11 September 2018

How to Manage Motherhood and Debt in Three Easy Steps

Motherhood, whether you are in it with a partner or by yourself, is far from easy. Raising a child takes a lot of time and effort and when you have to content with debt alongside parenthood, things can become too much, too fast. If you do find that you are in a position where you are in debt, you need to try and deal with the issue head on and better your financial situation now. Avoiding your repayments or trying to make it seem like everything is okay won’t help you. You need to deal with your problems directly so that you and your family can finally live happily and without financial worry.

Don’t Avoid Your Debt, Deal with It

The biggest mistake to make with debt is to ignore it and hope that it goes away. Not only is this a dangerous tactic to take when single, but it can also completely ruin your family if it goes on for too long. That is why you need to deal with your debt directly and visit this page https://www.crediful.com/how-to-get-out-of-debt-fast/ to help you get out of your debt as fast as possible and to even start working in rebuilding your credit. You cannot provide for your family when the largest and most pressing issue in your life is debt and eventually a collections agency knocking on your door. Don’t make them come to you and instead, work on solving your problems before they affect your family.

Work with Your Real Budget

Your real budget is not the amount written on your paycheck. It is the amount of disposable income you have after you pay your fixed costs. Rent, debt repayments and fixed utilities are all examples of this. Necessities like food or variable bills like electricity can be reduced. Fixed bills, cannot and therefore your budget does not include them. Pay them upfront and what you have left is what you can spend. Add on top of this any extra money you have coming in.

It is up to you to make this amount more than you need to provide for you and your family. If you find yourself shopping regularly to keep up with your families needs or wants, then, fortunately, you can make use of coupon codes or promotions which can often have an impact on your overall shopping bill. Frugality is key when making your purchasing decisions. There are many stores including Kmart and Kohls which offer many promotions every week.

Find Creative Ways to Save Money and Be a Great Mom

Make lunches for you and your kids in advance and get them to help with the process. This way you can ensure they always have delicious food and you never have to give them money to pay for food at the cafeteria. Making food at home instead of buying out or buying ready meals will significantly reduce costs. Put money away to do big activities once every three months and find budget-friendly alternatives to spend quality time together instead. There are various ways you can save money and be a great mom; you just need to be a bit more creative and remember to get your kids to help you.

Raising children is expensive, but it does not mean you cannot comfortably do it. Deal with your debts, better your budget and find new, creative ways to spend time together as a family.

Disclosure: This is a contributed post.

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