When your kids are young, life is already expensive. From the moment they are born, their need for things starts to multiply. Diapers, bottles, clothes, doctors visits… You name it and your baby will probably need it. As they get older, their cost of living doesn’t seem like it gets any lower. And finally, by the time high school graduation rolls around, college looks like an insurmountable mountain to be climbed. For single moms, the burden of paying for college is even greater. How can you expect to survive your children’s college years without taking out multiple loans and inevitably going into debt?
Rather than looking at the big picture of paying for college, see it as daily choices that you can make to set aside money for the future of your children. As a single mom, you may not have the benefits of a second income, but you can make small, yet practical, choices which in the long run pay off with huge dividends. Simply cutting out Starbucks over the course of eighteen years can mean nearly $20,000 in savings! And by foregoing your trips to the nail salon each month, your child’s college fund will have an extra $7,500. Check out this helpful infographic from GED Academy and find out more easy ways to save for the future of your children. College doesn’t necessarily imply future debt, so begin saving today!