Struggling with finance is the story of most of the parents who want to give their children a perfect life. And if you are a single mother, you would have fact other factors as well such as gender-specific risks. U.S. Census Bureau research’s statistic shows that women earn lesser on the dollar than men. Then there come the life events where you need to make budget settlements and it becomes difficult if you do not manage your finances carefully.
You would find here some tips that would help you keep afloat throughout your life.
You should always have emergency reserves and it is suggested by many financial planners. These reserves can cover your expenses for 3 to 6 months. Such funds are helpful for the situations where you lose your job and need time to look for another source of income. Keep these reserves in an accessible account so that you don’t have to do drastic cuts in your spending.
Three to six months are enough to find a new job. You can spend these months of difficult times easily with these funds at the rescue. You wouldn’t have to tell your kid that you cannot buy something he/she wants.
If you haven’t gotten insurance already, get it right away. This is a saving for times when something bad happens to you or your health. When you are a primary earner and you have individuals depending on you, something bad shouldn’t happen to you. However, it is not in your control. So, get a life and disability insurance that would support your family in bad times. There is also insurance that covers the contribution of the spouse who doesn’t earn.
Both spouses should be well aware of the financial position of their family. Both should divide the labor like paying bills, manage activities, balancing a checkbook, and overseeing retirement accounts and other assets. You should always know where you stand.
You can also approach a financial advisor and both of you should be there at discussion sessions and in important decision makings. Get an idea of how much you have in hand and how much you’ll need in the future. Keeping all these things cleared would make your life smooth and tension-free.
Loan on a lawsuit:
There is good news for you if you have filed a case on someone who has caused you some kind of harm and now you are expecting some money as a result of that trial. Filing this case would have come with legal expenses. Though you would possibly get a good amount of money but right now, you need money not only to cater the legal matters but also to take care of your kid’s matters. In such a scenario, the only thing that can keep you going is a loan on that lawsuit.
The next question that might pop up in your mind is ‘how to get a loan on your lawsuit’ This is basically a settlement loan that is different from the loan you get from the bank. This is given against the monetary compensation you are expecting against the lawsuit.
All you need to do is to contact a funding company and apply for the loan. They would make an assessment of the money you might get and give you a loan against it. Another good thing about this loan is that it is non-recourse. You are not expected to pay it back if you lose the case. You wouldn’t have to see yourself going bankrupt.