Balancing Finances and Mental Health: A Guide for Single Parents

Being a parent isn’t easy, but it can be especially challenging if you are going at it alone. Not only does being a single parent mean you only have one set of hands to take care of your child, but it also means you only have one income to support your family. 

According to Mental Health America, many single parents can struggle with their mental health because they feel stretched too thin due to having little time to themselves and not being able to make ends meet financially. 

While being in this situation can feel very isolating, it’s important to remember that you are not alone. There are approximately 9.8 million single-parent households in the United States.  

Though it may seem impossible at times, there are things you can do and resources that can help if you feel burdened financially and mentally. 

 

The Impact of Financial Stress on Single Parents

 

Being a single parent in and of itself can cause an immense amount of stress and anxiety, but that stress can be compounded if you are struggling financially. Numerous studies have shown a connection between poor financial health and poor mental health, especially in single-parent families. 

From these studies, single parents have been shown to have higher levels of chronic stress, depression, and loneliness compared to married couples with better financial stability. Low economic resources and a lack of stress-buffering resources have also been shown to result in poor psychological coping strategies in single parents. 

Furthermore, single parents experiencing financial hardship often prioritize resources for their children when money is tight, meaning they make difficult compromises regarding their own well-being to ensure their child is adequately clothed and fed. These hardships, as can be expected, are detrimental to the mental and physical health of the parent. 

Strategies to Create a More Balanced Life Through Financial Planning, Emotional Support, and Self-Care

 

If navigating parenthood and your finances is starting to feel like an uphill battle, there are steps you can take to get back on track and improve your well-being. 

 

1. Evaluate Your Financial Habits and Develop a New Plan

 

First, to get your financial health back in order, it’s essential to set aside some time to sit down and evaluate your situation. 

Take a close look at your financial habits and consider what expenses are mandatory and discretionary. Discretionary expenses include streaming subscriptions, gym memberships, take-out, specialty coffee, and entertainment costs. This first step is key to developing healthier money management as a single parent. 

Next, you’ll want to have a clear idea of all your sources of income so you know exactly how much you have each month to work with. These sources can include monthly wages, child support, alimony, money from family, government support, etc. 

Knowing exactly how much money you have each month is important when you move on to the next step, which is budgeting. Adopting a smarter budgeting method can help you get your finances back on track. 

The 50/20/30 rule is a great budget method to try if you have some discretionary spending available. With this method, you set 50% of the money you have each month aside for mandatory expenses, 20% for discretionary expenses, and 30% for paying off debt or putting into savings. 

If you are having a hard time budgeting and are coming up short, it may be worth considering a side hustle, at least temporarily, until you can get your finances in order. In this digital age, there are lots of online, remote gigs you can look into that can help you earn some extra cash without necessarily eating into too much of your free time or time with your kids.

In addition, consider establishing a line of credit. They can provide a little wiggle room for your finances at minimal cost. Unexpected ER visits and other costly occurrences can take a toll on your bank account — especially if you don’t have a credit line to cushion the fall.

 

2. Lean on Your Peers 

 

Having a community of friends you can rely on for support is vital as a single parent. Peer support can benefit your mental health and it can also help you discover new opportunities and resources that can help you financially. 

If you are struggling with finding supportive friends who understand what you are going through, try looking into single-parent support groups online. These groups offer people who can offer mutual sympathy and understanding, they can lend an ear when you simply need to rant, and they can offer you advice and help you find solutions. 

Many parent support groups also organize in-person meet-ups and playdates to help single parents build their supportive community and enjoy bonding experiences. For example, a growing trend in the community is the brunch playdate. Instead of going out to eat, which can be expensive, you or another parent can host brunch at your home, which is a great way to get kids together earlier in the day and tire them out. To make it more financially affordable, each parent that attends can also donate a couple of bucks to help cover the cost of the food. 

 

3. Build Better Physical and Mental Health Habits

 

Self-care is crucial for busy, single parents. Taking care of your mind and your body is key to balancing mental health with financial stress. 

There is no one right way to practice self-care. It’s about listening to your body and giving it what it needs, which means you do need to try to make time for yourself, even if it’s just 30 minutes in the morning or evening. 

Some examples of self-care include focusing on getting better sleep, eating more nutritious meals, trying things like yoga or meditation, or spending more time outdoors. Regular exercise at home or going to the gym can also make you feel good and alleviate stress. 

The idea with self-care is simply to set some time aside to focus on your needs and reconnect with yourself. Taking care of your personal needs can help you show up better for your child. 

 

Conclusion

 

At the end of the day, if you are still having a hard time and don’t know what to do, it’s worth looking into professional counseling services. There is no shame in admitting you need help and many counselors or therapists can also point you in the direction of additional resources that can help you better manage your situation.

 

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