One of the biggest challenges for single parents is learning how to manage a “family” budget on one income. Trying to maintain and make ends meet is difficult with two parents working, but today’s economic pressures can be even more difficult for single parents. Most single parents are mothers who are struggling to live paycheck to paycheck. Many of them work long hours for low wages while still trying to maintain their parenting role – cleaning house, cooking meals, keeping up the yard, paying the bills, keeping an eye on the kids and all of the other parental responsibilities.

According to the Center for Women and Work at Rutgers University, 84% of single mothers do not have a college degree, and only 22% earn more than $30,000 a year. The bulk of their money is going toward housing, child care, health insurance, food, clothing and gasoline, which leaves no room for wiggle, and no bother to even consider creating a savings cushion.

While it is wise for single parents to be concerned with the uncertainty of our national economy, it is even more important that they empower themselves to take good care of their personal finances and those things they can control. Although its easier said than done, the reality is that you can work with one income and make money stretch farther than ever imagined through responsible spending and planning. The following are few helpful tips to help single parents recession-proof their family budget:

Monitor your current spending. Examine where your money is going and determine which areas can be cut back or simplified to create surplus. Track your spending over a period of two to three months; you’ll be surprised to see how much money is being spent on items that could be easily sacrificed.

Be up front with your children. Have an honest and open discussion with them about the family’s finances. Involve older children in the budgeting process so they feel responsible for helping the family meet financial goals. By showing them the details now, you’re teaching them good money management habits that will help them develop the skills necessary to become wise consumers later.

Pay yourself first. The question is not what if an emergency occurs, but when an emergency occurs. The reality is “things will happen,” and the best thing you can do is be prepared. Saving is one of the most important financial obligations; especially for single parents. Setting money aside for emergencies could make the difference between a minor financial setback and major financial crisis. Consider having a portion of your paycheck automatically deducted and placed into a savings account. As they say – “out of site, out of mind.” You may not miss it if you never see it.

Shop wisely for clothes. Consider basic, durable clothing, which will stretch your dollars significantly and never go out of style. Buy interchangeable items in basic colors such as black, tan, gray and blue, and try to stick to wash-and-wear items that don’t have to be dry-cleaned. For older children that may feel pressured to wear certain brands and the latest fashion trends, consider setting a personal clothing budget. Inform your child of his/her limits before entering a store—they may realize that it’s better to have more options than the latest fads.

Take advantage of tax breaks. There are a number of tax credits and deductions for parents with dependent children. For example, If you pay daycare expenses for your children, you may be able to reduce your federal income tax by claiming the credit for Child and Dependent Care. Some credits are refundable – taxes could be reduced to the point that you would receive a refund rather than owing any taxes. Visit IRS.gov to learn more about tax credits and benefits.

Finally, make sure you have adequate insurance coverage. Medical bills for an accident when you lack coverage can be a serious blow to your family’s budget. Also, be sure you have enough disability and life insurance to cover your income in case you become disabled or die before your children reach adulthood.

We are so exicted to one of the sponsors for the upcoming Mom 2.0 Summit in Houston. In honor of the event, this week’s Blogging For Change posts will be by moms and for moms (& dads too)!

Ever wonder how your income taxes (and incomes) compare to that ritzy looking area down the road? This Web site allows visitors to search incomes and income taxes by zip code (granted the statistics are from 2006, but it could still be interesting!)

And while it’s been a tough year for many homeowners, some areas are actually seeing strong appreciation. Check out Forbes’ list of the most expensive ZIP codes in the US (90210 is #10).

“What’s your sign?” is not a question you typically expect to hear from your accountant. Yet according to a 2007 survey by Money Management International (MMI), tax time can be very different for consumers born under different sun signs. For example, the survey found that Libras expecting a refund planned to receive a lot more than people born under the sign Aries. So, if you are like the 70 million Americans who start the day off by reading their horoscope, you may want to look to the stars for insight on what’s in store for your financial future—particularly as tax day approaches. Sign-specific findings included:

Aries (March 21-April 20) Those born under this Fire sign expect the smallest refunds ($1,400). They plan to save (46%) or pay debts (32%).

Taurus (April 21-May 21) Taurus is an Earth sign, associated with practicality. Those born under this sign are the least likely to expect a refund. Of consumers who expect to receive a refund, only 6% were born under this sign.

Gemini (May 22-June 21) Generally known to be logical, Gemini are the most likely to over-withhold on purpose.

Cancer (June 22-July 23) Protective Cancers are not likely to splurge with their refunds. Of those consumers who plan to splurge, less than 1% were born under this Water sign.

Leo (July 24-August 23) Generous Leos are more likely than those born under most other signs to spend their refunds. Of those who plan to splurge, nearly 20% are Leos.

Virgo (August 24-September 23) Practical Virgos are still deciding how to spend their expected tax refunds. In fact, more Virgos than those born under any other sign were “undecided” about what to do with their refunds (14%).

Libra (September 24-October 23) Known for balance, Libras surprisingly expect the largest refunds (an average of $2,200).

Scorpio (October 24-November 22) Scorpios are characterized as being passionate. Of those who plan to splurge with their tax refund, one out of four is a Scorpio.

Sagittarius (November 23-December 21) Sagittarians are known for being optimistic and are not likely to save their refunds. In fact, of those who plan to save, only 5% were born under this sign.

Capricorn (December 22-January 20) Earth signs, like Capricorn, are associated with practicality. Appropriately, Capricorns are not likely to splurge with their refunds. In fact, of those who plan to splurge, less than 1% are Capricorns.

Aquarius (January 21-February 19) Aquarius is an Air sign, associated with thought and perspective. Fifty-eight percent of surveyed Aquarians expecting a refund plan to use it to pay down debts.

Pisces (February 20-March 20) Idealistic Pisces are the least likely to save. In fact, of all those who plan to save, less than 5% are Pisces.

Regardless of your astrological sign, it’s important to have a personal finance strategy that works for your individual needs. Speaking of signs, don’t forget to sign your tax return—forgetting to sign is on the IRS’s list of most common mistakes.