Personal Finance Tips for Single Parents

February 16, 2021 | Peyton Sawyer

personal finance tips

Being a single parent can be challenging. There are far too many things to worry about but never enough time to get them all done. After a while, you can start going into debt in more ways than one. However, the most difficult debts are the ones involving your money, which is where our personal finance tips come in. And for short-term financial help, we will explain how a title loan could help.

How Single Parenthood Affects Your Budget

Single parenthood means a single income, singular responsibilities, and solitary stress. Because of that, it also means a quicker accumulation of debts and money problems. Parents raising kids alone have no one else to turn to when their cash flow is low. So, they must be extra smart when it comes to spending, saving, and establishing credit. Using proven personal finance tips can make the difference.

Running low on funds often results in paying bills late. That, in turn, negatively affects a person's credit score. As a result, they may find it harder to secure bank loans or make ends meet. Therefore, irresponsible financial behavior can create a snowball effect that's tough to escape, to avoid this we hope that you take our personal finance tips into consideration.

5 Personal Finance Tips for Savvy Single Parents

Just because your income is limited doesn't mean you have to go into debt to raise a child, especially when you have access to personal finance tips that can help. In fact, many single parents end up successful and financially secure because they follow a few simple rules. So, here's some personal finance tips you should be following if you're not already:

1. Open up a savings account.

You can get a savings account at almost any bank or credit union. Some require a minimum deposit, but that's not always the case. Plus, that stash can become your emergency fund in the event of an accident or loss of wages. For good measure, try to save up at least 3 to 6 months worth of living expenses.

KEY: Try to find a bank that offers the highest interest rates on savings accounts.

2. Limit how much you spend on non-essentials.

You'd be surprised by how much money you spend on things you don't need. Between recreational items, beauty products, entertainment, subscriptions, and memberships, the average person forks over about $18,000 a year. USA Today says that comes to around $1,500 per month on non-essential purchases. Time to cut back.

KEY: Keep your non-essential spending down to about $500 to $800 per month, if possible.

3. Pay down your debts ASAP.

Did you know that most Americans have about $90,460 in debt to pay back? That includes car notes, mortgages, personal credit cards, consumer products, and even student loans. It could also involve unpaid tickets, broken contracts, and court judgments or liens. So, improve the quality of your little family's life by erasing debt as fast as you can.

KEY: Think about consolidating your debts or paying more than minimum balances for quicker relief.

title loan money

4. Make a structured budget.

It's virtually impossible to track your spending, put back money into a bank account, or pay off debt when you don't have a comprehensive budget. It may sound tedious, but write down your monthly expenses and the dates they're due on a calendar. Then, monitor your spending between paychecks to ensure there's enough cash to go around.

KEY: Be sure to leave room in your budget for unexpected incidentals and emergencies.

5. Turn your vehicle titles into quick cash.

You don't have to get a traditional loan to make ends meet. After all, the criteria for those forms of funding are difficult to satisfy. That's especially true for a struggling single parent with a limited income and bad credit. So, transform your vehicular assets into instant money with quick title loans and get back on your feet without all the red tape.

KEY: Choose a well-maintained vehicle to get the most money for its title.

Tips for Using a Title Loan for Extra Money

Get the most money possible for your title by approaching a reputable lender in your area, like Cash Cow Louisiana. You'll know it's the right one because you'll receive flexible repayment plans, friendly service, and generous offerings for your titles. Also, the process should be quick and simple, with little personal information needed to qualify.

While we are giving advice for personal finance tips, to make the process go even smoother, try to show up prepared. You're not getting a traditional bank loan, but that doesn't mean you don't need documentation. So, have your vehicle title in hand, and don't forget your ID because they'll need to verify that you're the rightful owner.

Additionally, make sure your title is free and clear of any mistakes or liens. The lender will not be able to accept your application if all your documentation isn't provided. For more information on the specifics of a title loan online visit CashCowLouisiana.com, or head over to one of the convenient locations in Louisiana to talk to someone in person.

Single Parent Finances

While you're out there making smart decisions with your money, don't forget about the power of your existing assets. You don't have to be a millionaire to enjoy good credit and financial stability. All you need are some savvier spending habits, fewer debts, and a boost from a quick car title loan. In many cases, you can still retain possession of the vehicle while the loan is in effect.

Being a single parent comes with many stresses aside from money, so why add fuel to the fire? Avoid making it harder on yourself by following these personal finance tips! If you need a little extra help Cash Cow Louisiana is ready to assist you in getting the same day title loan cash you need today.