The need for money management is universal. Each and every individual needs some funds or monetary resources to live and lead life. If money is not present, then thousands of problems are bound to rise. A family is a social unit where are parents earn money by working and use it for the welfare of the family. If the family is to be nurtured properly then, sufficient income sources have to be present. The tasks of a single parent are doubly difficult because here the financial resources come from a single person and the number of dependents varies. There is no other earning member in a single parent household. Hence it is very difficult for single parents to keep track of the finances and track problems effectively.
The major areas that require the steady use of money in a single parent family
It is already understood that a single parent has to take care of all the kids on his/her own income. If the source of income is steady, then there might be some relief, but if the income source is not fixed, then problems are bound to develop in the household. All individuals are acquainted with multiple expenses which have to be made in a lifetime, but for a single parent, the expense accounts become magnified due to the presence of less monetary resources. The major areas where expenditure is necessary for a single parent to include the following places:
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The education of the children
The children need to be educated, and for that purpose, they need to be sent to reputable educational institutes so that they can settle their life later. Without education, they won’t be able to make a mark in their lives. For each parent, it is a cherished dream that their children will become a self-made person in future and so all parents try to provide their kids with a good education. However, for a single parent, the prospect of educating his/her children might get thwarted due to the absence of funds. If finances do not permit then making the children well educated from good schools won’t be possible. Hence it is one of the prime areas where money is needed in sufficient amount for a single parent.
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Medical expenses and doctors’ bills
When small kids are present in a household, then they frequently have to be taken to the doctor for a routine examination. Children often become ill and need medicines to get well. Hence there is a medical expense which has to be kept into account so that sudden medical emergencies can be treated. In case of kids, a parent always needs to take extra precaution so that the child doesn’t fall ill and if the child needs medicines on a routine basis due to some inherent or inborn disease then that aspect also falls under the category of expenses.
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Keeping the children in a secure environment
Raising a child is a huge responsibility, and it is imperative that the child is provided with a safe neighborhood so that he/she can grow properly without getting affected by negative influences. The childhood of every kid should be safe and happy and in order to ensure that the parent needs to reside in a safe and good neighborhood and hence the issue of acquiring a residence in a suitable location becomes an important point. The well-known sites of residence are costly, so the factor of money surfaces prominently in this regard too.
The yoke of unpaid loans and the process of repaying those suitably
For a single parent credit card, swipes can often happen if the source of income is not fixed. It is also a fact that assuming the role of single parenthood is a difficult phase for any grownup individual. A lot of negotiation and sacrifice has to be made for keeping the balance of the family intact. Hence the financial situation can spiral out of control which might lead to the accumulation of outstanding dues. The due is a number of default payments in case of a loan or multiple loans. The debt which is created from the nonpayment is also a huge pressure which has to be dealt by the single parent but due to the presence of many aiding services like Nationaldebtreliefprograms.com one can find the solution of problems related to debts by financial advisor and can work out the financial issues appropriately.
The help provided by such companies are briefly described below:
- Looking through the total amount of debts of a particular person: The client who approaches a debt relief company for some aid will be allowed to communicate with expert professionals who will sum up the debt condition of the individual. All individuals including single parents do not face the same amount of debts, and this is a very important factor while determining the suitability of the debtor for a program. The programs are solely designed for people who are facing an enormous amount of debt. Hence the client’s debts will be examined and if required suitable service options will be given to the client by investment expert.
- Settlement or consolidation service for suitable applicants: The main services of a debt relief company are to offer either settlement or consolidation. The number of debts should be several if consolidation is to be chosen because consolidation means that the client will be able to combine the debts into a single account. This will help in making payments timely. The settlement option is however very different from consolidation because it lowers the debt amount of the application through negotiation with the lenders of the client. The experts of the company will provide the aid of negotiating with the lenders so the client doesn’t need to worry about negotiations and will only pay when settlements are made.
Thus, there are options available in the financial field which will help a single parent to come out of debts, but while choosing any debt relief company, it is vital to check whether the company is genuine or scam.
Author Bio:
Cindy Hawthorne is a business credit counsellor with experience in debt management and debt consolidation. As a business writer, she analyzes loans and credit management. Learn more on her debt consolidation loans made easy blog.
