margolynndill @ gmail. com
Books and Writing by Margo L. Dill (aka Margo Lynn)
Maintaining financial health is hard work at the best of times, but it can be especially difficult when you’re a single parent. After all, those life commitments could stop you from landing the dream job while the costs of bringing up children continue to rise each year. In truth, it doesn’t make things easier when you fall into the common traps.
A better understanding of the full picture gives you a far better chance of keeping your head afloat. Here are some of the commonly perceived problems, along with the best ways to overcome.
Myth 1: It’s You vs the World
Splitting up from a partner is emotionally difficult, and it’s only natural to concentrate on yourself and the kids. This is perfectly normal from an emotional standpoint. Regarding the financial outlook, though, help is at hand. Whether it’s support for medical bills, grocery shopping, or anything else, you are entitled to this assistance and should not feel any guilt in taking it. This is one of the reasons you paid those taxes throughout your working life.
In addition to the help provided from the state and discounts from businesses, you deserve support from your ex. Even if you ended the relationship acrimoniously, the children remain a joint responsibility. If you can’t work this out between you, legal advisors are there to help. In the meantime, nonprofit credit counselors can assist with other decisions.
Myth 2: Poor Credit = No Hope
When you become a single parent, it is very easy to fall behind on bills. Sadly, it only takes a short amount of time for your credit rating to be badly hit. While you should make the necessary moves to start repairing that broken score, it will take some time to get back to where you once were. However, that doesn’t have to stop you from gaining temporary relief. Let’s face it: the immediate future is where most of those problems lie anyway.
Adjusting to life as a single parent can take a few months. Small pay day loans can help you get through those difficulties even when your credit score is poor. It may be that you can survive without that support. Nonetheless, knowing that the safety net is there can make a world of difference to your frame of mind. During this time, peace of mind is probably the most important weapon at your disposal.
Myth 3: Luxuries are Off Limits
As a single parent facing financial fears, getting your priorities in order is essential. Repaying debts and keeping the household afloat should be job one. However, it’s equally important to remember that life is for living, too. You and your children deserve happiness, which is why it’s vital that you avoid overlooking the need for treats.
With a little creative thinking, it’s still possible to take a winning vacation when funds are a little tight. Otherwise, camping trips and cheap days out, including walks and picnics, can be equally fun. First and foremost, it’s a key aspect of giving your children the upbringing that they deserve. In reality, that special time together is what will get you through the tough emotional patches also. You are doing a great job, and those magical moments are your just rewards. Do not forget it.
Myth 4: Working Is Pointless
Being a single parent does throw a spanner into the works regarding your career. Time constraints mean that you’ll either need to work part-time hours or hire a babysitter. Meanwhile, working may sometimes force you to sacrifice certain entitlements. In turn, this can leave you feeling that working long hours for minimal financial gain offers very little benefit. It’s not all about finance, though, and the emotional rewards and setting an example for the kids should not be ignored.
Depending on your location, it may be possible to find alternative employment that doesn’t impact entitlements. This means that you’ll see the full financial rewards of hard work. Otherwise, you could look at the prospect of starting a home-based company. There are thousands of inspirational single parents out there who have done the same. Whatever you do, losing that ambition altogether is never the solution.
Myth 5: Small Savings Are Futile
If money is tight, regardless of your relationship status, you often enter panic mode. Therefore, you’ll almost certainly try to find the big changes that could generate huge financial influences. While these elements are vital, you must also acknowledge that the small switches often make the greatest impact. This is especially true when it comes to spending.
Trade your contract cell phone for a Pay-As-Yo-Go deal. Remove your expensive TV package and buy a Netflix subscription instead. Run a price comparison on electricity bills or home insurance quotes. Those simple tricks may not feel hugely significant on their own. Cumulatively, though, they can completely transform your financial health. Better still, those saving habits will follow you for the rest of your life.
Myth 6: The House Is Everything
Keeping hold of assets clearly has advantages, and possessions don’t come more valuable than the home. However, it’s only a property, and downsizing isn’t the end of the world by any means. Paying extraordinary running costs when you could be just as happy in a smaller space is very foolish. Besides, starting a new chapter can often be emotionally attractive for newly single parents.
The newer, smaller property might not boast the same financial value. But the capital this move frees up could make all the difference as you aim to keep the kids fed, clothed, and happy. There’s nothing wrong with staying in the old marital home if you can afford to. Ultimately, though, suffering for the sake of a few bricks is not the answer. There are far more important things in life, and seeing your children smile is one of them.
Source for calculator Image: above.Tags: divorce, emotional health, finance, single parent