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Single parents- what sort of savings do you have?

1 reply

Tattted123 · 08/02/2022 08:03

I’m a single parent to 2 young children and am trying to build up some savings, it’s very slow as I work parttime but would like to refocus on goals. I guess a general emergency fund is the main goal but how much should I aim for?
I also have smaller financial goals such as holidays, a car fund incase my car needs repaired or replaced.
I own my home already so not saving to buy a house.

Thanks

OP posts:
BarbaraofSeville · 08/02/2022 08:27

If you get UC or WTC you should set up a Help to Save account for the 50% bonus:

www.gov.uk/get-help-savings-low-income

But otherwise, everyone has different incomes, expenditures, priorities etc whether they're single or not, a parent or not, so you just have to make the best of what you have and prioritise what matters to you.

Have a look at:

www.moneysavingexpert.com/family/money-help/

and

ukpersonal.finance/flowchart/

Good luck!

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