{"id":2220,"date":"2019-07-18T18:10:37","date_gmt":"2019-07-18T18:10:37","guid":{"rendered":"https:\/\/littleloans.co.za\/blog\/?p=2220"},"modified":"2019-07-18T18:10:37","modified_gmt":"2019-07-18T18:10:37","slug":"single-mother-financial-realities-respond","status":"publish","type":"post","link":"https:\/\/littleloans.co.za\/blog\/single-mother-financial-realities-respond\/","title":{"rendered":"Being a Single Mother: Financial Realities and How to Respond to Them"},"content":{"rendered":"

As a single mom, you don many hats. Taking care of the house, handling the job or the business, supporting the kid(s). All of that, almost without no support from someone else.<\/p>\n

There are very few personal financial crises that can be predicted. The sudden loss of a job could not have been foreseen. Not many people saw the economic crisis of 2008 coming, but millions of them were affected by it.<\/p>\n

Some money problems can, however, be seen coming from a mile away. Taking out loans and creating a huge debt load for yourself seldom ends well. Using credit cards as if they are a license to go on shopping sprees will only end in disaster.<\/p>\n

It\u2019s normal to have a few minor financial hiccups while you\u2019re a young adult. They are part of your learning curve as you enter the real world. Things change when you are a single mother, but there\u2019s also nothing to be ashamed of if you run into difficulties later on either. It\u2019s not about how you got into them that counts. What matters is how you get out of them.<\/p>\n

Behaviours to keep your finances looking healthy<\/h2>\n

Do not go into unnecessary debt<\/h3>\n

It\u2019s impossible to avoid debt totally, especially if you want to buy a house or a car. When it comes to other purchases, think twice before you apply for finance.<\/p>\n

Your parents and grandparents have probably told you that if you can\u2019t afford to pay cash, you need to save up until you can. This is very true. If you delay your gratification for a short while to save up for something, you\u2019re likely to appreciate it more.<\/p>\n

Live within your means<\/h3>\n

You should have a budget each month. Work out how much money you have to spend each month after you\u2019ve paid all your debts. Then list what you need to spend money on and how much you plan to spend. Stick to your budget unless there is a major emergency. Include some savings in your budget.<\/p>\n

The nature of financial difficulties<\/h3>\n

Your financial issues are not going to be the same as the next person. So, their solutions aren\u2019t necessarily going to work for you. While it\u2019s a good idea to get advice from people who\u2019ve been in similar circumstances, remember that your solution will be unique to your situation.<\/p>\n

Look at some of these scenarios and potential solutions:<\/p>\n

    \n
  1. You might be unemployed and needing to service debts while you\u2019re looking for a job. If you show that you\u2019re actively seeking work, you could qualify for a short-term emergency loan for the unemployed<\/a> from a financial institution.<\/li>\n
  2. If something has come up and you need money before your salary is paid, you can apply for a 3-month payday loan<\/a>. These loans can tide you over in an emergency.<\/li>\n
  3. You might have a lot of different debts like credit cards, store accounts, and other loans. You could apply to have all your debts consolidated. It involves taking out a loan, paying off all your other debts, and paying off that loan in monthly instalments. Paying off such a loan might cost you less in terms of interest than keeping your existing debt.<\/li>\n<\/ol>\n

    How to avoid getting into debt<\/a><\/h3>\n