This year has proven to be a challenge for many families and for the single parent who only has one income to rely on, losing a job or getting their hours cut can devastate their household and send some to a status of “homelessness.”
For the past three-years, I have been urging my single parent clients to tighten up on their spending and increase their savings/emergency funds. Some have listened and some thought their jobs were secure and therefore did not make the necessary budget changes that they should have. Either way I have heard some very scary stories about the struggles of being a single parent and living with the gloom over their heads of being laid off with no other income stream coming in.
For those single parents that feel even a least bit of fear about losing their job, I tell them to consider using your skills and talents to create another stream of income. Rather it is selling cosmetics, cleaning office buildings, or homes try to create another source of income to help build up your savings.
Another precaution I think single parents should take is to leave credit cards and debt card alone for a few months and try to transition to a cash payment system this will be outside of your traditions monthly household bills. You should be using your bank’s bill payment system to pay those expenses. Too many people are getting hit with various fees from banks, which is basically throwing money out the window.
Lastly, for those single parents that find themselves slipping into a dark hole of debt, household bills, and with little or no savings it might be time for you to turn to family and friends and ask for a place to stay while you get your priorities in order. Don’t let your pride prevent you from reaching out for help.
While you are there learn from your mistakes as much as possible by going to a local library and reading books about money and budgeting. Try to attend personal finance classes and learn how to use your newfound information to make better financial decisions.
Women Obtaining Wealth works with many individuals but we are seeing a dying need for our services in the single parent community and have a special financial program geared especially for them. If you want to learn more, please click on the links below to get in touch with us.
***Don't forget-Women Obtaining Wealth is having our 1st Conference in Atlanta, October 15-17, 2010
We are having a Social Dinner and Ceremony on Friday Night, Workshops and Networking Saturday, and
a Farewell Breakfast on Sunday. Lots of great Vendors, Speakers and Presenters. Excellent gifts bags and
giveaways. Don't miss it!! Join us on Facebook and get in on our easy payment plan option deadline March
31, 2010.***
Warm regards,
CEO & Host of Women Obtaining Wealth
Women Obtaining Wealth Organization
W.O.W. Conversations on Internet Radio, Sundays @ 9p EST
Call-In # for show: (646) 478-5836
Recommend Me!
Struggling Financially As A Single Parent by Dina Harbour Ceo Of Wow (1593 KB)
Listen on posterous
Posted via email from Women Obtaining Wealth's Posterous Blog
No comments:
Post a Comment