I have written a post on 7 Effective Steps to Get Out of Mortgages and Loans for Job seekers who are unemployed. That would be a good read to start with to identify ways to get out of mortgages and loans. We need to identify the mistakes first, correct them, take new initiatives and learn financial discipline to get out mortgages and loans as a single parent.
Who is a Single Parent?
Who is a Single Mom?
SINGLE PARENT FACT
Common Financial Mistakes that Single Parents Make
1. Searching for Full Time Job Only
2. Earning Slow, Spending Fast
3. No idea of Rates of Mortgages and Loans
4. Small Financial Actions are better than Large Financial Decisions
- Do you have a line of credit @5.25%, why don't you search for a Homeline credit line @ 3.5%.
- Paid subscription to bunch of magazines and newspapers, Unsubscribe and get free copies from friends or online forums.
- Pack a lunch and save instant money.
- Join local buyers club and save on groceries.
- Take a list of items that buy at home in a month, categorize them as per cost and avoid high cost items and replace them with low cost item.
- Start Tracking expenditure with free mobile apps, take a print out every month and check ways how to reduce spending next month.
- Sell out old stuff and save space in your home.
- Look for cheaper deals using apps, newspapers and compare at least 3 places.
- Buy items and resell them in ebay, amazon, other sell-buy apps. Read more on Top 36 Android Apps For Buying and Selling Used Items.