by Rebecca Laffar-Smith

Created on: August 23, 2007

Learning to exist on a sole income is a challenge that adds pressure to the already overburdened concerns of a single parent. It can be hard to come to terms with your new financial position. Some recently divorced or widowed parents aren't even aware how significantly their banking options have changed and very few know what steps to take when the money coming in just won't cover the expenses of their household.

I think the most important thing all parents should do is KEEP ACCOUNTS. Even in a united relationship it is a good idea for both parties to understand where they are financially and what sort of expenses they can expect. If you've come out of a relationship where your partner handled all those matters then you'll need a swift reality check. If possible look at copies of the bills that had been paid in the last few months. Look over bank statements and come to terms with what your real expenses are (all outgoing funds) and exactly how much your family income currently is.

The best idea might be to TALK TO A PROFESSIONAL financial advisor or your family accountant if you have one. These people are trained to understand money and will be able to explain your options. If things look dire, they'll tell you, and give you the information you need to make the decisions that will get you onto stable financial footing. Professional financial advisors can also show you how to keep track of your own finances and the sort of information you should keep records for. There are also many pro-bono professionals who help financially burdened families get back on their feet. Talk to your local government aid office for contact details.

Much of the time you can compact your expenses and REDUCE YOUR BILLS. You can save money on all of your bills by being aware of what exactly you are paying for. For example, your electricity bill counts every watt of energy used, this means you are paying for every moment a light is turned on, for every alarm clock, for every appliance (even when not in use), etc. Even your home alarm system is draining electricity. You bill can be reduced by unplugging appliances that aren't in use, keeping lights off when possible, and cutting back on the number of amenities you have in your home. Most of the time, these sorts of changes are ones your family will very quickly become accustomed to.

You can also CONTACT SERVICE PROVIDERS for help. Most companies are more than happy to accommodate users. They want you to pay your bills, chasing you up for

• 1
• 2
• Next Page >>