Savvy Library

Financial Struggles of a Single Mom: A Few Ways to Make It Work Better

It is never easy to be single again, after being in a marriage or a long term relationship, but things become so much tougher mentally, physically and financially when you have to raise children as a single mother. If you can relate to all that, the following might help you cope with your financial struggles just a little bit better.

Consider Alternate Sources of Income

It is never a bad idea to consider an alternate source of income if you can, but when you are trying to raise children all on your own, this becomes more of a necessity.

In order to find that alternate source of income, it is important to list your skills first. Are you good at writing? Can you teach children how to draw? Is there an instrument you can play? Ask yourself questions like that and figure out what your sellable or marketable skills are.

If you can draw, sing, play an instrument, or even know a different language, why not give tuition classes after work? Some websites even offer the opportunity for teachers to work online with their students, so take advantage of that. If you are really good at it, it is even possible for your side-income to become your primary source of income.

Take Short Term Loans If You Must

Getting into debt is not advised of course, but sometimes, when the bills begin to pile up and you have no funds to even get started on the right path, short term loans can be the solution for a lot of single moms. The small but significant amount helps you solve your immediate problems and they do not drag out for years, but just a few months at most. You can take out a small loan with your bank but that may take a few weeks to process so you might be better of applying for instant loans so that the loan is paid to you within the week if accepted.

Compare your options at a site like Cash Lady before just going with the first company which offers you one, in spite of your poor credit score. Short terms loans usually last between 3 to 12 months, so most creditors are willing to give them out to people who need money, but at very high interest rates. While the high interest rates are unavoidable, it only makes sense if you at least compare your options online to find a creditor who will offer you a comparatively reasonable rate of interest. Some of them might even be willing to extend the payback period by as much as two-years. You could also try looking at Credit Cards for No Credit. Not only will this be a more affordable option, but it will also help your credit score slowly increase. It won’t have an instant impact but it’s certainly a step in the right direction.

See If You Can’t Shift to a More Affordable Lifestyle

The articles on the internet which advise moms to save money, curb their lifestyles and shopping habits, etc., probably have little idea about the practical problems of being a single mum with financial problems! If you were leading a luxurious life, you wouldn’t exactly be reading those articles in the first place, now would you?

Nevertheless, it is always a good idea to take a look at your lifestyle as a whole and see if there isn’t anything you can do to shave off some of those costs. Shopping online or in a cheaper supermarket, shifting to a more affordable apartment, and making a tighter budget for every week are good places to get started on that.

Money can’t solve every problem, but without it, every one of the problems do tend to get worse unfortunately. If you are struggling right now, the hope is that some of these tips will be able to help you through it, until the better days on the horizon finally arrive.

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