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Money Management Basics for Single Parents

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Step 1: Determine What You Owe

As the head of the household, it's up to you to make sure that your entire family's needs are being met. In order to do that, you need to be extremely diligent when it comes to money management basics. This is not something that will happen by accident. Instead, you must plan for it and work toward it.

That's what this ten-day Money Management Basics course is all about. You can either follow the steps outlined below, or sign up to receive each lesson separately as ten different emails.

The first step is to set up your "office." Gather all of your bills, a calculator, a pencil, and your checkbook.

I would also recommend that you grab an old binder that you can use to keep track of your financial data, and a shoebox for storing paid bills.

Now you're ready to begin:

  • Go through all of your bills, and pay anything that is due within the next week.

  • If you have bills coming due that you cannot pay, notify the company and ask them to set up a payment plan with you.

  • Print a copy of the chart "Paying Down My Debts" or make your own.

  • On the chart, list all of your debts, including any car loans, student loans, and credit card debt.

  • In addition, list the total balance left to be paid on all of these debts, and the percentage rate you are paying.

  • For now, leave the fourth column of the chart blank, and store it in your "Financial Data" binder.

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