Today many women are struggling with debt and it's even harder if you are a single mother trying to support your family. According to the Census Bureau single mothers far outweigh single fathers. In 2003 there was a total of 2,260,000 one parent family groups maintained by the father and 10,142,000 one parent family groups maintained by the mother. This is also why many single mothers find themselves diving into debt.
So if you are one of those single mothers struggling to get by, you are not alone. Whether you are going through a divorce or the father is absent most single mothers face the burden of supporting themselves and their children all on one income.
Did you know that only fifteen percent of women going through a divorce are awarded any form of court-ordered spousal support? Unfortunately, thirty-four percent of those women never receive what is due to them. Less than half of the women who claim child support ever receive the full amount. As well, within the first year of divorce a women's average standard of living falls forty-five percent while a man's will grow fifteen percent.
So as a single mother it is important to steer clear of debt, which is where SingleMotherResources gives you a variety of things you can do to prevent yourself from further debt. Budgeting is a key factor in helping so many people get out of debt and stay out of debt. The core of budgeting is for you as a single mother to see your monthly spending needs and habits.
The purpose of a budget allows you to track your personal cash flow. Your personal cash flow is how much money comes in and how much goes out. Adding up your monthly income is easy, but totaling up all your expenses takes a little bit of work. First, you'll want to collect all your bills, your credit card statements, your checkbook register and all receipts including anything you buy with cash.
If you haven't been keeping good records, you may have to get a receipt of every dollar you spend for a month before you put together an accurate budget. Track you expenses by making entries in a notebook or learn how to in Microsoft Excel.
Now divide your spending into fixed costs and variable costs. Your fixed costs will include such things as mortgage payments, rent or loan payments. Your variable costs will include such things as clothing, food and entertainment. Now that you know how to budget, you need to learn how to stick to one.
Once you are managing your spending, you can easily decide which costs as a single mother you can cut and which you cannot. In most cases as soon as you see how much you are spending on your morning latte and breakfast item, you will be motivated to cut back. Stay motivated by setting goals.
Single Mother Resources is a great guide to get single mothers back on their feet and enjoying life. Before you know it, you'll be debt free and be able to spend more time with your children opposed to dealing with the harassing phone calls from creditors and collection agencies!
Kathryn Spencer specializes in single mother financial aid issues and has long authored educational and support pieces for women and single mothers. Kathryn is a contributing author and editor to a variety of international and domestic web sites, and free newsletters. Kathryn lives in the southeastern United States with her two children Dylan and Kalie.
Women have a love/hate relationship with money. Most of us... Read More
I have been a loyal user of Quicken(R) for more... Read More
Are you having problems with debt? Are you afraid to... Read More
Doesn't it seem like the only impressive numbers we've seen... Read More
We all know that money doesn't grow on trees, but... Read More
What is finance and what do you need to know?... Read More
The cries are heard from the distance, "I need help... Read More
Future financial success is not a guarantee that any one... Read More
There is a new bill that is being passes, it... Read More
Are your financial muscles well toned and healthy or flabby... Read More
One universal of humanity, no matter who you are or... Read More
When people speak about the increasing age expectancies, they generally... Read More
1. Don't focus on your finances.The reason most people get... Read More
You have probably accomplished a great deal with your life.... Read More
Ever wonder where address labels come from? Avery? is perhaps... Read More
1. If you have your haircut every 3 weeks, try... Read More
We have heard a lot about consumers' personal information getting... Read More
Millions of people give a lot of thought to financial... Read More
If you've been thinking about filing for bankruptcy, your best... Read More
Whatever your reason for having a tight budget, the truth... Read More
With almost two thirds of university entrants from England and... Read More
I'm still amazed every time someone comes to me complaining... Read More
You no longer look at the pictures of homes cause... Read More
Saving may seem easier if you were saving for a... Read More
Sorting out your personal finances can be a tricky and... Read More
With prices increasing all the time, saving money can be... Read More
It is widely written that you need 75% of your... Read More
Our global society has had a wake up call in... Read More
Australians, in general, constitute some of the worst savers in... Read More
The cries are heard from the distance, "I need help... Read More
Many people spend their little income haphazardly without any planning... Read More
Good money management needn't be difficult. In fact, there a... Read More
One universal of humanity, no matter who you are or... Read More
If you've been thinking about filing for bankruptcy, your best... Read More
Are you a check fanatic? Don't worry, you aren't alone.... Read More
For most of us the process of getting out of... Read More
Many people graduate from college owing thousands of dollars in... Read More
We have heard a lot about consumers' personal information getting... Read More
There is a new bill that is being passes, it... Read More
Chapter 7The potential chapter 7 debtor should understand that a... Read More
1. If you have your haircut every 3 weeks, try... Read More
Now there are ways to save money in the grocery... Read More
Frugal living is more than a lifestyle. It's a passion.... Read More
1. Don't focus on your finances.The reason most people get... Read More
Millions of people have a checking account and many people... Read More
It doesn't take much for you to get behind on... Read More
The gas that we fill our tanks with every week... Read More
1) HOW TO LOOK FOR A JOBA) The Chronological Curriculum:1.... Read More
Investing is a subject a lot of people don't want... Read More
Despite how easy it is to balance a checkbook, very... Read More
Personal Finance |