Going through a divorce is traumatic enough for your emotional well-being, let alone what it does to your financial life.
As a mother, worrying about what divorce will do to your children consumes your mind almost as much as how to prepare for financial problems after divorce.
About paying the bill, keeping food on the table, and taking care of your children as a single parent.
Knowing the financial challenges of being a single mom can help you create a Game Plan for the best way to care for your children in your new single parenting situation.
Here are Financial Single Mom Challenges You May Face After Your Divorce!
1. Keep Food On The Table
As a Divorced mother, it is likely that your household income has been cut in half or possibly more. Maybe you didn't work at all when you were married.
Regardless of your circumstances, your focus now revolves around how to keep the Essentials in your life. Of course, education supplies and clothes are a concern even after your divorce, because these things are not cheap.
One of the biggest concerns or single parenting challenges you may face is how to take care of your family.
The USDA's Cost of Food report showed that the cost of food per month for one person ranges from $165 to $345, depending on your age and gender. This price only increases with more children you have.
If you're struggling financially after a divorce, the first thing you should consider is looking for advice on budgeting for single moms or budgeting tips for single moms.
2. How To Pay Your Bill:
Paying monthly bills or the mortgage is one of the biggest financial challenges for a single mother.
Managing household services can be scary and overwhelming, but don't give up hope. This time there are plenty of ways to survive until you find a more financially stable space.
For example, you can get a second job or a work-at-home job to give you extra income.
Selling your home and moving in with family members or close friends during this time can also ease the financial burden. You can also consider refinancing your home to get a lower interest rate.
3. Searching For A Place Of Residence:
The sad truth is that 1 in 5 women falls below the poverty line (household income of $20,000 per year for a family of three) after divorce.
This is not a good opportunity for single mothers who want to provide the best schooling and living situation for their children.
Another of the biggest financial challenges for a single mother is where you plan to live. If you can't keep your original family home, don't despair.
There is a lot of housing assistance for Divorced Mothers and low-income families, help for Divorced Mothers with no income or single Mothers with a low income.
You can choose to live with family members temporarily after the divorce. Don't be too proud to accept help from friends and family during this trial period.
4. Paying For Childcare:
As a newly single mother, your financial responsibilities may force you to return to work or even work two jobs at once.
This can be a devastating blow, as you not only feel anxious and exhausted but also spend time away from your children.
Working full-time can mean that you have to find adequate childcare services when you are not at home with your children.
You can also ask family and friends to help you look for your children during treatment, at least until you are financially stable again.
5. Stay Up-to-date On Shipping:
According to data from the Federal Reserve Bank of America, the average monthly payment in the United States is between $300 and $550 per month for a new vehicle.
This loan seemed like a good idea when you were a family unit with financial responsibility for your purchases, but as a single mom, your head can spin as you try to calculate how you can keep your vehicle.
As a single mother, transportation is vital. This is necessary for taking your child to school, buying groceries, going to work, and in case of an emergency.
If you find you can't cover your new car loan, you may be able to negotiate with the dealer to refinance it, or you can sell it online and pick up a good car that's in good shape.
6. Health Insurance:
Medical liability is another financial challenge for a single mother who is now a single parent.
Unfortunately, one in four women loses their health insurance sometimes after a divorce. This can cause a lot of anxiety when taking on this challenge.
Don't let it overwhelm you. As a mother, it is your job to make sure your children are taken care of, especially in times of emergency.
Do your research carefully to make sure you end up with the best insurance that covers your family at an affordable price.
7. Payment Of Outstanding Debts:
The longer you were married, the more likely it is that you and your ex received a certain amount of shared debt together.
Maybe you bought a car that you're still paying for, assuming your spouse would be there to help pay for it.
Starting your life as a married couple was probably a financial struggle at first - and that was before you got your credit card.
Mortgages, furniture loans, and credit card debt are also common debts that can be left behind after a divorce.
If these debts haven't been settled in court or your spouse refuses to help you pay their share, it can feel incredibly scary, especially when you're trying to start over. Don't give up!
The financial challenges of being a single mother after divorce are not easy to deal with, but don't give up.
With proper planning, the help of family and friends, Patience, and determination, you can get through this difficult time with your head held high.