It’s not easy being a one-parent family. As the head of the household and sole breadwinner, you may be struggling to meet the needs of your family each week.
So how do you manage if you have debts?
Aunt Meg is here to give some free tips and advice on managing your money and provide a shoulder to lean on if you’re struggling. The important thing to know is that things are never as black as they might seem as you lie awake worrying.
Check out our tips and call us if you need financial advice or a listening ear. We’re here for you.
Know what you owe
The key to managing money, especially if there’s no spare cash each month, is to know exactly what you owe and what your fixed monthly bills are.
Make a list of them, including council tax, utility bills and minimum payments for any loans or credit cards. Now you know what’s left each month (if anything) for extras, emergencies and paying off a little more than the minimum payment on some of your debts.
If you already have bills that you cannot meet, now is the time to get in touch with Aunt Meg. We can liaise on your behalf and negotiate some affordable repayments to help you get back on track.
If there’s really nothing left over after paying the essentials, you need to think about making even tighter economies. Can you cut down on your food bill by buying more groceries and less fast food?
Buying large bottles of pop and huge bags of snacks is way more economical than individual servings. Making packed lunch for the kids can save a bundle in a month. Can you cancel satellite and cable TV or movie subscriptions?
When it comes to clothes for yourself and your family, you may need to find a different boutique.
Charity shops in well-heeled towns have some lightly used clothes (some even have the price tag still attached!). Ebay and Freecycle also have some great bargains.
Someone maybe wanting to get rid of something you need, but the key word here is NEED not WANT! Think how far ten pounds goes when you shop wisely!
Pay down debt
Look at your debt and mark the rate of interest you’re paying. You may want to pay off the high interest debts first, such as payday loans and store cards as these are sapping your money every single day.
If these are just too big to pay down, get in touch with Aunt Meg and see if we can negotiate better payment terms.
If you have some smaller debts that you can realistically clear in 2-3 months, you may want to target them. You’ll feel so much happier with one less bill to worry about.
If you have priority debts such as rent, utility bills or council tax that you can’t pay, then get in touch with Aunt Meg as soon as possible.
Out trained counsellors can stop harassing letters, prevent bailiffs and arrange affordable repayment schemes, often wiping out up to 70% of the amount owed if you genuinely can’t pay.
There’s nothing Aunt Meg can’t help you with when it comes to debt. Give us a call now in confidence and make a start on managing debt today.