Personal Finance Tips for Single Mothers : Frequently Asked Questions

Q: I’d like to raise my credit score. What are some easy steps to take and what should I begin with?

A: For starters, you want to make sure you have credit card once you do there are few things you can do to raise your credit score. Don’t use your card too much, if you spend less than 10-30 percent of your limit it will increase your credit, the less the better. On the contrary, if you do spend a lot make sure you pay your credit card bills in a timely manner, if you don’t that can in fact hurt your credit score. Also, Keep old credit card, older the card the better the credit score and applying for more credit cards, if all are in good standing, so will be your credit score.

Additionally, here are 7 tips that can help:

Here’s 7 tips that help will help ease the stress:

1.Check Your Credit Report

2.Setup Payment Reminders

3. Reduce the Amount of Debt You Owe

4.Pay your bills on time 

5.If you have missed payments, get current and stay current

6.Be aware that paying off a collection account will not remove it from your credit report

7.If you are having trouble making ends meet, contact your creditors or see a legitimate credit counselor-

Visit  here for even more tips and info about your credit score  //

Q: How can I cut down on monthly payments?      

A: Simply doing little things can cut it down such as: decreasing your credit card usage, which will give you less monthly bill to pay, cut down on personal pleasure spending, stop eating out, buying unnecessary things that you don’t quite need. Also try finding cheaper Internet, cable and phone deals and or decrease the number of minutes, data, and texting you have. Try sticking to what it you really need.

Q: How can I save money and make some financial stability for myself?

A: This may seem like a no-brainer, though the first step to saving is spending less, which turns out to be much easier said then done. Wanting to save money requires a lot of stinginess, you have to cut back on your wants and focus on your urgent needs. Also, it helps to not have money readily available for you so that way you are not tempted. Think of what you need and only carry that much amount when you go out. Also, make sure you are clear on debt and are paying everything on time to avoid unnecessary fines.

Q: My family has trouble paying for food. Is there any way we can get help paying for groceries or food?

A: If you fall under the low-income category, you and your family can receive food stamps. Food stamps are voucher or money given to you by the government, which you can exchange for food. For the same reason, if you qualify, you can receive TANF, which is temporary assistance for needy families, in which they help provide you with basic needs. Furthermore, you can see if you have a local food bank in your area from which you can receive food from.

Q: I am behind on my bills. Can someone help my pay my bills and get me out of debt?

A: If you are behind on your bills, you can always ask the company you owe the money to for an extension. Explain your situation and see if they can give you a couple weeks extension until you are able to pay them back. Usually, they are understanding if you explain your situation. Remember not to make it a habit though.

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