Becoming a parent is one of the most rewarding roles every person wishes for. This noble duty becomes more profound if you have lived to the expectations of being a responsible and competent single parent.
However, it doesn’t change the fact the being a parent can be stressful sometimes, let alone becoming a single parent. As the head of the household, you have to make sure that you meet your family’s demands. Hence, it becomes normal but a problem at the same time when a single parent struggles to manage debt or handle finances in general.
Credit Karma conducted a survey which involves 1,000 American single parents as respondents found that 67% of respondents had gone into debt to prioritize buying their children’s basic needs and wants. As a result, single-parent status has become a mushroom dilemma in America.
So, here are a few things you can do to manage your debts as a workaholic single parent in the best way possible.
It is an excellent start to list down all your debts and possible expenses. You may list your creditors, the total amount of your debts, your credit’s monthly payment, and its due date. In fact, this simple organizing technique allows you to recall your debts.
Further, always check from time to time your list. Of course, never turn a blind eye on your monthly bills. It is essential to know “who you owe” and “how much do you” so you won’t miss any payments as much as it helps you develop self-awareness in strategizing your payment.
Have you been in your worst debt nightmare? Forgetting your monthly bills is already on its due date, and you start to worry about it? However, you are in control of your budget and finances, even if debts and bills are piling up.
Creating a monthly bills payment calendar walks you through which payment should be paid first and when your bills are going to due. You may start gathering all your monthly bills, write down what each bill is for, the amount you owed, and their due dates. Then, look for a place where you can see and easily access the calendar whenever you want to check it weekly.
After listing down all your debts and expenses and creating a calendar for the monthly payments, your next task is to pay off your debts.
Remember, a person who has a debt must pay his or her debt – regardless if you’re a single parent or not. Paying late will make it even harder for you to pay your debt since you’ll have to make up by paying late payment fees for every payment you miss.
If you miss paying for your monthly payment this month, don’t wait until the next due date is about to come. You need to pay as soon as possible.
Seek Help If You Struggle to Make payments
Seeking help is one of the neglected options that we can consider in spite of the need to pay the monthly bills.
You may seek help from various creditors to provide you with the best options. In fact, some creditors are already available online to give you easy access if you want to apply for personal loans. Take creditninja.com, for example. They offer great loans with flexible terms and fixed monthly payments with no collateral required.
Are you learning your lesson? If you think you have already paid your debts, then make a plan to never engage in excessive debts again.
Always create a big picture of your finances. Living to what matches your earning as a single parent is wise enough to avoid debts. However, always be prepared for some unwanted circumstances, such as an emergency. Plan to have an emergency fund that may suffice your emergency needs for 2 to 3 months so you won’t have to resort to borrowing.
Nothing beats than setting your financial goals in the future after paying your debts and monthly bills. You have to move forward by setting strategic plans for your kids. You may consider cutting some expensive lifestyles and shifting into low-cost alternatives. It allows you to avoid further incur debts.
Being a single parent handling both the responsibilities of mother and father is twice more difficult than just being a parent alone. There are demands and debts you cannot ignore. However, with the systematic planning in dealing with finances, debts won’t become a problem at hand.
It is vital to have a clear mindset as to how you are going to pay your debts. Thus, as a single parent, you have to be strategic in effectively managing your debts and payments so that it won’t compromise your children’s future.