Finding out that you’re going to be a parent is one of the most exciting things that you can go through. A whole range of emotions fills your body as you imagine those tiny little feet and all of the cuddles you’re going to give your baby once they are born. However, if you’re a single parent these emotions can be clouded by worry about how you’re going to cope financially once the baby is born. On average, the cost of raising a child is over $200,000, and that’s a scary figure to try and find when you’re not exactly prepared financially. Luckily, there are easy and effective ways of making sure that you can cope with your finances as a single mom. This post shares 4 tips on how to prepare financially.
Get yourself out of debt while you can
Between now and when your baby is born, it’s likely that you will be working for at least another few months. Use this time to get yourself out of debt while you’ve got the chance to, because once the baby is here they are going to eat through your money like no tomorrow. Even if you can’t pay off everything between now and then, you could use a company like National Debt Advice for some debt solutions and set yourself up so that you’ve got some spare money to buy all of the essentials.
Keep on top of your credit score
Once you’re out of debt, or at least well on your way, it’s important to keep an eye on your financial status. You can now do this easier than ever by regularly checking your credit report. Companies that offer credit scores have worked on suggestions and solutions so that your financial game is always at it’s best.
Teach yourself good habits
An important thing to do for both you and your future children is to teach yourself good habits when it comes to money. Take a look at these great money habits to try out:
- Save a percentage of every paycheck. Even if it’s only $5, that money will soon mount up and you will find yourself much more financially stable.
- Start a change jar. When you’re out and about with baby, why not pick up any change you come across and put it in a jar to build up? Any change you get from groceries could go in the jar too.
- Go for generic brand names of products. While you might like buying brand name groceries, the stores own will taste just as good and cost you a considerable amount less.
Finally, it’s important to let yourself be helped by people. It’s likely that you’ve got people in your life that are more than willing (and also want) to help you out during this exciting time in your life. Your parents, for example, will know only too well how expensive it is having a child and how hard coping with financial worries can be when you’re a parent. Accept help from those who want to help you, and also remember to look out for coupons to help you with the overall cost of your groceries.
You can do this mama!
This is a sponsored post by National Debt Advice.
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