long term, allowing you to save up to R36,000 a year and R500,000 over your lifetime without paying tax on dividends or interest. However, those are fixed contribution limits – if you exceed them, you will pay a tax penalty. This makes it complicated to withdraw from this type of account and then ‘top it up’ again in the short term without exceeding the limits – so it’s better to use a TFI of TFS towards long-term savings goals.

Staying invested in TFS products for 20 or 30 years without making any withdrawals adds significant growth through compound interest and tax-free dividends. As a single parent, you might consider one of these tax-free vehicles to save for your child’s education or training when they finish school, or to set them up to start their own business. Or you could include TFS options in your own long-term financial goals, including your retirement planning.

Build an emergency fund

Unplanned costs, whether it’s a burst tyre or an unexpected school outing, can throw off your budget. Even a small emergency fund can spare you the choice between taking on more debt or sacrificing some essentials. Ideally, you should always have 3 to 6 months’ salary in your emergency fund – but this is another savings goal where just starting is more important than how much you can contribute. If you save only 10% of your salary every month, your emergency fund will be enough to cover 6 months’ expenses in 5 years.

Talk about money

Your child doesn’t need to know the details of your financial pressures, but honest conversations about money teach them valuable lessons. Be age-appropriate with your conversations. A simple ‘Mummy will get it for you next month’ can work with younger kids, while teenagers may benefit from ‘Hey, I’m prioritising A, B and C at the moment, but let’s see how you can make some cash of your own and I’ll match it’. These chats show them that money has limits, and why financial planning matters.

Time together matters more than things

Kids may get excited by toys or gadgets, but what they need most is time with you – and with all the other demands on a single parent’s time, you need to somehow find those moments. Shared activities like cooking together, reading at bedtime, or low-cost weekend outings build stronger memories than expensive gifts. Remind yourself and teach your child that you don’t have to spend to be happy.

Explore other income streams

Work and parenting make massive demands on your time and energy, so this is not going to be an option for everyone. There’s no point in doing too much, trying to make your child’s life better, if you end up never spending any time together, or you burn out. On the other hand, extra income might help you afford childcare, and if you earn more from the side hustle than you’re spending on a nanny or au pair, you’re improving your financial position. Do the maths carefully and be honest with yourself about how much extra work you can take on.

Lean on your village

You don’t have to do everything alone. Friends, family and community groups can ease the load with help like babysitting swaps, carpooling, or bulk-buying school supplies. Sometimes, support networks are worth more than money.

How Nedbank can help

We’re here to help with financial planning and education, affordable digital banking, and overdraft and credit card options for those months when you need a little more help.

Let us be part of your village and give you the support you deserve.