Debt Management Plan for Single Mothers (cont.)
Contributed by Rachel s Pickett
It is important to remember to pay your bills on time each month. If you avoid paying bills, your interest rates will rise, and you will accumulate costly late fees. If you cannot afford to make the full payment each month, contact your credit lender to get a reduced payment plan. Most credit lenders will let you pay at a reduced rate until you are back on your feet again.
Debt Management Tip #3
-REDUCE EXCESSIVE SPENDING
Find ways each month to reduce your spending. Have your parents, sister, cousin, or other family member baby sit for you once a week. Most family will willingly watch your child for free.
Don't get that pizza on Friday night. Simple things like using what you already have instead of buying something else, will help you curb excessive spending. Whether it is a new piece of jewelry, the pizza, or a going to the movies, try to avoid uneccessary spending.
You should maintain and change your debt management plan if needed, over time. The needs of you and your child will and do change over time, so update your plan every 2-3 months.
