Raising Kids on a Single Income

Divide Labor Fairly

• Make sure you discuss with your family just what the expectations are as to who does what. If your household consists of one parent who works full time and one who stays home, it may be reasonable to expect the stay-at-home partner to be responsible for most, if not all, of the household tasks. If the non-working partner, however, is attending school, home-schooling the kids, or out of work due to illness or disability, you may need to revise these expectations. If you're a single parent, you probably have no choice but to earn the family's income and manage the home as well. But don't be afraid to delegate household tasks to the kids. As long as you take into account factors such as the child's maturity, homework load, extracurricular activities, and need for play, friendship and rest, you are doing your child a favor by giving him chores that help you out. Having household responsibilities, help children learn responsibility and to feel more part of the family team.

Eliminate Major Expenses

• Housing costs account for the largest share of total child-rearing expenditures, according to a 2012 report compiled by the United States Department of Agriculture. Choose affordable housing, relocating if this makes sense for your family. Your rent or mortgage payments ideally should total no more than 25 percent of household income. Car payments can also take up a large chunk of a family's income, so consider downsizing if you have more than one vehicle or a more expensive car than needed to provide you with safe and reliable transportation. Pay down any credit card debt as quickly as you can, since interest payments make for one more unnecessary expense.

Shop Smarter

• Feeding your family is likely to be your second-largest expense, according to the USDA, but grocery bills are fairly easy to pare down with a few smart shopping techniques. Clip coupons when you can, but only use them to purchase items you would have bought anyway. You're not actually saving money if you purchase something your family doesn't want or need. This holds true for shopping the sales, too -- buy grocery items when they go on sale, but only if they are already on your grocery list or you think you'll be able to plan an economical, tasty meal that makes use of them. Replace costly brand names with their generic equivalents. Eliminate most prepacked and convenience foods -- doing so will not only save you money, it will mean healthier meals for you and your family.

Cut Costs

• Look for other ways to save money wherever you can. Lower the thermostat a few degrees in winter time, and raise it a few degrees in the summer to lower utility bills. Purchase gently-used clothing instead of new, or try sewing your own if you're the crafty type. Make your own pizza instead of ordering takeout. Take stay-cations in your local area instead of spending money on travel.

  When it comes to childcare costs, which can eat up a significant chunk of your family budget, look for other single-income families who you trust to watch your children, and exchange child-care or work out a barter agreement. Not only will this give you someone to help watch the kids when you've got an emergency or just need a break, but you might also make some new friends who are in the same boat and understand what you're going through. Also seek out community resources such as YMCA day camps, Boys and Girls Clubs of America, churches, community centers and other organizations that provide childcare or day camps with lowered rates for low-income families.