Raising a kid in this day and age is not an inexpensive proposition. At last count is cost almost quarter of a million dollars to raise a baby to the age of 21. But in an era of wage repression where the cost of living continues to climb but your paycheck never quite rises up to meet it (all so that the big corporations that hire us can protect their profits), covering this cost is becoming an increasingly untenable prospect. Being a parent in the 21st century is extremely difficult. When you’re attempting it alone, however, it can seem all but impossible.
Make no mistake; as a single parent, the deck is stacked against you. But that doesn’t mean that you can’t navigate this journey with aplomb. Here are some ways in which single parents can tip the odds back in their favor and make ends meet so that their kids can experience the quality of life they deserve...
Freelancer? Get paid what you’re worth!
If you got sick of the rat race a long time ago and decided to take your employment and your livelihood into your own hands, you may have found more success as a freelancer. But when you work for yourself, parenthood can throw a sizeable monkey wrench in the works. You can no longer afford to work long hours for poorly paying contracts just for the sake of maintaining good client relations. As the gig economy sees more and more people becoming freelancers, you may feel inclined to race competitors to the bottom to keep work coming in. But this will forever keep you on the back foot financially. Don’t be afraid to charge your clients what you’re worth.
Don’t be ashamed to claim what’s yours
If you’ve been injured in an accident at work or on the road you may have given some thought to making a claim against the negligent party that caused your injuries. It’s also possible that you talked yourself out of it. You told yourself that your injuries weren’t too severe or that you didn’t want to contribute to a compensation culture. But all this accomplishes is keeping you and your children from money to which you are entitled. You could do worse than visit GBW.law/personal-injury/motorcycle-accident if you have been injured in a motorcycle accident. Remember that in many cases you only have a 3 year window to make a claim.
Don’t let debt drag you down
Debt is an unpleasant but necessary reality for many households struggling to get by in a rough economy. But debt needn’t be the ruination of your household finances. Consolidating several debts into a single monthly payments with a consolidation loan can be extremely helpful as not only will you have less going out each month, you’ll find your debts much easier to manage as you’ll only have one interest rate to remember. Your credit rating will even improve as you’ll replace numerous existing debts with one new single debt. So long as you can keep up the payments, you’re in the clear.
Being a single parent is tough. You must do what you can to make it easier.