evident, single mothers have a much harder time financially because their child
or children consume all their pay check. And only having one source of income,
their job, creates stress and anxiety. In addition, single mothers when they
have to miss work to take care of their child and they would be losing hours of
work because of it.
know when you might need to rely on credit to get you through a tough financial
time. If you don’t pay your bills on time consistently, or monitor your credit
score, you might not have access to credit when you need it the most. Getting
new credit is even harder for many single parents because there is no spouse to
contribute income or a higher credit score. Use a software program or a
calendar to help you remember due dates for bills. Some of your creditors might
allow you to schedule automatic payments to draft each month from your bank
account on your payment due date. Check your credit report at least once a year
to make sure it’s accurate. All consumers are entitled to one free credit
report, per bureau, per year.
To create an
emergency fund, you must consistently contribute money to it. This can be
difficult if your finances are limited as a single parent. Set a goal to
contribute a set amount of each one of your paychecks — no matter how small —
to an emergency fund. Ideally, you should save six to nine months worth of
living expenses. It’s true that building an emergency fund could take years.
However, you can bank funds from your tax return, monetary gifts from friends
and family and work bonuses to bring up the balance of the fund more quickly.
What you save in a few months or a year could save you from a financial
downfall in the future.
parents run into problems if they don’t keep a firm handle on their spending.
It’s easy to overspend if you don’t keep track of where your money goes. Spend
a couple of months adding gathering receipts and adding up your expenses so you
can get a good idea of where your money goes. Next, subtract your monthly
expenses from your monthly income. Because you are the sole breadwinner, you
can’t depend on any additional income. So, if you spend more than you take in,
you have a big problem. The trick is to figure out where you can cut costs.
Divide your expenses into essentials such as food, housing, electricity and
transportation, and non-essentials like eating out. Look at the essential expenses
and decide if there’s any way you can save money, such as switching to a
cheaper phone service provider or using coupons to save on groceries.
Meanwhile, look at non-essentials that can be drastically reduced or eliminated
Money gives many parents now days a
very difficult time, but the once who are having the most difficult time are
the single mothers. The wage gap in America based on gender has created more
poverty and a larger lower class. Approximately 60 percent of the children who
are living at a mother only homes are impoverished, in comparison with 11
percent of a two-parent home. Ninety percent of single parent homes are headed
by females. The homes with a mother only family are at more risk of falling in
the poverty line in America due to the lower earning capacity. The lack of
income has been identified by experts as the most important factor of single
parents falling in poverty. Income loss affects the well-being of children
indirectly through a series of negative impacts on family relations and
parenting. This leads to single parents experiencing a variety of stressors
related to poverty. By reducing the wage gap and enhance the programs available
to help those single parents in need can reduce the poverty rate and give the
child a better future.