Single Mom StrugglesSep 22, 2014 Blog Personal Finance
Acquire a Short Term Loan
As a single parent you might not know where to start or have lost complete control of your budgeting tactics. In this case it might be wise to acquire a personal loan. It’s probably not the overall solution but this could help you, as a single mom to cover some of the basic costs such as school fees, insurance, rent and medical aid.
By making use of RainFin you can get a short term loan via peer-to-peer lending. Generally the interest rates are lower than what you would get from a bank. This is just another step into finding solutions for the modern day parenting struggles.
Invest in Others to Grow Your Money
Not only will investing in others add to your general well-being, but with a company such as RainFin it can lead to your money growing while you lend support to others. With such an arrangement both parties benefit – borrowers get a decreased interest rate and the lenders have the possibility to invest in a fixed-return asset class.
As a single mom you will know that any support in general, really goes a long way.
Practice Credit Card Control
The biggest trap those in financial turmoil can fall into is credit card debt. It’s a matter of dealing with a situation in a reactive manner instead of a proactive one. After your ex-partner missed most of his payments and your children wanting to engage in extra-curricular activities, it can become increasingly difficult to stick to a budget.
Having to deal with outstanding payments later on will further complicate the situation and leave you feeling hopeless. If you are already in debt a good option would be to see a debt counselor. They might be able to see a way out by viewing your situation from the outside.
“People usually avoid credit counseling because of unwarranted apprehensions, but in reality, it is the most effective debt management strategy”. – Single Mom Financial Help
RainFain wants to inspire a proactive approach in dealing with your finances. In a recent study they’ve derived that using RainFin as alternative to using your credit card for purchases can be more financially viable.
No matter how tough your situation might seem, as a single mom you will feel much more empowered when you take control of your financial situation. Consider all your options when it comes to peer-to-peer lending, personal loans and if you are already knee deep in the debt, consult with a debt counselor to help you take back control of your life.