how to help single mothers set a monthly budget?

Question

i am trying to find out how to repair credit and maintaining good credit. i would like to know of all the free credit help and advice available.

Answer 1

My mom lives on a monthly pension, and knows that when she shops - she must do so for the entire month. That entails figuring out how much toilet paper, aluminum foil, soaps and shampoos, and of course food will be needed for the month.

Beware of those repair-credit places! Many do not pay your debts on time, and some are outright scams.

Answer 2

A budget for anyone is the same.

First, figure out your monthly income after taxes - how much you actually get in your paycheck. Subtract from your take-home pay all of your regular bills - rent, electric, phone, credit card bills, etc. From what you have left, you need to decide how much you want to allow for food, clothes, entertainment, etc. If at all possible, put a few dollars into a savings account every pay. Even $10 a week will be a nice nestegg in case of emergencies.

The best way to get rid of your credit card debt is to whittle away at it until it's gone. Take whatever card has the highest interest rate REGARDLESS OF BALANCE and pay extra on that every month - whatever you can afford. Concentrating on eliminating the highest interest rate credit card will save you the most money. When that one is paid off, work on the next one.

If you are in deeper trouble, you can go to a consumer credit counseling agency. They will help you work with your creditors to lower interest rates or stop the interest completely. This is a free service to you. The credit agencies pay for the service so that you don't file for bankruptcy.

Speaking of which, bankruptcy is an option. It is not much more difficult to file now than it was before the laws changed. Almost any bankruptcy lawyer will give you a free consultation to see if you qualify. If you're $10,000 or more in debt, this might be your best option. It mars your credit for 7 years, but if you're in that deep, you won't be able to get a loan for the next 10 years anyway due to your debt.

Maintaining good credit is easy. Use credit cards for CONVENIENCE, not credit. Pay each and every card in full every month. If you can't pay 100%, do not use any cards until you have a zero balance. It's too easy to get thousands of dollars in debt if you don't.

Answer 3

The best starter budget is the "Envelope Method". You take an envelope for each of your major outlays such as Rent, Food, Utilities, etc. On the outside your make a list of the 12 months of the year. When you get paid convert the check to cash, put the right amount of cash in each envelope. Whatever you have left is called discretionary income, which means you can spend it anyway you like. The trick is to never spend money what has been allocated for something else. If you don't have enough money for your basic outlays then it's time to increase your income with a better paying job, more hours, or a second job.

Answer 4

I had to file bankruptcy 11 years ago, after my divorce. I find the quickest way to improve your score is to use one credit card for everything, and pay it off at the end of the month completely. Also, call a mortage company, and ask them if they will check your credit scores (tell them your not sure at what intrest rate you will quaility for, then they will do it for free), and the 3 crdit co.s will send you the info. Take care of whatever problems may be on there as well. Also, if you do have other credit cards, don't close them even though your not gonna use them. Other companies see that you have all this money you can access, but you dont. Thats what I did. You'll have to bite the bullet on intrest rates, but pay that card off every month, and your scores WILL improve. Good luck, and be patient.

Answer 5

I know how you feel and what I am going to propose may seem hard but it will be worth it in the end. when you get your first paycheck of the month pay on as many of your monthly bills as possible setting aside a hundred dollars for neccessities.(gas food ect) now depending on how many times you get paid a month is going to depend on how this works for you. if you get paid twice a month and half of your second check goes to your bills and needs also take the second half put 50 dollars in an emergancy account and the rest goes to a lump sum payment on the principle(make sure you specify this when making the payment otherwise they will apply it to the intrest first) before you know it you are paying of bills. Another thing i recommend and i know it can be hard is to cut or shred all credit cards. they lead to to much temptation when they have a balance. I also recommend using your taxes every year to pay off your debt in large amounts. now if you do all this and you make sure that all your bills are early or on time(with the way this works they should be) In two years time your debt record will be beautiful (bills paid off and on time or early) I strongly recommend the book the total money makeover by dave ramsey i didnt follow his rules intierliy but in a year and a half my debt has decreased by half. If you need more imput please let me know.

Answer 6

sounds like she has some complications coping which includes her economic equipment, and is widespread with of this yet do not imagine she will substitute. it really is why she receives indignant once you confront her about it. Is there any way you could bypass out and quit procuring her stuff? perhaps a contact of hard love will make her structure up and understand what she's doing?