As a single mother you will find it a bit difficult to cover all the expenses you have. These expenses do not just include those accrued from your child, but they many consist of past debts such as student loans, rent, or bills. Keeping all of these expenses covered while being a single mother can be quite hectic and sometimes does not work. This leads to you having financial problems that seem endless, but luckily you still have options for you to find alternative ways to keep your expenses covered and stay afloat.
1. Housing loans and grants
You can acquire a housing grant to find an affordable place for you and your children to live in. It is a very important thing to have a shelter for you and your child because it offers a sense of safety and gives you stability. If you feel that you will not be able to afford buying a house you can always take out a housing loan or apply for a housing grant from the government. Even if you have bad credit, you may be able to get a home for you and your child. Although if you do have bad credit you will find that the loans have a higher interest rate.
2. Personal loans
Other than housing, there are many types of personal loans that you can apply for to secure a good life for you and your child. These vary from simple car loans, to business loans so that you can generate income. Nowadays you will find that you need transportation to various places such as work, the park, hospital, school, daycare and other places around you so applying for a loan to buy a car is not that far-fetched.
3. Social security loans
You can get a loan through your security number with very low to no interest. Social security loans are great for single mothers because they give you the opportunity to get back on your feet if you suffer from financial issues. There are even some loopholes that may help you have no interest when getting social security loans if you pay it all back within a year.
4. Medical Aid
It is important to know that as a mother who is looking for the health of her child, you will find a lot of expenses to cover during checkups and doctor visits. Applying for medical aid such as Medicare is a great way to keep these types of financial expenses at a minimum while ensuring that you and your child remain as healthy as possible.
5. Temporary government assistance
As a single mother your income might not fully cover the expenses having a child brings. If you feel that you are deep in financial problems, then applying for temporary government assistance for needy families will give you the money needed for the necessities you require for you and your child.
6. Government grants
There are other government grants that are available for single mothers as options to avoid financial issues and to stay afloat until you can get back on your feet. These grants vary according to what category you fall into. For example, if you have a child who is five years old or younger, you will be eligible for grants other than if your child is older or if you have more than one child.
7. Credit cards
Credit cards are a viable option for single mothers looking for a temporary fix for their financial problems. You can use a secure credit card, one which has a low limit, to help with expenses while at the same time trying to regain a good credit check so that you can have a card with higher limits. At the beginning you will find that the interest rate for your credit card is higher, but when you gain better credit you will be able to get credit cards for lower interest rates.
8. Freelancing and other income
If you feel that the reason you are struggling as a single mother is the fact that your job does not give you enough income to cover the day to day expenses of having a child, then it might be a good option for you to find a side job where you can work as a freelancer for extra money. You can look for jobs that can be done from the comfort of your home, such as data entry jobs. You can also have yard sales to both get rid of unused objects around your home and also gain some extra cash.
9. Family loans
One option that you can look into and that will be better than many others is to ask to borrow money from a family member or from a friend. Although you might be hesitant in asking for help, most of the time family members want to lend a helping hand to their relatives. Another prominent advantage of getting a loan from a family member is that they most probably will not ask you to pay them back the money with interest rates.
Financial Options for Single Mothers
Being a single mother has its challenges as everyone knows. This does not mean that you as a mother might not be able to do well raising your child up and providing the best life you can for him or her. There is no shame in trying to find as many ways as you can to have the money needed for you and your child.