Monday, June 17, 2013

Top Ways Single Parents Build Debt (Guest Post)

It seems like it is very easy these days to build up debt. There are many people having to use payday loans like in order to manage and others have overdrafts or credit cards. There are some ways that people fall very easily in to debt and it is worth knowing what these are so that they can be avoided. Single parents have particular problems and they are discussed below.

Guilt buying
If parents are split, then they tend to spend a lot of time feeling guilty that their children are not in a two parent home. This may make them feel that they need to make it up to their children by buying them gifts. Children need love and not gifts to make them feel happy and secure, but it can still make a parent feel better to put a smile on their children’s faces.

Trying to be like others
They may feel that their children need to have the same things as other children of their age. They may think that they need to keep buying them things so that they do not feel left out or different to other children. However, not all children have everything that they want and they actually grow up better for it because they realise they need to save up for things they want.

Not having time to budget
Being a single parent could mean that you have less time on your hands. You are trying to do the job of two parents, possibly working, looking after the house and children and doing that all on your own. This means that you may just not have time to budget when it comes to money. You may not be able to spend time working out how much money is coming in and going out of the household each month.

Not having enough income
With just one earner in the family it could mean that there is just not enough money coming in to cover all of the expenses. If a sudden bill comes in or something needs to be bought in an emergency then it may be that payday loans are the only way they feel that they can manage. It can be a very difficult situation to be in.

So with just one income and pressure to make your children feel loved, it can be very easy for a single parent to get in to debt. With very little time to look at their finances they may just not get a chance to work out a solution.


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