Money can be the biggest tension if your relationships end in divorce or sudden death of the partner. Single parent accounts more than one-third in developed countries like USA, that depends on low income, which is revealed by a survey. So, dealing with your personal money can be crucial to avoid debts. The feelings involved in losing a partner or breakdown of a relationship is extremely intense. Though it is hard to digest such instants, it is very important to recover from those circumstances as early as possible to ensure that your financial condition doesn’t get worse.
It may be difficult to sort out financial problems on your own. During this time, taking help from friends or relatives can make a big difference. There is a lot of information and advice available from many voluntary organisations, but for the initiation from your end to search and ask for help when you require.
Tips to manage money for single mothers:
Claim your tax benefits and credits:
Many governments offer tax benefits for single parents; you can claim your tax benefits and credits, but before claiming check how much you can claim. And let them know the changed circumstances. It is worth doing, so grab such compensations.
If your partner and you are not staying together anymore, you can also apply for different child maintenance benefit schemes.
If you are the main income source of your family, you can also get in touch with some local bodies like citizen’s bureau, where you can claim for health costs and housing benefits.
If you are a single parent, meet local councilors for tax exemptions or reductions, they may guide you and tell if you are eligible for housing loans and benefits. You can apply for pensions if eligible.
If you’re unable to meet your family needs and are in urgent need of financial help, you can also take short-term loans like Payday loans.
Mortgage or rent your Property:
Owning a property with your previous partner may be a headache and also things may get complicated. Ask for legal rights as quickly as possible in such conditions through which you can take help from legal representatives.
If having dues to pay off towards your mortgage, don’t fear; ask help for mortgage provider as and when you have trouble in paying monthly instalments.
There are many government mortgage that set free schemes like repossession for such people who cannot pay off their debts.
Monthly Budget Plans: It may sound simple but it is a much neglected step, and it is not as simple as it seems because implementing a budget plan may require you to be stubborn, genuine and honest towards your finances. List all your income sources, outgoings and make a priority list for all your paying’s and savings. You can also use various online tools for calculating your monthly budget. Try savings on your extras, outside lunches, internet, television etc. If you haven’t started this yet, it is time for you to take up the job to meet with your financial needs.
Child maintenance: Child maintenance is an important task for a single mother and sometimes it may be difficult to ensure that all your child’s needs are met. Many single parents arrange for meeting financial needs of their children, themselves by working or taking help through organizations like child support agency.