There are so many financial problems that face people everyday, but for the single parent there are even more concerns. In The Financial Guide for Single Parents Workbook, Larry Burkett encourages single parents to be aware of the financial traps to look out for and how to avoid them. Here are a few to be aware of, but I strongly encourage you to get the book and read it.
Credit Card Debt
Understandably, credit cards might seem like they can fill in the gaps of a one parent household, however you need to stay clear of them as much as possible.
Unexpected Expenses
Everyone has them, but in a one parent household, it can be devastating. Put aside money from each paycheck to set up an emergency fund. Even if it’s only $15-$25 it will help when the checking account is drained and there’s a trip to the doctor, car repairs or something else. Just don’t use your credit cards unless you absolutely have to.
Shopping
When people are depressed, some like to go shopping as a way to cheer themselves up. This is not a good practice, even if you are getting a bargain. Unless you need the items, don’t spend!
Lack of Child Support
Unfortunately, nearly 50% of child support is never paid. Many don’t do anything about it, but you need to! If you are not receiving your payments, it’s time to consult an attorney and see what your rights are. There are many free legal services available.
Trying to Live Beyond Your Means
Unfortunately, after a divorce, many single parents will need to adjust to a different lifestyle. A lower income amount might mean you need to consider moving or finding a roommate. Your spending habits might need to change or you might need to find a different job.
There are many other financial burdens a single parent can face. It’s important to be aware of what is coming in and going out of your bank account. I encourage you to read The Financial Guide for Single Parents Workbook . It will help your budget and finances in so many ways.