Bangalore: As divorce rates are increasing in India,  there are a number of children who end up living in single parent families. 

Single parenting is where the person takes care of the child single handedly. In short, one person plays the role of both mother and father.

It is true that taking care of children is a huge responsibility. Parents need to work hard to bring up their child. But, in between a hectic work schedule and parenting, people often mess up with their expenses and fails to keep a proper track of their personal finances.

Here are 7 tips to keep your finances on track, as listed by Minyanville.

1. Have a Budget and stick to it

Being a single parent it’s very important to have a budget for yourself. Since you have the responsibility to look after your child, you have to incur all expenses that may come up. 

If you still don’t have a budge then first create one that suits your income and expenditure and try to stick with it. Keep a watch on your expenses. Do not spend money unnecessarily. Remember that a penny saved is a penny earned.

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