So, you’re a single mommy. As you may or may not know, there are millions of single parents in Britain. More than half of them live in poverty. Why? Because they haven’t been able to secure jobs ensuring a decent pay or flexibility. The circumstances are simply out of their control. Being a single mom is the most empowering thing that you’ve ever done, yet it’s also the hardest one. When you’re on your own, you have to do all of the parenting and deal with financial hardship. It’s necessary to make sacrifices in order to meet your kids’ basic needs. However, if others can parent solo, so can you.
There are many, many challenges when it comes to achieving financial peace. You have to make ends meet and it’s very easy to fall behind with your efforts to pay off debt, especially if you don’t have any kind of support from the father. How are you supposed to provide for you and your loved ones? If you’re experiencing money issues, that’s not good and it’s bad. You need to get back on your feet. The moment that you’ll get out of debt, you’ll be able to focus all your attention on earning and not bother yourself about whether or not you can make your next payment. Continue reading to find out how to get out of debt as a single mom.
Starting and Building and Emergency Fund
Usually, parents set aside money so as to cover any financial surprises that life throws their way. To be more precise, they have an emergency fund. The question now is: do you? If you’re truly worried about your debts, start and build an emergency fund. This will provide you the peace of mind that you desperately need and will help you establish a basis for financial security. Put away money in an emergency fund. When you have money set aside for unexpected events, it’s impossible to add to your debt. You’ve got enough money to cover your expenses. If you have to pay for emergency medical bills or your car breaks down, you can apply the savings. Basically, you don’t have to stress when the rainy days arrive.
Negotiating Better Credit Card Fees
At some point or the other, it will be mandatory to ask for debt help. Keeping up with debt payment and bills isn’t easy, you know. Anyway, there is something you can do to make sure that you won’t be drowning in debt: negotiate better credit card fees. You can’t simply give all the money that you have to the credit card company. It’s true that paying off credit card balances can be a little bit expensive, but it’s possible to make the situation more manageable. But how? You can start with underlining the temporary nature of your need. Some insurers are willing to change the terms for a certain amount of time. Make it clear that you’re a long-time cardholder and that you’re committed to paying off the debt, as well as improving your credit history. The last thing that you should be afraid of is negotiating. Surprising as it may seem, credit card companies are fairly happy about helping out customers and offer them lower rates.
Getting an IVA and Pay Back Some of Your Debt
As a single mom, it’s almost impossible to pay off debt. You have to carry for your family, not to mention take care of yourself. So, how do you get your accounts into the positive? Until you turn to expert debt help & advice, here’s an idea: get an IVA and pay back some of your debts. IVA is an acronym and it stands for individual voluntary arrangement. It is basically an agreement between you and the creditors to help you pay off the sum of money that you owe at an affordable rate. You’re a working parent, which means that you have a regular source of income. You can qualify for the IVA. As long as you can afford to make reasonable payments, an individual voluntary agreement is perfectly fine. The right solution is the one that you can afford over a long period of time. And that allows you to take full control of your finances. If you’re genuinely interested in this arrangement, get in touch with a debt advisor.
Sacrificing for Long Term Success
In spite of all the independence and empowerment, you struggle a lot as a single mother. You need to do all the work during the day and there’s no one there to pick up forgotten groceries. When trying to provide for your children, you can’t afford to buy new clothes or have couch potato tendencies. Put simply, you have to make sacrifices. Material possessions are not as valuable as you think they are. A certain amount of self-sacrifice is necessary in order to attain success. Is the rent too expensive? Think about moving out of that home and go live with your parents. You’ll be able to save money to start your own business and you’ll have someone to help you with the youngsters. Think about it. You have to make sacrifices and let go of the things that are holding you back.
Getting Hold of the Utility Bills
You can totally live without cable. Thanks to the Internet, TV shows and movies are more accessible than ever, not that you have time to run your eyes over them. You are too busy working and raising happy children. What you can’t live without is water, electricity, and gas. Chances are that these bills cost you a lot. If this is true, you need to do something about it. Like what? Understand the charges and do your best to lower the utility bills. There are multiple things that you can do. For instance, you can replace the light bulbs. LED bulbs are a lot cheaper as compared to what they used to cost. Another thing you can do is do your chores at night because utility companies charge less for what is being utilized during off-peak time. It doesn’t take much work, believe us.
