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5 Ways for Single Moms to Save Money

by Jenna Lang

Single moms are always looking for ways to save money, and for good reason – the more money you keep in your bank account, the more peace of mind you and your children have. It’s important to find ways to cut corners on the little things that perhaps you don’t think about too often, because those are usually where your biggest money drains are. Which of these options can help you save money?

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Madlynn is Kid of the Month

Cutting Grocery Costs without Cutting Nutrition

Simple, healthy, and affordable ways to weather the rising price of food

by Karen Collins, R.D., American Institute of Cancer Research

Grocery prices are projected to increase again in 2008 – that’s following 2007’s highest annual increase in 17 years. But surviving these tough economic times doesn’t have to mean sacrificing good nutrition. Some simple strategies can help you cut food costs and eat more healthfully, too.

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Using Insurance to Reduce Risk

econ4u.org

All Choices Involve Risk: There are no risk-free choices. Usually, the best way to reduce risk is to take action yourself. For example, to reduce health problems, eat right, get plenty of exercise, get enough sleep, don’t smoke, avoid drugs and so forth. But, since there is no way to avoid risk completely, a common approach is to buy insurance to help reduce the financial losses that can result from bad things that happen.
How Insurance Works: ...In the real world, the fee (premium) would have to be large enough to cover not only the losses but the cost of operating the business and earning a profit. And because things don’t always go according to plan, an insurance company needs to be prepared for unexpected costs. If 10 residents have their apartments robbed, the insurance company needs to have enough cash in reserve to pay them back, for instance...

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How to Save on Your Grocery Bill

A full cart doesn’t have to leave you with an empty wallet

by Kati Neville

Don’t buy non grocery items at the supermarket. Health and beauty goods are usually cheaper at mass-market retailers, like Target. And you’ll find the best deals on paper products at warehouse clubs.

Purchase oranges, onions, and potatoes in bags rather than individually. You’ll pay roughly half the price.

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Fix, Freeze, Feast

by Kati Neville and Lindsay Tkacsik

In addition to recipes they also have tips for organizing your shopping list, packaging meals and preventing freezer burn...

Are women paid less than men?

by Diana Furchtgott-Roth

One of the concerns of working women is the “pay gap” – the alleged payment to women of 78 cents for every dollar earned by a man. But there are more behind these numbers than first meets the eye, because women work different hours, major in different subjects, and choose different careers.

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Gut Decisions May Not Be Smart

by DEIRDRE VAN DYK

If you have ever struggled with a difficult decision — new job vs. new boyfriend, sports car vs. minivan, read the book vs. see the movie — you have likely also been offered a heap of decision-making wisdom. Make a list of pros and cons. Go with your gut. Sleep on it.

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5 lessons the rich can teach you

They don’t just have more money. They spend it, borrow it and save it in ways that might benefit you, too.

by Liz Pulliam Weston

... Studying the habits of this relatively large and growing group of affluent folks can teach us a lot. These people don't just have money; they treat it differently than people farther down the economic ladder.

The rich are indeed different
At least, so say various surveys of the affluent. Among the most notable differences:

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Saving money - you can do it

Strategies for saving more and spending less

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Banking news
 

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Single Moms - find here resources on financial aid, scholarships, help with basic needs, food, prescription drugs, health care, housing, legal info, and much more...

 

Solutions to Single Mothers in Debt

 

by Kelly Kennedy

As a single mother, lets admit it, times get tough. You are fortunate enough to have your children that mean the world to you, but it doesn’t come cheap. Of course you’d do anything to keep them safe, even if that means struggling financially to support their well being. Debt can get out of hand fast and with only one income it’s hard to pay monthly rent, mortgages, utilities, and food expenses on top of credit card bills. This leads to unwanted stress but can be prevented if you get help.

 

If your monthly debt payments, not including mortgage or rent, surpass 20% of your income, your debts are a serious problem and they need to be addressed as soon as possible.

 

Solutions for a Single Mother in Getting Out of Debt:

 

Do it Yourself Approach

 

If you feel you have little debt but are starting to get concerned about being able to pay it off, consider setting up on a budget if you don’t have one already or reevaluate your current one. A budget is a way to view your personal cash flow, which is your money that comes in each month, and your money that goes out each month. You’ll need to keep track of all your spending for one month to establish an accurate budget. Keep a record of your monthly income and all your monthly bills and other receipts even if you are paying with cash.

 

Once you see what you are spending, you should be able to cut back on certain items especially on impulse buys like candy bars or everyday items you don’t think add up to a lot but do in the long run, like morning coffee at your favorite coffee shop. Make goals for your self to set aside a certain amount of money each month to put into a savings account or to put towards paying off other debt.

 

After you create a budget you can choose to eliminate your debt on your own by ripping up your credit cards, dealing with your creditors, and still making all your payments on time. However if you tend to be late on monthly payments it’s recommended that you consider the next option for debt relief.

 

Credit Counseling and Debt Management Programs

 

If your debt is severe it’s recommended that you get help and fast. This is where most people’s embarrassments sets in and are afraid to get help. However credit counseling is a great option to help you eliminate your debt. You can find companies that do it for free, and all your information is kept confidential. A credit counselor will evaluate your current situation and then recommend the best solution for you.

 

A credit counselor may suggest a debt management program in which the counselor would work directly with your creditors as well as provide you with additional education, guidance, and motivation to make sure you get through the plan and pay off your debt. This simply includes sending a single payment each month to the agency, which is then dispersed to the creditors that you owe money to.

 

Debt Consolidation

 

Another debt relief solution is debt consolidation, where existing debts and mortgage payment are compiled into one. You would take out a loan, often times using your home as collateral. Most mortgage-backed consolidations pay the creditor direct to ensure pay off. However if you fall behind you put losing your house at a serious risk.

 

Bankruptcy

 

An absolute last resort and not recommended for everyone is filing for bankruptcy. With the new bankruptcy legislation you may want to review it’s recent changes and restrictions before considering declaring bankruptcy. Bankruptcy is a court action that can absolve part of an individual’s debt. However, it comes with a high price. Bankruptcy can destroy credit worthiness up to 10 years after the discharge rate and it can even restrict you from certain types of employment.

 

Now that you know all about the options to help you get out of debt, you can choose the one that is right for you. For more information on credit and debt management check out SingleMotherResources which provides help for single mothers by posting articles and tips on financial help, dealing with credit and debt management issues, household budgeting, as well as providing information and links to grants and scholarships for single mother.

 

About Author:

Kelly Kennedy is the Communications Specialist for MindComet Corporation, a full service marketing agency for Fortune 500 companies and international conglomerates. Kelly specializes in public relations strategies focused on single mother's financial guidance. Kelly has been author to hundreds of articles focusing on single mother financial concerns. She also acts as a contributing author for a wide variety of websites and newsletters. Kelly holds a Bachelors degree in Marketing from the University of Central Florida.

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Utility Prices are Significant Expenses

by Randi Lynn Millward

I don't know about you, but my electric bill is sky-high. I've been running around the house unplugging everything in sight so as not to incur charges from my appliances using "phantom energy".

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Because you are somebody special!

by Annette Bridges

Since my trip to Italy, my husband and I have enjoyed a delicious breakfast routine that often includes French toast, fresh fruit and a yummy cup of cappuccino.

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Our Friendships

by Laurie Cesario-Overton

We all have those days when we get overwhelmed and it seems like every time we turn around there is another problem.

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3 Money Rules for Stay-at-Home Moms

As we all know, life is unpredictable. We lose jobs, get divorced and even become widowed...
Here are three steps stay-at-home parents should take to better manage their own and the family’s finances.

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You May Have Too Much Debt But You Also Have Options

How Life Works

If you feel like you're in over your head with personal debt, you're not alone. Millions of Americans have become overextended, many as a result of easy credit and the recessions. Credit cards, medical bills, personal loans and raising interest rates do not make a good financial mix.

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Could fat babies mean fat toddlers?

A new study from Harvard Medical School found that babies who gained weight quickly had a sharply higher risk of obesity. The study followed close to 600 babies and found those in the top quarter of weight for their length at 6 months had a 40 percent higher risk of obesity by age 3 than smaller babies.

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Offer to barter

Dr. Marie - Advice for Pet Owners

A vetʼs office is a business that requires a lot of services. In many cases your vet may be willing to barter in exchange for veterinary services.

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How to Find the Best Car Loans for Single Moms

Financial Advice for Single Moms

The best car loans for single mothers might be just around the corner at your local car lot.

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Crystal Bowersox - A Single Mom And A Real American Idol

Read how the amazing Crystal Bowersox. the runner-up of American Idol Season 9, handles fame and life as a single mom, raising her 17 month old son.

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5 Ways for Single Moms to Save Money

Single moms are always looking for ways to save money, and for good reason... It’s important to find ways to cut corners on the little things that perhaps you don’t think about too often, because those are usually where your biggest money drains are.

read more

Suze Orman's Recession Rescue Plan - helps you survive in times of financial crisis

OPRAH.com

Do you know what your family would do if you lost your job - or worse, your home? Financial expert Suze Orman is ready to help you devise a recession rescue plan to survive - and possibly thrive - during this deepening financial crisis...

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Your Just-in-Case Emergency Plan

by RealSimple

Who do you call if you can't make it home in time to meet the kids' bus? Who do you trust to take in your mail when you're on vacation? Who do you trust with the extra set of keys to your house?

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How to save $10,000

By Liz Pulliam Weston

If you were hoping for a list of small tweaks you could make in your spending to save $10,000 a year, sorry. The reality is that $10,000 is a lot of money. And saving big money usually means making big changes in the areas where we spend the most, such as: Housing, Transportation, Food.

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The Super, Sexy, Single Mom on a Budget

by Renee Rayles

A quick reference guide designed for the busy, single mom who has

little time to read while running the mom taxi, cooking dinner, helping with homework, and trying to fit in a date night every now and then.

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Single Mothers &
Male Role-Models / Mentors

Single mothers carry an enormous load of responsibility, especially those having sole and/or primary custody of minor children. They nourish, they nurture, they teach, they discipline, they shelter, they protect, and they provide… all without the assistance of another equally-invested adult.

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Mom's Obesity Raises Newborn's Heart Risk

from the National Institute of Health

The more obese a woman is when she becomes pregnant, the greater the likelihood that her newborn baby will have a congenital heart defect, a new study suggests. The finding raises concerns because 1 in 5 women are obese at the start of pregnancy in the United States.

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The 10-Ingredient Shopping Trip

By Tara Parker-Pope and Mark Bittman

... In his latest “How to Cook Everything” segment on the Today Show, New York Times food writer Mark Bittman makes it surprisingly easy to cook a week’s worth of dinners with just a 10-ingredient shopping trip.

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Your 5-minute guide to protecting your identity

20 steps to protect yourself from identity theft, and seven ways to clean up things if you become a victim.

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Single Moms in the News

6 Best Celebrity Single Moms
Read about Halle Berry, Sandra Bullock, Michelle Williams, Reese Witherspoon, Kimora Lee Simmons, Mary-Louise Parker... read more

Diary of a Wimpy Kid: The Last Straw

by Jeff Kinney

For those wondering why tween boys don’t read very much, the answer is that more books aren’t like this...

read more...

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Money makeover: Single mom

Jacqui Sentmanat is trying to give her child the best of everything, but who's looking out for her financial future?

by Joe Light, Money Magazine staff reporter

(Money Magazine) -- When you're the single parent of an only child, you want only the best possible life for your kid. That's how Jacqui Sentmanat feels. But it's an expensive proposition.

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The best financial advice ever

Prince Charming isn't coming. Live like a college student.
Never co-sign a loan. Money experts like David Bach and readers like you share the best nuggets of wisdom they have ever received.

by Liz Pulliam Weston

... If you're not doing well financially, maybe you're finally ready to hear some advice that could make all the difference.

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Tips on How to Take Care of Yourself During a Global Crisis

by complaintsboard.com

During these last few months, the stress levels have been on the rise, from people struggling with finances, to the banking stresses, to the swine flu projected pandemic. There is a lot of uncertainty, a lot of unnecessary panic, and a lot of overall fear... For one thing, with the information overload that is being thrown in every which direction except straight leaves you wondering what is the truth, and what is not? ...

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Live well without going into debt by Donna Freedman

Living frugally (and debt-free) is a lot more fun than living with worry. I'll show you how you can enrich your life without breaking the bank.

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No More Money Stress!

...You have to remain positive..., because anxiety muddies your ability to think through problems clearly. Panic fuels rash decisions that could cost you much more in the long run than those made after careful deliberation.
If you've plunged into a financial funk, just take a deep, serenity-bestowing breath and follow these guides to regain control.

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