Single parent budgeting success: How one mum turned her financial situation around

Nobody plans to hit financial rock bottom, and Jenni certainly didn’t. At 34, she had a stable job, a lovely home, and a manageable mortgage. She knew how to live on one income; or so she thought.

Things took a turn towards the end of her pregnancy. Medical complications forced her to use up her annual leave and sick days before the baby even arrived. When little Charlotte was born, she needed weeks of intensive care. Normal childcare options? Out the window.

Faced with the reality that full-time work wasn’t an option, Jenni watched her carefully laid plans unravel. “I had all these bills to pay and living costs… I knew I was good with budgeting, but things were spiralling,” she says. Those unexpected expenses kept piling up, creating an even tighter budget.

Honestly, life happens. One minute you’re planning your weekly grocery shop, and the next you’re wondering how to stretch every dollar to cover all of your financial obligations. It’s overwhelming, but you’re not alone; and there’s a way through it.

Jenni applied for government support, but bureaucracy doesn’t move quickly. Nearly four months passed before she received her first payment. In the meantime, her single parent budget barely covered basic living expenses.

Selling her home seemed like the best solution. But when that failed, she moved out and rented it out instead, hoping the rental income would cover her mortgage payments. It helped; but not fast enough. Her home loan repayments were already overdue.

Bills piled up. Late fees and loan interest stacked higher. All this while caring for a sick baby. And then there were the relentless creditor calls. “It’s the most awful thing,” Jenni recalls. “Even today, I hate the sound of my phone ringing.”

As a responsible person, Jenni found it soul-destroying. “When you’re doing your best to pay what you owe, but nothing you do is enough, it’s crushing. The worst part was not knowing what I could offer. I didn’t even know what I could afford.”

Desperate for help, Jenni tried financial counsellors. “They kept asking, ‘How did you get to this point?’ It felt like they assumed I had a gambling or drug problem.”

Then she saw an ad for MyBudget. “I felt like I was about to lose everything I’d worked my whole life for. People had already come to repossess my car twice.”

Enter Tom, her MyBudget money coach. “He was lovely,” Jenni says. “I felt like I had to justify myself: ‘This isn’t how I normally live.’ But Tom just said, ‘We all need help sometimes. You’ve come to the right place.’”

And honestly, isn’t that what we all want? Someone to swoop in, like a budgeting superhero, and say, “Hey, we’ve got this.”

Tom reviewed Jenni’s finances and discussed single parent financial strategies. For the first time, Jenni saw a light at the end of the tunnel.

“Tom said, ‘It’s a mess, but we can fix it.’ He immediately started contacting my creditors. ‘They won’t call you anymore; they’ll call us.’”

Jenni finally felt a weight lift off her shoulders. “We sat down and worked out what I could afford. Knowing that MyBudget would handle the creditor calls for me was an incredible relief.”

One of the biggest expenses for single parents is housing, whether it’s rent or mortgage payments. MyBudget helped Jenni manage her home loan and avoid high-interest debt by refinancing through MyBudgetLoans.

Jenni also started building an emergency fund. Yep, an actual stash of extra money for those unexpected expenses; because we know all too well, life doesn’t give you a heads-up before throwing curveballs.

Jenni’s single parent budget was tight at first, but MyBudget helped ease her cash flow with informal arrangements for her creditors. Her personalised budget plan showed exactly what she could afford and how things would improve as her debts caught up.

MyBudget also helped Jenni adjust her budget whenever new expenses popped up; like when Charlotte needed extra medical care or school fees.

Fast forward to today: Jenni and Charlotte are back in their home. Charlotte’s health has improved, and Jenni’s returned to work. With MyBudget Loans, she refinanced her debts into her mortgage, saving even more.

Now, Charlotte is thriving. Dance classes, swimming lessons, and private school fees are all covered. Jenni says, “Four years on, I have savings, a nice car, and all my bills are paid on time. MyBudget gave us hope for our financial future.”

Jenni’s story is a reminder of how life-changing it can be to seek help when you’re struggling as a single parent. Turning to MyBudget gave her the tools to completely change her financial course and build the future she always wanted for herself and her daughter. The right guidance at the right time can set you on a path to financial independence; and you can do it too.

If you’re a single parent looking for extra help, there are a number of government and community services available to support you:

• Services Australia: Offers information on Centrelink’s parenting payment, get estimates with the single parent payment calculator, and assistance with managing basic living expenses.
• National Debt Helpline: Provides free advice from financial counsellors to help you manage personal debt.
• Lifeline Australia: A 24/7 support service offering emotional and mental health assistance for those feeling overwhelmed.

These resources can help you tackle unexpected expenses, access emergency funds, and navigate your financial situation with confidence. Seeking help isn’t a sign of weakness; it’s the first step towards building a better financial future for you and your family.

If you’re looking for a more tailored solution to manage your budget, tackle debt, and build savings, MyBudget can help. Our personalised approach is designed to fit your unique financial situation and guide you towards long-term financial success.

Parenting on your own is challenging enough. Add financial stress, and it can feel impossible. But you don’t have to tackle it alone. If you’re struggling to stay on top of your finances as a single parent, budgeting doesn’t have to be a solo mission.

MyBudget can:

☑️ Create a personalised budget that works with your single parent income

☑️ Manage bills, debts, and unexpected expenses without the stress

☑️ Handle creditor calls and negotiate on your behalf

☑️ Provide practical strategies to help you achieve financial independence

A free budget consultation costs nothing, and the customised budget we create is yours to keep. We’ve helped over 130,000 Australians get back on their feet, and we can help you too.

Enquire online or call 1300 300 922 to book your free budget consultation today.

For over 25 years, MyBudget has been helping Australians pay off debt, build savings, and create long-term financial goals. You have nothing to lose, give us a call today!