How a Single Parent Can Pay Off Credit Card Bills & Still Have Money for Savings
Single parenthood has its rewards and challenges. For single parents, the primary responsibility of parenting a child or children rests solely on them. Single parents seeking to get out of debt can use a range of techniques to reduce expenses while saving money each month. Strategies to pay off credit card debt vary by the amount you owe and the interest rates on your cards.
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The Payoff
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Repay your credit cards based on the amounts you owe and the interest rate on each card. Cards with the highest interest rate should be paid first. This accelerates the pay off process. If you have only a few credit cards, consider consolidating your credit card debt by transferring the balances to a new no- or low-interest credit card. Making one payment instead of two or three can help you organize your debt payoff more effectively.
Family Support
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Childcare expenses can be steep. Daycare bills can amount to the cost of rent in some cases. If your child is too young for public school, the costs to maintain the education may leave you with little savings each month. Enlist the support of family members to reduce your childcare program to part-time. Asking a family member to pick up your child several hours early from school can cut your costs significantly. Also, if your child's daycare charges for meals, opt to send a lunch instead and save the remaining money in an interest bearing savings account.
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Activity Expenses
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Expenses for extracurricular activities can accumulate as your child ages. Limit the number of activities he participates in each year. Encourage your child's involvement in activities that require little expense to remain involved, such as chorus or volunteer projects. Spend weekends with younger children doing craft projects or going to the library for story-time instead of going to the movies or a skating rink.
Planning Meals
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Often, single parents find preparing meals after a long day at work to be a challenge and may opt for prepared foods or fast food instead. However, this can be expensive. Take a Sunday afternoon to prepare foods that can be frozen and reheated throughout the week. Casseroles are an easy option and can provide nutritional value for your children. Make cooking on the weekends a family activity by making pizza or sub sandwiches with your children instead of going out.
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