Single moms with college scholarships can save for the future
October 23, 2012
Balancing all the time and money expenditures that go along with being a single mom with a college scholarship can make it feel impossible to save anything for the kids, holidays or extra expenses. There are opportunities to manage this feat, though, but finding the way to do it can be tricky without getting some financial advice. Here are some tips to help single moms in college get by.
Look online
The first thing needed is good financial advice, and that can be costly if a single mom goes out looking for a certified accountant, a life coach or someone else who touts himself or herself as a professional adviser. Sometimes there are on-campus resources for single moms to help learn about money saving and planning.
Getting a bank account is one of the best strategies, though, because it provides a safe place to keep funds, track income and expenses, and get certain financial services for free. Using a bank that has a presence at school can make it easier to build a lifelong relationship with a financial institution, which in turn could lead to finding out about services like student savings for children and investment strategies to build money for the future.
Buy cheaper products
There is usually a store brand of everything at the supermarket, and switching to generic products can reduce bills, according to Single Parents Online. Looking for sales at the store like buy-one-get-one can help one stock up on things that are used regularly and not have to buy them again for a while. The source also recommends doubling purchases to make things ahead of time, so leftovers from big batches of prepared dinners can be refrigerated for later. This will also help reduce the cost of eating out, as making meals before going to school will make single moms with college scholarships better prepared.
Take assistance
It may feel hard to accept help, but public assistance is there for a reason. If a single mom qualifies for food stamps, this can mean more healthy foods like fruit, veggies and meat can be purchased each week. Services like Toys For Tots can help make the holiday season better too, Filthy Richmond reports.
Finding ways to take the pressure off mom and save money for the future, but finding innovative ways to cut costs is the key.
