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How to improve your financial situation as a single mom

As a single mom in Ohio, you may find it hard to manage your household, raise your kids and pay your bills comfortably. Although you are working full-time, your income may not be enough for you to make ends meet. Instead of stressing out and losing sleep over your situation, you should learn what actions you can take to get yourself back on track. 

Here are some ways you can improve your financial situation. 

Evaluate your situation 

Take some time to look at your finances. It can be hard for you to keep up with what needs to be paid because you are working so much. Document each bill you have and its minimum payment. Add to that list your house payment, car note and any other monthly financial obligation that you have. Total them up to see how much you really owe each month. Subtract that amount from your take-home pay to see how much extra money is left or how far in the red you are each month.

Eliminate the excess spending 

Even though you are struggling to pay your bills, you may still occasionally manage to spend money on items you do not need. Now is the time for you to stop spending money unnecessarily. Any extra money you have should go towards your bills, debts and savings. 

Consider your options 

If you have some excess money left over each month, you should use it to pay down some of your outstanding debts. Try to pay more than the minimum payment when you can. If you do not have any extra money left over and are barely able to make the minimum payments on your credit cards and other financial obligations, you should get in touch with your creditors to see if they are willing to work with you. Many creditors have hardship programs in place to keep their debtors from defaulting on their bills. 

There are also debt consolidation programs available that you may be able to benefit from. Make sure you are clear about all fees and requirements before enrolling in any of them. If your creditors are not accommodating towards your situation, and you decide that debt consolidation is not a good fit for your situation, bankruptcy may be the solution you need to make your financial situation more manageable.

It is challenging being a single parent at times, especially when you are the sole provider for your household. If you are struggling with mounting debt and endless collection calls, you should speak to an attorney about your situation for guidance.

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