Kids and Money

by | Oct 30, 2012

As kids grow older, it is essential that they know the value of a dollar. Usually when people say this they are referring to their kid getting their first job. But in retrospect, kids should be taught the value of a dollar and how to stretch it before their first job! Applying the following steps will ensure that your kids will learn how to become financial savvy.

Around the age that your kid becomes more aware of their surroundings and curious about everything, sit them down and have a chat with them about money and finances. First, involve your kids in creating and maintaining a budget. It’s a good idea to do this because the older they get the more money they will want. Second, kids should know how the money is spent. This will allow your kids to be more sensitive to money limitations, and maybe not ask for that really expensive toy in the window. And third, kids should know approximately how much money is coming in, and how much has to go out to maintain life. When kids know this information, they will be more sensitive to your role as the provider.

Knowledge about financial obligations might encourage kids to find ways to earn money on their own at a reasonable age. Not only will teaching your kids to become financial savvy be beneficial to them, but it will also encourage you to practice what you preach. In this economy, it’s always best to learn and save together as a family.

Control Your Spending for Financial Success!

by | Oct 23, 2012

Do you have trouble with spending your own money? Just about everyone, whether you’re a single parent or just single, at some point has trouble keeping their finances in check. Today, money can be tight and a very scarce thing. That’s why controlling your spending is the most key thing to those who can’t seem to hold on to their last penny!

Many people have different ways of keeping their finances in check, but not everyone gets to that point of making personal changes to their spending habits. To start managing your finances, first develop a spending plan to avoid overspending. You can do this by making a list of things you need, and afterwards assign a dollar amount to each thing listed. This way you can stick to a stricter plan and be more in control. After you’ve done that, get a few previous bill statements for things that you’ve paid for in the needs category for things like food, clothing, transportation, etc. Once you’ve done that, look at your bank account online for ready access to your funds and statements. This will allow you to match you list to what you have in your account already.

Managing money is more of a necessity nowadays to staying afloat in this economy. If you want to survive and make every penny count, following these steps will surely get you on a healthier financial track. And if you’re lucky, you can squeeze room in for splurges and more elaborate forms of entertainment and treating yourself!

Quick Budget Plan for Single Moms

Quick Budget Plan for Single Moms

by | Aug 2, 2012

I cannot express enough the ease of creating a budget if you have the right tools. For some it’s frustrating and complicated.

I have also taken the simplistic approach. I don’t have time for complicated and convoluted spreadsheets. Ugghhh!!!

So I take a sheet of paper and list all my income. Then I list my major household expenses. I add them all up and get the total. I take the total and subtract it from my income total to see what I have left. Very simple.

If I’m over or in the red, meaning more expenses than income I make adjustments or find a way to make more income. Working overtime helped or doing a side gig.

Getting Fancy with Budgets

A few years ago I learned that a budget should or could be created using percentages. Each household category gets a percentage of your income.

That is too much for my mommy brain, but I did come across a budget calulator tool by Crown Financial ministries.

It’s a simple, yet handy calculator that will give you a picture of what your budget could look like no matter how much income you have.

Just put in your yearly income and it will tell you how much you should budget for each category. Simple. Easy. Quick.

Of course you can adjust things but it’s a great way to get started.

Back to School FYI: How to Cut College Tuition by 85%

Back to School FYI: How to Cut College Tuition by 85%

by | Jul 15, 2012

Credit by exam: the missing piece in the college puzzle helps students reduce expenses

If you are a 21st century student, you may be facing concerns over the rising cost of a college degree and the prospect of future college debt. You may be wondering, can I achieve my education goals and still find a way to contain costs? Meanwhile, President Obama is calling for increased degree completion as an element of workforce development.

For many college students, one solution may be a sleeping giant: credit by examination, a valid and cost-effective means of earning credit for college-level knowledge. For many years, the military has promoted credit-by-examination programs among service members pursuing higher education. For bright high school students taking advanced courses, related exams can help them get a head start on college credit. But college-level exams are widely available for any aspiring college student – not just for advanced high schoolers and military members.

Consider this: Based on a typical full-time academic year, the College Board’s data indicates that the cost for a three-credit, semester-long course at a four-year institution can range between $752 per credit at a public college and $2,730 per credit at private, nonprofit colleges. However, the cost of an examination covering the same subject area as a three-credit classroom course can cost as little as $95.

So what is credit by exam, and how do you earn it? Credit by exam measures your subject area knowledge gained through traditional classroom study, through independent study or on the job as part of your career and professional training. You can also use a variety of online academic resources to study for exams including high quality, university-level educational materials called open courseware. These subject matter tests are available through such programs as Excelsior College  Examinations (ECEs), UExcel, CLEP and DSST and, typically, each program offers corresponding study guides. The tests are administered at thousands of secure, proctored testing centers in the U.S. and around the world.

As a student consumer, it’s important to make sure the exam program you choose has been reviewed by the American Council on Education’s College Credit Recommendation Service (ACE CREDIT), which provides course equivalency information to facilitate college credit award decisions. ACE CREDIT is an important stamp of approval for exams and coursework taken outside of traditional degree programs. In addition, you may also want to become familiar with the differences among test programs: ECEs, for instance, are the only exams developed and administered by an accredited college, and ECE results are reported as a letter grade on a college transcript.

“Higher education costs are front and center in our national education discussions, and independent study leading to credit-by-exam is a lesser-known way of helping to address this issue,” says Dr. Patrick Jones, vice provost at Excelsior College. “Students who meet the exam challenge can also advance more quickly through their chosen degree program.”

A student who decides to tackle four examinations – over several months, several years or during summers – can trim a semester or more from his or her college career. For long-term planning purposes, that’s the equivalent of thousands of dollars neither spent nor borrowed.  It’s also evidence of your personal discipline and academic independence.

Credit-by-exam programs can benefit colleges and universities as well. Traditional institutions facing overcrowding or faculty shortages can use credit by examination as a tool to retain students and assist them in degree completion. Ultimately, such out-of-the-box solutions can benefit you, the student, and the institutions committed to your success. Now more than ever, credit-by-exam programs are increasingly important alongside traditional and online coursework as a valid means of demonstrating your college-level knowledge. (ARA)

Supplemental Guide to Going Back to School for Adults

Going back to college is a big step if you have been out for a few years. But you know that upgrading your skills is the key to bigger and better opportunities. If you or someone you know is thinking about going back to school, here is a guide to help you through the decision-making process.

Click the link below to get the Single Mom College Survival Guide now.

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When Unemployment Knocks on Your Door

When Unemployment Knocks on Your Door

by | May 23, 2012

unemplyment pink slip

Over the last nine months I have been out of corporate America. In other words I am technically unemployed. Despite that my bills are getting paid and I’m learning what it means to be humble and wait for God to show me the right path to take.

I can blame everything on the recession but it would be pointless. It really wouldn’t change the circumstances of my life. I have good days and more challenging ones.

The great thing about unemployment is the time I’ve been able to spend with my kids. It’s been priceless being a stay at home/ work at home/homeschool mom. My children seem to like it too. My son is thriving and my daughter is too. She got straight A’s, is well liked, is a leader, and is involved in activities outside of school designed to build her sense of worth up.

This could have been a terrible time for me, but I’ve had the opportunity to stretch my faith, discover more of myself, and define my purpose.

I’m sure that I want to continue helping women realize their value, embrace their freedom, and attract love and wealth. I’ll be sharing more with you soon because I’m excited about the programs I’m about to bring you, so watch for them.

This journey has been a good learning experience for me. There is plenty more to learn though which means I’ll always be a student of life…

3 Tips to Staying Debt Free

3 Tips to Staying Debt Free

by | May 14, 2012

Single Mom MoneyIf you’re a single mother these days, then you probably don’t need anyone to tell you how hard it is to raise a child, or multiple children, and always make ends meet.  Often times, we rely on a combination of credit, extreme determination, and the grace of God to get us through.  Staying on top of your finances and following budgets can certainly be hard work among all the various other things you’ve got to worry about.  That’s why I’ve compiled this short list of tips that have helped me stay debt free, and on top of my financial obligations during times of serious struggle:

 Prepaid Cards

Prepaid debit or credit cards are some of the best options for those problem spenders out there that can’t seem to shake bad credit habits. Because you control how much goes into a prepaid card, there’s no risk of overspending or getting behind on payments.

They also offer the benefit of making you more away of how much you’ve got in your account and how much you’re spending on a day-to-day basis; checking your balance is usually as easy as logging in online via a computer or smart phone and makes for some very easy monitoring.

Getting a prepaid card is also extremely easy.  Just hop online and apply for a Green Dot credit card or a similarly helpful card that’s right for your needs.  In my personal finance journey I’ve found that these cards can truly help keep you out of debt and get you on the path to better spending habits in no time.

 Budgeting

I know it’s often hard to stay on track with budgets, but if you can create one and really stay adamant about following it, you’ll be saving more money than you realize.  Take the time to write down all of your expenditures over a two or three-week period, and then go back and look at that list.  You’ll probably be   appalled by the amount you’re spending on unnecessary items or items that you could do with less of.

Once you’ve got that information, you can start planning a monthly or weekly budget that only allows for the essentials, plus a small stipend for unexpected costs that pop up here and there.  This will save you tons in the long run if done properly, and is a great way to even start saving some money on the side for the future.

Credit Use

If you absolutely have to use credit cards, there are some important rules to follow for staying out of debt.  The biggest one is don’t use your card unless you absolutely have to.  I know it’s easy to pull out that little piece of plastic whenever you see a cute dress or something you feel like you really want, but in the end, it’s these impulse purchases that can kill your credit.  Also, try to keep your credit card count to one card if possible.

By opening multiple lines of credit you increase your risk of forgetting about payments or being late on others, which can be detrimental to your credit score.  This also brings us to the next point, which is make your payments on time and in full at all costs.  Missed or late payments not only damage your credit score, they will ultimately increase the amount you owe in accrued interest.  One or two late payments can lead to three or four, which can in turn snowball into a whole mess of debt.  Staying smart with your credit card(s) is probably the biggest tip to staying debt free in this harsh economy.

In using these three tips personally, I’ve gotten myself into much better spending habits and reduced my risk for debt substantially.

Although I still struggle in the day-to-day grind that is single motherhood, it’s nice to know there are others out there dealing with the same things and trying to improve all the while.  Hopefully these tips help you and your family through the times, and can potentially save you some extra cash in the end.