Single Mom Money Tips – Do-it-Yourself Credit Repair


Credit repair can seem like an impossible task. In reality it can be very overwhelming but it is feasible.

You may have heard that when your credit is bad you need to file for bankruptcy, go to a credit counseling course where they will consolidate your debt, or simply ignore it. These are some valid options but they may not be the best for you.

One thing to remember about credit is it is the American way. This doesn’t excuse how credit is abused but we live in a society that operates on credit.

With that in mind credit is or can be a problem for everyone. At some point every person has credit problems.

In our current economy the radio and television waves are filled with commercials about credit repair and bankruptcy options. The court dockets are full of foreclosure, judgments, and other legal proceedings that have to do with credit defaults.

Repairing your own credit can seem intimidating at first but with a little research and a lot of determination you can get your credit in good shape.

The basics of credit repair are: check your credit report, dispute inaccurate information, and negotiate repayment terms, get everything in writing, and never volunteer information.

The creditor you are dealing with must prove, in writing that you actually owe this debt. If they cannot prove it they cannot collect. You have the law on your side in the form of the Fair Credit Reporting Act. Get familiar with it and learn the tactics needed to repair your credit.

For a time you may want to pay for credit monitoring so you can see the results of your work.

It may take three to six months to begin seeing changes but it is worth it when you see your credit score going up.

Single Mom Money Tips – Kids’ Allowance


Give your kids an allowance so they learn how to manage money; because kids and money can be a dangerous thing if they are not properly introduced.

These days children learn at an early age the value of money. Grandparents, Aunts, and Uncles begin giving coins and dollars to the little ones before they can hold a bottle it seems.

When you child begins to ask for money it’s time to start teaching the value of money. There are times when our own issues with money overshadow our ability to effectively teach how to use money, but it is important to push past the demonized views we hold.

Giving an allowance opens the door to practical education in money management. There are many online tools available to help with the task or you may choose to use the old pen and paper method.

The basics of income, savings, and expenses are usually all that is necessary in the beginning. As the child gets older more lessons can be taught from how to save, charitable giving, shopping, and paying bills.

Teaching delayed gratifications is another important lesson. The sooner your child learns this the less heartache they will have or destructive choices they will make when they grow up.

Single Mom Money Tips – Online Money Management


Bank online and view your statements regularly. I hate opening regular mail so email is very convenient and will likely get opened. So when my bank statement comes in the mail I just stare at it and toss it to the side.

This is why I advocate banking online because I can check my accounts, look at my statements, and practically solve problems (rare as they are) in real time.

Online banking also lets me see what I am spending my money on over a period of time. It is very convenient to download my account history to Excel or other account software.

Debit Card to Track Money
Use your debit card (not credit cards) to make all purchases. I rarely carry cash so if a person wants to rob me, well they are pretty much out of luck.

I only use my debit card because it helps me keep track of money spent. The debit card can also be used as a credit card for those times I need to rent a car or make purchases online.

It’s also convenient when I don’t want the money to come out of my account right away.

Single Mom Money Tips – Get a Deeper Education in Money


Find a money mentor, read books about finances, and begin to view money as a tool not a weapon.

If you are having problems with money (fears, overwhelming debt, overspending) you may need extra help.

This help can come in the form of a mentor, books, websites, and blogs. The first step is acknowledging that there is a problem.

Your thoughts about money are the problem and not you as a person. There may be changes that you have to make to have peace with money but do not become depressed because of it.

Taking a proactive approach is empowering and will likely help you through the process. There are many good websites and books to get you started such as ##

Single Mom Money Tips – Search Classified Ads for What You Need


Find the things you want and need on Craigslist, local classifieds, and Freecycle. It is not always necessary to buy the things you need new.

Some people feel better with warranties and such but if the item has worked for over a year with the original owner there is probably more life left.

Depending on your needs at the time a used item may be just the solution to the current problem.

Buying used is a good option if you need something now at a third of the price of what you can buy new. You can then save for the new item and purchase it in a couple of years.

Items for kids are normally built for a lot of wear and tear such as beds, dressers, clothes, and toys. If your child is rough you probably don’t want to buy new anyway.

Craigslist is top on my list for finding quality used items. I search there when I want or need something for much less than I’m willing to pay retail.

If you don’t have an active Craigslist community then your local classifieds may be the answer.

If you haven’t heard about it, you should subscribe to your local Freecycle list. It is a group of people who prefer not to fill the landfills with their stuff so they give it away, for free, to people who need it and are willing to pick it up.

People are giving away perfectly good stuff on these lists and it is very busy. You will likely find what you need or can simply request it in no time.