Talking about debt may not be a very fun or popular topic but how we manage our finances can be an extremely big deal for the average single parent. It can be such a tough catch-22 since we need to support our kids and take care of our lives and we also want to keep financial sound on a solid level—this means providing for our kids without going into debt.
Now, I want to admit to you that I am NOT completely debt free—I still have several thousand dollars worth of student loans that I will probably be paying on until I die. Still, I considered those an investment and I have absolutely no regrets about going back to school as a single parent. I simply make my payment every month and try not to think much about it. I also do not think that a mortgage truly counts as debt as that too is an investment.
High interest debt like credit cards, loans, car payments, etc. can be killer for a single parent, however, and the more we can eliminate those things the better. I learned early on in my single parent adventure that even if it mess having less, the more I could cut back on the debt, the more flexible and secure I would actually be. The important thing, however, when working on eliminating that debt is to keep things in perspective. We still need to clothe and feed our children and it is hard on our kids in the long and short term if we work all the time and spend NO time with them—just to pay off or pay down debt. Yes, you want to be financial healthy, but we need our children to be healthy and well-adjusted too. Take it one step at a time and be diligent. You do not have to suffer and go hungry just to pay off debt—BUT I do think that we have more strength as single parents if we can get out of debt and stay out!