Most people worry how they would financially cope if they were to split from their parents and embark on life as a single parent. Thankfully, it isn’t quite as difficult as you might imagine it to be. In fact, if you follow these useful tips, you will see that you won’t have to struggle too much with your single income.
If your partner moves out, you will be left in the family home. I’m assuming that you will get joint custody of the kids, and that means that on some days of the week you will be home alone. So, do you really need such a large house anymore? Instead of staying in a big home, it’s a much better idea to downsize. That way, you can release all of the money that is locked up in your property and move it into your savings. If you are adamant that you don’t want to sell up, you could use this website for a single mom looking for roommates to find a lodger. That way, you can make some extra cash out of your spare rooms.
Apply For Tax Credits
When you have kids, you will be eligible for some financial benefits. As soon as you split from your partner and become a single parent, these will increase. You may even be able to apply for some extra benefits now that you are living off one income. One of the most important child benefits available is tax credits. If you search online, you will find plenty of information about these and how to apply for them.
Automate Your Savings
Most people find it hard to save up when they become a single parent. That is because they become so focused on the welfare of their children and trying to stretch their reduced budget. As well as this, it is super easy to forget to move some of your spare cash into a savings account. So, one way to make sure you never forget to save again is to automate your savings. All you need to do is set up a direct debit from your regular bank account to your savings account. The money will be transferred every month without you having to think about it! You will be able to stop this direct debit whenever you need to.
Seek Financial Help
You will certainly find that being a single mother is difficult to adjust to, especially when it comes to your new financial arrangement. But don’t worry; you don’t need to struggle on your own. It’s recommended that you find a financial advisor or an accountant who can help you plan your finances and help you come up with a savings account. If you can’t afford to hire these kinds of services but find that you hit a very difficult period, there are some charities that aim to give help and advice to people with money troubles. Don’t be ashamed to get their help if you need it.
Hopefully, these points will help you in the new chapter of your life!