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5 Ways for Single Moms To Save Money

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It’s not easy being a single mom. You need support, resources and money-saving tips to keep your family going strong. Check out these 5 tips for single moms to save money. 

 




Just for Single
Moms: 5 Ways for Single Moms to Save Money

 

 

More black women
are single heads of households than ever before. These moms need support, great
resources and financial savvy to keep their families going strong. Check out
these five tips to help single moms save money.

 

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?

 

Take a good look
at your insurance premiums. How much are you paying every month? Can you raise
your deductible to lower your premiums? How about looking at your car insurance
to find things you can drop that you might not need? Talk to your insurance
provider to determine what your options are.

 

Consider compound
interest. It might seem like saving five or ten dollars here and there is not
much, but you might be surprised. If you put the money into a savings account,
you can build up enough money for a mutual fund or the like, and that’s when
compound interest kicks in. Compound interest can build up over years and leave
you with thousands of dollars more than what you had to begin with. It’s
definitely a way to make your pennies pay!

 

Cook foods from
scratch. Convenience foods are a huge drain on your bank account. Choose to make
your own baking mixes, spices, and the like from your kitchen counter, and
watch the money build up in your bank account. You can even buy in bulk and
freeze it to get the savings from the larger purchase.

 

Talk to your
credit card companies. Your credit card companies are surprisingly reasonable
if you have a good relationship with them. Give them a call and simply ask them
to lower your interest rates, at least for a little while. When you get the
lower rate, start paying more each month, and you will pay it off much faster.

 

Have a big yard
sale. Go through your closets and cabinets. If you haven’t touched it in six
months, it’s time to get rid of it. Why not have a big yard sale? Your kids can
help you, and you can give them a small share of the profits. That’s a great
way to turn your old junk into serious currency.

 

 

 

Jenna Lang writes
articles for single moms in need of financial help and advice.  You can
visit her site at www.singlemomfinancialhelp.com  for additional
information on education, career and business issues, home matters,
relationships and education.

 

 

 

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