Innearly 90 percent of children lived with two parents.
Surviving as a Single Mom I am having a baby and I am single. There is no father coming to the plate and I am not getting any help from family.
I am happy to be pregnant. I am 37 years old, and this is what I've always wanted. However, I did not plan for this financially.
I always imagined I'd have a husband to go with the baby, but it didn't happen. I need ideas on how to raise a baby without spending so much money. I am selling the stuff out of my house to pay doctor bills and co-payments and such at the moment. I was thinking of getting a roommate, but that could be good or bad.
I work full time, live in a small house with a mortgage and drive an old car that is paid off. But at this point, I need all the advice I can get.
Amy Although Amy may feel alone, she has plenty of company. There are approximately 13 million single parents. Single parent finances, while it would have been better to begin saving years ago, let's see what Amy can do now to stay afloat financially. A budget is essential.
It's essential not only to help control spending, but also to give her the security of knowing that all the month's bills can be paid. She'll find a good budget worksheet at Bankrate. The first part of assembling a budget is for Amy to estimate her income.
Her three main sources will be her pay, child support and any government or charitable aid. Amy will want to maximize her earnings. That may mean going back to school or taking courses related to her work. She indicates that she doesn't expect the father to step up. Amy might want to pursue legal means.
Closeup of Pregnant Woman photo from Shutterstock Check out the variety of organizations created to help single parents. Her phone book can help her find the state information number. She can also find it by going to the U. Also investigate charitable and private organizations. Churches and the United Way will know what's available locally.
After estimating income, Amy needs to determine what her expenses will be after the baby is born. That includes housing, food, transportation, clothing, health care, childcare, education and miscellaneous. There are regional differences however. The urban Midwest and rural areas are the cheapest for a single mom if Amy is interested in moving.
Housing and childcare are the biggest expenses and the ones most likely to bust her budget. To get a realistic number, she'll need to call and visit some local daycare centers.
Housing is a relatively fixed expense. Once she's investigated refinancing her mortgage and shopped for cheaper insurance, other changes, while helpful, will have a smaller effect on expenses. Amy pointed out one idea that could have a major impact on both her housing and childcare expenses.
That's taking in a roommate. Obviously, selecting the right person is critical.
But bringing in another mother with children could provide a number of significant benefits. First, it would reduce her housing expense, perhaps by as much as one third.
Second, if Amy found someone who worked a different shift than she does, each one could be providing childcare while the other roommate worked.The single parent may feel overwhelmed by the responsibility of juggling caring for the children, maintaining a job and keeping up with the bills and household chores.
And typically, the family's finances and resources are drastically reduced following the parents' breakup. Making your single parent finances work Once you know your income, any support payments you’ll receive, plus grants and subsidies you’re eligible for, you can create a budget.
Generally the same rules apply for singles as couples: don’t spend more than you . Analysis of the and waves of the National Survey of America’s Families showed that the rate of poverty was percent higher among single .
Analysis of the and waves of the National Survey of America’s Families showed that the rate of poverty was percent higher among single-parent families than among married, two-parent families.
If you would prefer to create your budget the traditional way, allotting a certain amount of money to each spending category, I've created an online budget calculator you can use, which includes categories for child support and other details specific to your life as a single parent.
Being a single parent is a big responsibility – financially and otherwise. Getting your budget under control and understanding where your money is going and how it’s spent enables you to prioritize, eliminate, or reduce unnecessary expenses and focus on what’s important.