Pay off debt as a single mom
In the last South African census statistics, it showed that 14% of the population’s households are managed by women, with 5% of households having female breadwinners. When you look at these statistics, you can see why it’s important for women to take control of their financial future, but it’s not always that easy - especially when you’re in debt.
Are you a single mom but struggling with debt? Let’s show you a few ways to get you started on a healthy financial future:
Do the Math
It’s impossible to get started if you don’t look at the numbers. Be honest with yourself and remember this is the first step towards a healthy financial future. Get out all of your credit card statements, loans, bills etc and add them all up!
Start a Budget
Once you’ve got all the numbers in front of you, create a budget and see how much extra money you have to put towards your debt. Not that much? Don’t stress, it’s a starting point. Also try cutting unnecessary expenses where you can.
Start (or grow) your Emergency Fund
Make sure your emergency fund is in order. Having money set aside for emergencies will keep you from relying on credit cards or other forms of debt in case something important comes up.
Say bye to your Credit Cards
Credit cards are the worst forms of debt that you can have. Their interest rates are very high and you can spend years paying down the balance.
Ask for Help
If you’re feeling overwhelmed or believe that your debt issue is too big to handle, seek professional help. Contact Meerkat today and we can get you started! We provide immediate financial relief and protection from creditors and we give you a chance to pay off debt in an affordable way, without losing assets. Remember, you’re not alone. Together, we can get you debt-free!