Finding financial bearing through careful calculations
November 26, 2012
Single moms with college scholarships need to be wary of the expenses they incur while in school. Simply saying they will spend less on certain items or go out to eat less might not be enough to balance work, school, kids and home, since stress can make laziness a more appealing option.
The intricacy of affording a college education is one area where some may feel tempted to slack off and think about later, since it can be a very stressful and time consuming process to work out the intricacies of budgeting. However, putting in the effort now can help ensure financial fitness and viability in semesters to come, making it easier to maintain college scholarships.
Finding financial aid
There are plenty of resources online for planning money, finding scholarships and building better strategies for monetary wellness. Many of these are aimed at helping all kinds of students, including single moms, make better-formed decisions about how to save and spend their money, plan their finances and ensure money is set aside for the children.
Intricate organization is helped greatly by a strong financial calculator, which are available online with a variety of extra features and specific purposes. There are different ways to estimate savings plans, budget guides, insurance costs and various kinds of loans, as well as corresponding tools to assist with these procedures. Such resources can give a good idea of what moms are doing wrong, how to fix it and make better choices in the future.
Expected Family Contribution
Providing companies with an expected family contribution (EFC) can help a single mom in need of college funding appeal to third party entities in a more streamlined fashion. Presenting this figure at the start of the application process can avoid the hassle of CSS profiles, which tend to give a less favorable financial status to single parents. All About Financial Aid wrote that EFC is calculated and trusted by federal programs like FAFSA, whereas CSS is an outside measurement and adds the extra weight of home value against contribution calculations. This can be harmful to the award a single mom with college scholarships might expect to receive.
