For the first time in 10 years, I have gone into debt—a whopping $4,200—to restart my life as a single mom.
- I’ve had to buy a car ($1,000 down payment)
- rent an apartment ($2,400 for the first month and security)
- buy furniture for the apartment ($800 at IKEA),
- pay for the movers ($500)—in cash, thankfully.
I’m trying not to look at this debt as “bad debt.” I’d planned to set up a savings account for the separation, but I never had enough cash to spare.
The next step is to have a game plan for paying down the debt. Here’s mine:
- Sell the engagement ring. I should net about $2,000.
- Make a budget: To pay down the remaining $2,000 this year, which is on a zero-interest card, I’d have to pay about $200 a month.
- Find extra money: On the nights when my husband has the kids, I can work overtime, and dedicate those funds to the card.
I hate being in debt again. But I didn’t have much choice. The choice I have now is to deal with it responsibly. Sigh.
Your account. If your marriage was rocky, would you set up a separate “exit fund”?
Sasha Miller is a DailyWorth contributor, writing about the financial side of starting over as a single mom of two.
photo source: BlueCara's shop on etsy