Although a difficult task being a single parent, by understanding possible problem areas, you can be better prepared. Unfortunately, we have far too many single parents that struggle every day with responsibilities and worst yet, financial obligation. To help you overcome some of the common financial woes pertaining to single parenting, I wanted to address them and provide some tips on how to be more successful.
For starters, it is very easy for any parent, especially single parents to depend on credit cards. After all, living on a lower income and trying to make ends meet is challenging. However, I recommend you keep just one to two credit cards, working hard to pay all others off. Then, as you begin to lower the balance on the ones you keep, put them away, using them only for absolute necessities. Many times, good budgeting will help you stretch the almighty dollar without having to depend on credit cards.
Another common denominator seen among single parents is feeling overwhelmed, perhaps even blue. We all know that a good shopping trip can make you feel incredibly powerful and good, although only short-lived. Therefore, when you begin to feel this way, kind of deflated and defeated, take a walk, hit the gym, or start a good book, staying away from the stores where money would be spent that you might not have.
If you were to ask single parents about child support, you would quickly determine that as much as 50% of all people are never paid. This means you would be trying to raise a child or several children on just one income. This alone is enough to cause depression and stress. If you find yourself in this situation, just remember that there is government offices designed to help. Therefore, you do not have to suffer alone but allow the services in place to provide assistance.
Finally, while it might be somewhat of a challenge, you need to expect that various unexpected financial obligations will arise. Try to set a little bit of money aside each month, even if it is a small amount. Additionally, remember that you are not alone being a single parent. It can be exhausting and frustrating but by using services, you will fair well. The bottom line is that there is no time to push help aside when being a single parent. Even if you need to use food stamps or public housing, remind yourself this is only temporary and that you will get back on your feet.