fiThe years of the “Great Recession” have been especially rough for single-parent, one-income households. Mothers who take care of their children with only one income have certain fears looming over their head – job security, foreclosures, lack of saving, et cetera. But there are some ways to get by and get a handle on those fears until the current economic climate improves.

Questionable Job Security

Many single mothers have experience a time in their life when they have questioned their job security. Anyone who is afraid of lay-offs at their company should take a proactive approach and find another source of income in order to boost their savings. Some examples of additional income streams are cleaning office buildings, selling cosmetics, or using certain skill sets as a freelancer.

Growing Credit Card Debt

Credit card debt can be considered a national epidemic for two-parent as well as one-parent households. If you are beginning to feel the “credit crunch,” stop reaching for the convenience of plastic over a three-month period and utilize a cash-only payment system. Paying with cash does not have to be cumbersome if you take advantage of a banking institution’s online bill payment system, which is a common feature offered by today’s banks.

Desperate Situations

Sometimes, single moms will become trapped in a deep hole of past-due household bills and credit card debt, without any savings put aside to lighten the burden. In cases such as this, it may be time to consider asking friends and family for temporary assistance until you get your finances back on track.

Educate Yourself

Do not wait until you make a financial mistake to learn a lesson. Circumvent this by simply visiting your library or conducting Internet research regarding budgeting and financial basics. Some community centers will even offer personal finances classes for those in need. These classes usually cost little to no money for registration and are held in the evening after most people are off of work. The best place to contact for more information is the Parks and Recreation Department in your local area.