Single Mom Start-Up Debt

Custom Silhouette Print - Mother and Children

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

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