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Money Management Basics for Single Parents

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Step 3: Find Money to Pay Down Debt
Another thing we have to do before creating a plan to pay down your existing debt is to find money in your budget each month. To assist in this step, I contacted Erin Huffstetler, About.com's Guide to Frugal Living.

Wolf: How much money do you think the average person can uncover just by being more intentional about spending and budgeting?

Huffstetler: The average person could easily uncover an extra $250 a month -- and probably much more.

Wolf: What are the top 5 areas that you think people should look to first when they're trying to cut their expenses?

Huffstetler:

Wolf: How can single parents, specifically, stretch their child support dollars and reduce child-related expenses?

Huffstetler: For single parents looking to stretch their child support dollars, creativity is the key. Look to children's consignment shops and thrift stores to buy your kids' clothes instead of department stores; sign them up for Parks and Rec-run activities instead of privately-run activities (which will always cost more); and don't feel like you have to make up for being a single parent by buying them extra things -- It's you they need, not stuff.

References:
Huffstetler, Erin. Email interview. 24 Oct. 2008.

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