How to Handle a Financial Crisis As a Single Parent

**This is a collaborative post**

When you have children, and there is just one parent trying to make up for the missing half in a child’s life, it can be extremely challenging even in the best of times, but during a financial crisis, things suddenly become a lot tougher. However, with perseverance and dedication, most financial problems can be taken care of. Here are a few things to consider, should you ever find yourself in a financial emergency as a single parent.

Approach Your Ex

When you have children together, it isn’t just your responsibility to handle everything and if you are in a financial crisis, then it will eventually affect your child as well. This is why you should not be shy to approach your ex for financial support. It isn’t really asking for help, but it is his/her duty to provide the necessary support to create a good environment for the child to grow up in. If that is unfortunately not an option, grandparents can also be interested in the well-being of their grandchild, so see if they would be open to helping you get some of the financial burdens you are facing off your shoulders.

Take Out a Payday Loan

It is possible to get payday loans in a matter of minutes by submitting an application on Cashlady.com (they have loans for those with poor credit which may be your best option if you have previous financial struggles). They are neither brokers nor lenders, so you can rest assured that you are more likely to find unbiased recommendations here than anywhere else. While the interest rates are usually high due to the short tenure of payday loans, they are particularly useful for those who need some quick cash that they know they can repay once they get paid. Do be sure to go through the interest rates, clauses and stipulations thoroughly and do compare all your options at CashLady before actually taking out a loan. An accurate estimation of how much you will have to pay on your next payday will help you prepare for it in advance. Also, don’t miss out on payments because that can create crushing debt, thanks to extremely high rates of compound interest.

Sell/Pawn Something that You Can Do Without

Your car is likely the most valuable thing you could choose to sell, but you probably don’t need to be told that it is an option. If it’s not feasible to sell your vehicle, what about other valuables like family heirlooms or jewellery? You don’t necessarily have to sell anything off right away, because pawn shops can give you good value for your valuables, and you can always get the items back once the crisis has been dealt with. On the other hand, if selling is the only choice, try to make sure that what you are selling is not anything you will have a very hard time managing without; your car being a prime example!

While it is always advisable that you start saving up for an emergency fund well before you’ll ever need one, if it’s too late for that hopefully the pointers above will help you come to a solution.

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