Let’s face it — college is expensive. Whether you’re still in school trying to pay for textbooks and housing, a professional facing your student loans or a parent saving for your child’s future tuition, the cost of an education can result in debt that looms for decades. More people are finding that full-time jobs are not even beginning to cover the costs. Today’s side gig economy and sharing economy offers many different avenues to supplement your budget and ease the burden of education-related expenses, all while providing flexibility and self-determinant hours.
Do you have a car, auto insurance and some spare time? Ride-sharing apps, like Uber and Lyft, offer an opportunity to make quick cash by driving riders in your local area, using your own vehicle. Drivers work as independent contractors and receive a payment based off of how many hours or miles are logged each week. “They make it extremely easy to make quick money if I need it,” says Aidan Monheim, a student at the University of Massachusetts-Boston who drives for Lyft in his spare time to earn money for utilities and other bills. “It allows me to be flexible around my classes and earn money without working a set number of hours a week.”
Another “side-gig” opportunity that is gaining popularity is the home-sharing industry. Apps like Airbnb and HomeAway connect would-be travelers with locals willing to rent out rooms, or their entire home. Simply list your place on the site, and screen candidates based on your preferences. By listing your residence during peak travel times and arranging to stay with friends or family, renters can earn supplemental income for their education, with very little effort.
Direct selling provides a flexible opportunity for people to make additional income on their own terms, and within their own networks. Take Nakul Arora, for example, who became an Amway Independent Business Owner to help pay for business school. Amidst earning his degree, working full time as an accountant, and studying for professional certifications, 25-year-old Nakul worked his direct selling business in the evenings. “I saved every penny I earned through my Amway business to help pay for my education,” says Nakul. By joining a successful company like Amway, a global leader in direct selling, you can share and sell high-quality products to your friends, co-workers and colleagues to earn additional income. The unique flexibility of direct selling offers an opportunity for you to work as little or as often as you want, around traditional day jobs, classes, family, or other responsibilities.
Often described as the services used by those with more time than money, apps like TaskRabbit, Handy, Thumbtack and HomeJoy offer opportunities to get paid for home cleaning and maintenance work. Seemingly simple tasks, such as cleaning a home, mowing a lawn or assembling a piece of furniture can run up to $50 an hour. And the best part? Like Uber, direct selling and other gig economy services, you work on your own terms and can make your own schedule around studying, work or other commitments.
Is your closet piling up with unwanted clothes and shoes? Maybe you have spare furniture cluttering your storage space, or a drawer full of old electronics. Why not turn your clutter into cash? Apps like ThredUp, PoshMark and LetGo offer opportunities to sell your stuff in an auction-like setting, and do all the work for you — simply list your items, watch them get purchased and place them in a shipping bag that is provided by the company. Selling old items is an easy and painless way to make extra money for tuition, textbooks, or loans. (BPT)
Samantha A. Gregory is an author, consultant, and speaker. She’s a single-mom lifestyle, money, and parenting expert featured in The Washington Post, The New York Times, Essence Magazine, HuffPost, ABC News, and Mint.com.
Samantha founded the award-winning RichSingleMomma.com™, the first online magazine featuring personal finance, parenting, and personal development content and courses for single moms.
She aims to inspire women who are ready to thrive and not just survive in their single motherhood journey. Connect with her on Instagram @richsinglemomma.
The Top 25 Most Frequently Asked Questions about Homeowners Insurance
Owning a home is the American Dream for many people. Single moms are no exception. But owning a home is more than a mortgage. You have to protect your asset as well.
Do you know the worth of all your assets? Could you recover in case disasters like a fire or flood damaged your home? Could you recover from the theft of your property?
Homeowners insurance is one of the best types of coverage you can purchase if you own the home you live in. With this coverage, you can be sure of keeping a roof over your head and a shirt on your back. Homeowners insurance protects your property as well as your family and even your pets.
While many households have invested in homeowners insurance, not many truly understand its importance, or what it covers. Here are 25 commonly asked questions asked by consumers about homeowners insurance.
Do I really need homeowners insurance?
If you don’t want to pay out of pocket for property damage and liabilities – such as medical fees for dog bites – you need homeowners insurance. The cost of recovering from theft or damage as well as defending yourself in a lawsuit can run into the thousands of dollars. Unless you have no attachment or need to replace the items you own (including your home), you should have some level of homeowners insurance.
What does homeowners insurance cover?
This depends on the type of insurance policy you buy. According to a survey by the National Association of Insurance Commissioners (NAIC), 33 percent of Americans mistakenly believe that their homeowners insurance policy will cover them for flood damages.
A standard-form insurance policy doesn’t cover flood damage. Standard insurance policies usually cover damage by:
Smoke
Vehicles
Falling objects
Explosions
Fire
Lightning
Weight of snow, sleet or ice
Frozen plumbing and other household systems
Theft and vandalism
You may have to get extra coverage for other disasters.
Is homeowners insurance expensive?
According to a February 2016 study by the NAIC, the average cost of homeowners insurance increased by 6 percent to $1,096 in 2013. This is an average of $91 per month. This is much less than the thousands of dollars you would have to pay in case of a disaster or liability.
You can reduce the cost of homeowners insurance by comparing home insurance quotes online and searching for the best deal.
Is my backyard shed included in my homeowners insurance policy?
Yes. Real property is included under the policy. Real property includes your home, any shed on your property, the garage and any other structure on the property.
How much is my shed insured for?
The value of coverage for any auxiliary structure on your property such as a shed or garage, is dependent on the value of the main structure (i.e. your house). If the house is valued at $80,000 for example, then the shed will be covered for 10 percent of that value (i.e. $8,000).
Who decided how much my property is worth?
This is determined based on state laws. Insurance companies will base the value on various common methods including actual cash value, replacement coverage and extended replacement cost.
Are my valuables and jewelry included in the cover?
Standard policies have a limit to the coverage provided for jewelry. You may need to add extra coverage to ensure you are fully covered.
Am I covered for flood damage?
No. If you live in a flood-prone area, you may need extra flood insurance.
What about earthquake damage?
No. You will need additional insurance.
Will my policy protect me if my neighbor slips and falls on my porch steps and threatens to sue me?
Yes. Your policy will cover the damages if you are found liable.
Am I covered for damages if a tree on my property falls on my house in a storm?
Yes. You will be covered for damage of the roof and removal for the tree.
Am I covered for the removal of a tree that falls during a storm but doesn’t damage my property?
No. Your trees are covered for risks such as fire and vandalism but not wind damage.
Are my children who are away in college covered by my policy?
If your children are full-time students and still part of your household, they will be covered to a limit of 10 percent. Coverage for children living away from home varies from one insurance provider to another.
Is my mother-in-law who lives with us covered under the policy?
She will be considered as part of the household and will have her property covered under the policy.
Is my vacation home in another state covered under the same policy?
Insurance providers operating in multiple states can issue a policy to cover your vacation home. However, the second policy will only cover the property (i.e. a dwelling policy).
I work from home. Is my business property covered?
Yes. However, the coverage is limited. It is therefore best to have additional coverage.
Am I covered for natural disasters?
Natural disasters, also known as ‘Acts of God,’ are not covered by standard policy. Additional insurance is required.
How much will I be paid in case of damage to my personal property?
This is outlined in your insurance policy under special limits. The amount paid will depend on your cover and the insurance provider.
Are my possessions covered even when I’m on vacation?
Yes.
I rent out a room to a tenant. Are they covered under my policy?
No. Tenants are not covered under homeowners insurance.
Where should I start after losing my property?
Begin by taking inventory and then contacting your insurance provider.
What do I do when my property is stolen?
Contact your insurance provider immediately.
Is insurance for my condo different?
The coverage offered for condo owners insurance covers the same general areas as homeowners insurance. However, there may be some differences based on the specific requirements of the condominium unit owners.
Are there exclusions in homeowners insurance policies?
Yes. These include intentional loss, neglect, damage caused by war or general power failure.
My golf clubs were stolen from my car. Are they covered?
Yes. Homeowners insurance covers your property anywhere in the world.
Now that you have the answers to the most frequently asked questions are you ready to buy a home? If you already have a home do you have the protection you need? Be sure the home insurance agency you choose can answer all of your questions and give you the best value for your money.
Samantha A. Gregory is an author, consultant, and speaker. She’s a single-mom lifestyle, money, and parenting expert featured in The Washington Post, The New York Times, Essence Magazine, HuffPost, ABC News, and Mint.com.
Samantha founded the award-winning RichSingleMomma.com™, the first online magazine featuring personal finance, parenting, and personal development content and courses for single moms.
She aims to inspire women who are ready to thrive and not just survive in their single motherhood journey. Connect with her on Instagram @richsinglemomma.
In today’s economy, it is almost a necessity for moms to be frugal. Being frugal does not mean a reluctance to spend money, however; rather it is a reluctance to overspend. There are several ways to save money around the house and while shopping that can be utilized to help you meet your budget. Here are some money saving tips:
Nothing burns through a budget like eating out. The food is overpriced and the portion sizes are not worth the money spent. For the cost of one adult meal, you can feed your entire family – possibly for more than one night.
This is an important money-saving tip that will minimize the amount that you spend at the grocery store. For maximum savings, peruse the flyers and prepare dinner by what is on sale and use the coupons to enhance your savings. Clipping coupons will help lower the cost at the register. Many grocery chains also double the face value of the coupons up to $0.99.
3. Pack your children’s lunches rather than have them buy school lunch
School lunches are not typically high-quality nutritious food. You are better off packing your children’s lunches with healthy snacks and avoiding the charges for school lunches which have been steadily increasing over the last few years.
4. Make your coffee at home instead of buying it on the run
The cost of coffee at the retail chains can add up after a few days of buying. If you are a stay-at-home mom and your husband works, prepare a travel mug for him as he heads out to work instead of him buying coffee on the run.
Most of the clothing items at thrift stores are gently used. Typically, worn-out clothing is not accepted or put up for sale by thrift store owners. In addition to being gently used, the items are priced to sell for moms, such as you, looking for a bargain.
Paying full price on the racks at your local department store is definitely not a good way to save money. Some items do need to be purchased new, but can oftentimes be found on sale. Be sure to scan your flyers for sales, especially right before back to school and major holidays.
There are many money-saving tips out there for frugal moms. Just a few of them are listed above. Take the ideas and roll with them; it will not be long before you find other ways to save money on your purchases. Your budget will thank you.
Samantha A. Gregory is an author, consultant, and speaker. She’s a single-mom lifestyle, money, and parenting expert featured in The Washington Post, The New York Times, Essence Magazine, HuffPost, ABC News, and Mint.com.
Samantha founded the award-winning RichSingleMomma.com™, the first online magazine featuring personal finance, parenting, and personal development content and courses for single moms.
She aims to inspire women who are ready to thrive and not just survive in their single motherhood journey. Connect with her on Instagram @richsinglemomma.
Sometimes you have to get back to basics and your money mindset is where it all begins.
Head over to the Rich Single Movement Facebook Page to discuss with the RSM Community. You can ask questions and get tips on how to apply these principles to your life.
Samantha A. Gregory is an author, consultant, and speaker. She’s a single-mom lifestyle, money, and parenting expert featured in The Washington Post, The New York Times, Essence Magazine, HuffPost, ABC News, and Mint.com.
Samantha founded the award-winning RichSingleMomma.com™, the first online magazine featuring personal finance, parenting, and personal development content and courses for single moms.
She aims to inspire women who are ready to thrive and not just survive in their single motherhood journey. Connect with her on Instagram @richsinglemomma.
Back-to-school shopping can come with plenty of sticker shock, if you don’t plan ahead. This year, parents said they plan on spending more this year than last, with totals exceeding $900 to outfit and supply, according to a survey by Rubicon. To shave some dollars off that total, here are a few savvy strategies to save while preparing for school.
Watch for extreme deals
This is the key time of year to follow the cardinal rule of the extreme saver: Keep an eye on the ads for rock-bottom prices on school essentials. In the weeks leading up to the start of school, it’s your time to save big.
Take advantage of price matching
A traditional frugal shopper will tell you not to settle for anything but the lowest price. If you have to make six lists and drive all over town, being a penny pincher costs dearly in time. Instead, compare those weekly ads and save yourself some time by taking advantage of price matching. Staples, for example, offers a 110 Percent Lowest Price Guarantee, meaning all you have to do is show proof of a competitor’s lower price, and Staples will not only match it, they tack on another 10 percent off. If you are interested in learning more, visit www.staples.com/backtoschool
Stock up
If you find some unbeatable deals, stock up for next year. And don’t overlook this opportunity to replenish your home with art supplies to keep your child’s creative flow moving along. Either way, if Junior springs a due-the-next-day project on you, you’ll won’t have to go the store on an already busy weeknight. A great resource to stock up is the Less List for School offered by Staples, which features season-low prices on the essentials, such as pencils, composition books, notebooks, crayons, batteries, glue and more.
Don’t forget the thrift store
Make more room in your budget by looking at secondhand options for big ticket clothing items like shoes, coats and jackets. Choose the basics in solid colors for a timeless look. Sometimes, you’ll find a like-new, high-quality item hiding in the rack, and at a fraction of the price.
At this level of spending, it’s smart to capture savings where you can. Even if you save 10 percent across the board, it’s worth it because you’re still going home with a handful of $10 bills in your pocket.– (BPT)
Samantha A. Gregory is an author, consultant, and speaker. She’s a single-mom lifestyle, money, and parenting expert featured in The Washington Post, The New York Times, Essence Magazine, HuffPost, ABC News, and Mint.com.
Samantha founded the award-winning RichSingleMomma.com™, the first online magazine featuring personal finance, parenting, and personal development content and courses for single moms.
She aims to inspire women who are ready to thrive and not just survive in their single motherhood journey. Connect with her on Instagram @richsinglemomma.
Hi! Welcome to RichSingleMomma.com. I started this website almost a decade ago because I couldn't find any blogs back then that helped single moms with money. I was having some success in that area so I decided to share what I knew about side hustles, making extra money, and managing money. Read more...
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The Fundamental Principles of Personal Wealth is a free audio book (running time: 59 minutes) that you really should listen to.
– (BPT)
