Being a single parent is hard in all aspects. Especially in terms of finances, as you’re no longer a part of a dual-income household. In such scenarios, strategies can feel overwhelming at times, but once you develop some good habits, being smart with your money will become your second nature. We’ve got you covered with some top tips to save yourself from being broke!
Changing the Living Pattern to Start Saving More
We all spend on things we want but don’t really need, just because we can afford them. But being a single parent means more responsibility and a dire need for saving more. And that calls for living below your means, with money being left over instead of overspent. Assessing purchase decisions will change your mundane living pattern. As a result, even a small amount of extra savings per month will start to add up over time and, hence, will save you from being broke.
Clearing Debts and Fixing Credit
Research shows that a large section of Americans today struggle to come up with even $400 in an emergency. This isn’t because they’re all broke, but because the majority of them live in debt. So, starting to pay off your debts should be one of your priorities as a single parent. To fix your credit, it’s always better to use free credit check websites, as they can help you in bargaining and working something out to pay off your collectors.
Knowing Your Worth and Finding a Side Hustle
We all want a job that’s fulfilling and happy. But as a single parent, when you want to save yourself from being broke, you need to take whatever job you can get. You also need to overcome the fear of asking for a raise, when it makes sense to do so. But if your efforts fall short there, a side hustle can be your savior. Even with a full-time job, working an extra few hours freelancing can bring in those much-needed extra dollars, each month.
Learn to Keep Your Cool
Last but not the least, patience is key. You can’t fix your financial life instantly. So, instead of giving up in frustration, being patient is highly necessary here to understand and accept the reality of time and process. Another psychological battle you may have to grapple with as a single parent is stress. Study shows that stress can cause people to make bad financial decisions. So applying a few de-stressing techniques, like meditation, can work wonders here.