Due to several reasons, you may have seen that how a family breaks up and the parents walk on their different path with either of them looking after for the kids. As per the public records, it has been indicated that the number of single parents is now increasing gradually with the time who are also fighting with their debt problems. In the urban areas, the single parent wants to establish a high standard of living either for the society sake or out of their interest.
A lot of single parents are either doing extra shifts at their current job or enrolling themselves in another part-time job. More than 65,000 of the single-parent population is dealing with debts incurred by them for supporting their family and needs. Around 11 percent of the single parents are looking for financial aid that can help them in dealing with their debt problems.
Due to lack of cash flow, many single parents are unable to make full payment for their household bills which is also getting add up in the list of their debts. In order to make a constant debt payment, they find it hard to keep up with the debt payments, so they start cutting the unnecessary slacks of expense in order to get full support of their income. Credit cards bills and hospital bills are mainly the kinds of debt that most single parents are juggling up. It’s now the time; you have to start mending your habits of spending more on unnecessary items.
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Keep Maintaining The Records Of Your Bills
You have to start tallying up your bills before it’s late and you might forget to make payment. You have to start keeping the records of your household bills as well as checking on the others which could be needed to stop if not necessary. Once you start mending your bills and expense, you will able to save a penny that can be helpful in paying the debts.
Start Preparing The Budget
It is considered to be the good practice to follow the budget for all your expense, bills, etc. A budget helps in determining the amount to be spent on necessary items only. People who work as per their budgets spend their money wisely, don’t face trouble while it comes to make payment for debt and they can even be able to save some amount for their savings. If you haven’t made a budget ever before, then you can either take help from your friend or family. There are various templates for budget online as well.
Looking for An Appropriate Way of Making Debt Payments
There can be several reasons for incurring debt. A single parent often incurs debt due to their child support or for supporting their household expenditure. You have started looking for ways that can help you in getting rid of all your debts as soon as possible. You can try by making the consolidated list of all your debts. Then, try analyzing the amounts of each debt and sort them in the order of highest and lowest amount. You have to take the decision of which debt, you want to eliminate first.
You can either pay all your debts with the higher amounts or make a minimum amount of payments for the lower amount of debts. You can try applying for loan consolidation method that can help you in getting free of all your multiple debts.
Planning An Emergency Backup Plan
Often people feel safe and stay tension-free when people have an emergency backup plan. Life is very unpredictable, and you never know when you have an emergency in your life like getting diagnosed with a serious illness, accident, etc. For more information on various debt relief program. Many single parents are the only ones who are supporting their family and often their income is not good enough to support their family needs. In case of an emergency, if you have your backup plan or emergency funds, you will be able to deal with the situation easily.
Evaluation of Debt Records With Daily Expense and Income
Single parents often find difficult to cope up with the debt situation and maintaining the household expense, all from their income. It is a challenging task for the people belonging to the small income group; they have to take care of the family needs and paying for the debt. You have to assess your income as per your debt and expense and try to keep a check of how you will cover. If the income is less, then you have to try looking for another job which can be able to support the financial crisis. In the first job, you can save money for debt and in a second income; you can try maintaining the household expenditure. It is important to have a mapping of your income with all your expense and debts.
Say a Big No to Credit Card
Now that you have taken the decision to curb your debts and other expenses, you have to completely get rid of your credit card as most of the debts occur because of using this card. Most people think that they will pay for their expense from their credit card and then unable to make the payment on time. The interest incurred by the credit card company on the payments is very high, and most people are unable to cope up with it. You have to avoid using a credit card in any situation.
Single parents are often not able to maintain the high standard of living as living in urban towns is costly enough. You have to either look for some rent-controlled apartments if you don’t own a house or you can try having a roommate so that you can have some help in paying the debt. If you take control of all your credit cards, you can see the difference in the list of your debts. Most of the debts are because of credit cards.