If you recently ended a relationship, you might be concerned about how to support a single mother financially. You may also be coping with mounting financial pressures on top of the breakup of a relationship.
At the outset, there are loans available for single parents. You should try taking them. It might still be challenging to work with one income and raise a family at the same time.
Besides, you are also adjusting to life as a single parent. However, it is feasible if some advance preparation is made. For single parents, money is a constant worry. A single income has to pay for everything.
What if, one day, you are unable to work?
How can you pay for food and heating in 2022, especially with mounting prices?
It’s likely that you are left with childcare if you are a single mother. In some ways, this might be excellent since you get to spend more time with your children.
But it can also frequently leave you shouldering the majority of financial obligations. This may be a significant stressor.
Whatever the circumstance, you’re probably concerned about how to make ends meet as a single mother in 2022. This is particularly if your income is modest or you don’t receive any support from your partner.
Financial struggles can have a significant negative influence on your mental health. And single parents are already frequently overburdened as the only carers for their children.
Being a single parent means that your children depend on you. Thus, preparation is crucial. You can lessen the stress and create a strong plan with some simple financial planning.
Entitled Benefits First
The UK government has recognised the challenges single mothers experience in raising their children daily. Not to mention the additional challenges brought on by the cost-of-living crisis that is presently occurring in 2022.
Several perks are designed to aid single mothers. They make their lives a little simpler in light of the rising cost of food and energy.
It’s painful to lose a spouse or your significant other. If losing a spouse, wife, or civil partner has put you in a difficult financial situation, you may be eligible for a bereavement support payment.
There are several exceptions to the rule. For instance, your loss must have happened within the previous 21 months to qualify for this compensation.
You will be paid a higher rate if you receive child benefits. This higher rate comprises a lump sum payment of £3,500 and 18 payments of £350 each. Child Benefit is often paid in a lump sum of £2,500 followed by 18 outflows of £100 each month.
Find out if you qualify for the bereavement assistance payment by reading more about it.
Help with childcare
Many single-parent households struggle greatly with the cost of childcare. Suppose your child is between the ages of three and four, regardless of your employment status. Daycare is free for at least 15 hours every week. If you already hold a job, this increases to 30 hours per week.
You may be eligible to apply for 15 hours of free childcare each week if you are a parent of a child who is two years old or younger. This applies even if you are presently receiving another government benefit, such as Universal Credit.
Another popular financial assistance programme offered by the UK government is Child Benefit. For the first kid, this is paid at a rate of £21.42 per week, and an extra £14 per week is provided for each additional child.
Only one individual can avail of this perk. Therefore, if you want to apply, ensure that any other caregivers are aware because two people cannot claim the same benefit.
The UK government’s most popular benefit is called Universal Credit. It is paid monthly and has taken the role of earlier perks and tax credits. Universal Credit is available to those with low incomes, unemployed, or unable to work.
However, before applying for Universal Credit, you must consider a few conditions, especially if you are getting other benefits. Remember that if you are currently receiving universal credit, you cannot receive tax credits.
You may be eligible for free school meals if you are a low-income family or a single mother. You become eligible if your child attends a school that provides meals. Having this taken care of may truly be a weight off of your mind.
This can considerably enhance your overall budget. It also means you have more money for the month.
Single mothers should consider these
Doing a complete financial analysis might be intimidating, especially if you don’t have much left over.
Don’t worry; there are plenty of other things you can do to learn how to make ends meet as a single mother on a budget.
- Check if you can get a better deal on your bills. A quick comparative search on the internet for your car or broadband should help
- Look back over your recent transactions to identify any areas where you might make savings.
- Consider some options that low-income households can use to save money. It could be cooking your own meals at home or buying second-hand clothes.
- Instead of spending on childcare, choose a partner inside your support system. Two examples are sharing school runs or using play dates to watch each other’s children.
Budgeting or planning ahead
Although creating a budget is an excellent approach to managing your money, what happens if your pipes burst or you receive an unexpected bill?
One of the most important aspects of learning how to make ends meet as a single mother is planning for the unexpected.
- Set down money each month. Ideally, you should set aside 20% of your income for savings or debt repayment. Whatever you can do is better than doing nothing at all.
- Only use your funds for unexpected expenses, such as unanticipated bills.
- Always have money in your emergency reserve. Cut back for a few months or put in more hours at work if you can. This should help rebuild your savings if an unexpected expense wipes them out.
- Never depend entirely on credit cards. They can help you get by in between paychecks, but you should never depend on them. A lender can assist you in finding a route out of debt.
- Upgrade your health insurance to avoid continually paying for expenses out of funds.
- Acquire insurance. When you’re a single mother, making sure your family is protected in case the worst happens a terrific approach.
Offer yourself peace of mind with this move. You should absolutely purchase critical illness insurance and life insurance.
- Obtain repair coverage for your furnace and washing machine, for example. This is especially helpful if you have little children roaming about.
Most of the time, you can purchase coverage for just a few pounds each month. It will significantly lower your likelihood of using your emergency savings.
Even though being a single parent is challenging, you can ensure that you and your family are always taken care of. Just do some easy financial preparation. Primarily reach out to private lenders in the UK to help you with immediate cash.
Utilize the resources available to you for assistance; if you’re struggling. Remember, your parents, friends, and other single parents will all be sympathetic and willing to listen to your concerns.