Finance tips for single moms in school
October 10, 2012
For those seeking higher education to provide a better upbringing for their kids, single mother scholarships may be the best option to pursue. There are plenty of resources out there to help match moms with available funds, but once this money is received, managing it appropriately is important, especially as work hours are reduced to make room for a school schedule.
Finding a balance may seem difficult at first, but it is crucial for single moms to figure out their finances before heading back to college.
Open a bank account
Lots of women want to have a bank account but not all of them do. Establishing this sort of resource can provide peace of mind and ease of access for money, but for some moms, putting aside any funds is a pipe dream.
The Huffington Post reported that a study by the Federal Deposit Insurance Corporation (FDIC) found that about one in five single moms has a bank account, with the rest relying on cash or alternate payment methods. For single moms in college, a bank account provides the anchorage and stability of money management, plus it may be essential for securing a scholarship in the first place. Many moms may be concerned about fees and other expenses associated with maintaining an account, but there are plenty of financial institutions that don't require any payments to keep a checking account open.
These resources will help with tracking income and expenses, making bill payments on time and relieving stress from general financial management practices.
Get health insurance
It may be an added expense, but if a mom with a college scholarship becomes ill and cannot afford treatment, she won't be able to finish her educational career. This gap could also affect any other job, as failing to show up at a job or being unable to perform basic tasks may result in a layoff. MSN notes that emergency funds can help cover much of these costs, but there will always be a shortfall due to the extreme expense of medical procedures. It may seem like just another expense, but it is an essential one. If a single mom has a hard time justifying it to herself, she should make sure her children get coverage as well to help them understand how valuable it is.
