I shared with you what happened when I sold my engagement ring after I got divorced. Back then the only way to sell your engagement ring online was to go to Craigslist or some other classified directory. I didn’t get the best price I’m sure because I wasn’t well informed. I didn’t get the ring appraised, in fact, I didn’t really know I could take it to a jeweler to find out all the details about the ring.
Things are different now so you don’t have to practically give away your diamond ring. You have options for selling your ring online and getting the best price instead of the first price someone throws your way.
I got information about Worthy.com recently and feel it is a great way to sell your diamond engagement ring online. The site was created so women who have jewelry laying around can sell it for a great price to the highest bidder. I decided to give a try myself so I went to the website and started the process of selling a wedding band. In the Worthy Review tutorial video below you can see step by step how to sell the rings online. It’s very easy to do so take a look at the video and then dig out your diamond rings and start selling.
Fast Facts:
The estimate is free
The shipping is free
Listing in the auction is done for you
You get to decide the lowest amount you’ll take based on the appraised value
You get paid in 7 days after the sale of your jewelry
Have you sold your engagement ring or wedding band? Do you think you would sell it now that you see how easy it can be?
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.
Groupon Goods the Place to Buy Inexpensive Gifts for Women and Teens
We are officially in the Holiday Season! Wow! I can’t believe how time has flown so quickly. Just 11 months ago it was my birthday :-p. This is a semi-stressful time for me because my son starts putting pressure on me to prepare for the holidays. 🙁
It’s his favorite time of year because it means, gifts, family, friends, and food. His top four things. So what’s a wait-until-the-last-minute mom on a budget who hates shopping to do?
My best bet is to get out the laptop and start researching ideas (and prices). On top of waiting to the last minute I am a bit scatterbrained so I’m constantly looking for that website I came across six months ago. Ugh!!! Where is it…
One site I rarely forget about is Groupon Goods. It is my go to place for products, services, and travel discounts. A couple of years ago I did most of my Christmas shopping there and it was featured in Essence magazine.
For my holiday gifts this year I’m going back to Groupon Goods to snag some great prices at a discount.
My daughter wants make-up, jewelry, clothes, and electronics and my son wants cookware, superhero gear, and whatever else I decide to get him :-).
What do you have on your early holiday shopping list? Will you be shopping on online or in the stores?
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 leaves are changing color and Halloween is almost here, which means the holidays are approaching fast. Now is the time to get your credit cards in order and avoid holiday overspending. Here are six ways to prepare your credit cards for the holidays.
1. Check Your Credit Score
Your credit score is one of the greatest indicators of the overall health of your finances, so it pays to know where you stand. You can view two of your free credit scores, updated every 14 days, by signing up for an account on Credit.com, and by checking your score, you can see what areas you need to improve. For example, you may find out that you need to do a better job making loan payments on time or lowering your credit card balances. And if you have problems with your credit, then you can adjust your holiday shopping plans accordingly, so you don’t do any more damage.
2. Take Stock of Your Cards
Before your holiday shopping begins, you’ll want to know which cards you have at home, in your wallet and elsewhere. Perhaps you have some credit cards that you keep in your car, or at work. Or you might have signed up for store credit cards in last year that you forgot about. In any case, make sure that you can find all of your cards, and double check that the accounts are still open (and, ideally, in good standing).
3. Check Your Available Credit
One reason that you should take inventory of your credit cards is to see each card’s line of credit and how much of it is still available. That’s because your debt-utilization ratio — how much credit you’ve used versus how much is offered to you — is one of the biggest factors that determine your credit score. If you’re bumping up against your available credit limit, that’s a sign that you may have taken on too much debt and need to adjust your spending habits.
4. See Which Cards Offer the Most Rewards
If you are in the habit of avoiding credit card interest charges by paying your statement balances in full, then you may be the type of credit card user who could benefit from a rewards credit card. You may be able to find credit cards that reward you for the kind of shopping you do over the holidays. For example, the Chase Freedom card offers 5% cash back on up to $1,500 in spending each quarter on select categories of merchants. From October through December, that category is department stores, wholesale clubs and drug stores, and you can check Chase’s website for specific stores that fall into those categories. That’s just one example — you can see our roundup of the best cash back rewards cards here.
5. Examine Your Cardholder Benefits
While most people focus on credit card rewards, your card’s purchase protection benefits could offer you tremendous value during the holidays. For example, a price protection policy could refund you the difference when an eligible purchase experiences a price drop. A return protection policy could come in handy if a merchant is unable to accept or offer a refund for an unwanted item. Damage and theft protection policies are commonly found on many credit cards, while extended warranty coverage can add a year to your manufacturer’s warranty. By knowing which policies your cards have, you can choose to use the ones that offer you the most valuable benefits.
6. Create a Budget
The final, and perhaps most important, way to prepare for using your credit cards during the holidays is to examine your budget. It’s very easy to get carried away with your holiday spending, so it’s vital to create a budget before its too late. After all, you don’t want to bump up against your credit limit, as we mentioned earlier, or take on so much debt that it drags down your credit score.
By deciding in advance how much is prudent to spend during the holidays, and by closely tracking how your actual charges compare to your budget, you can keep your spending under control. When you prepare your credit cards well in advance of the holidays, then you can start the new year off in a good financial situation, rather than making up for last year’s missteps.
Note: It’s important to remember that interest rates, fees and terms for credit cards, loans and other financial products frequently change. As a result, rates, fees and terms for credit cards, loans and other financial products cited in these articles may have changed since the date of publication. Please be sure to verify current rates, fees and terms with credit card issuers, banks or other financial institutions directly.
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.
Last year, most of us in the colder states got lucky with one of the warmest winters on record. We didn’t have to crank the heat and cheaper fuel prices staved off high utility bills. But we might not be so lucky this year.
Although no one can never truly predict the exact weather months in advance, The Farmer’s Almanac is predicting “exceptionally cold” weather for most areas of the U.S. and some pundits are predicting increased utility costs as a result. If you’re hoping heating bills don’t bite into your holiday budget or new year savings plan, read on. We reached out to energy savings experts in some of the coldest states in the U.S. to find ways to lower your utility bill.
1. Insulate Walls, Attic & Floors
In Alaska, the coldest state in the U.S., surviving the cold is a matter of life or death. Temperatures routinely plummet far below zero, and have set the country’s low temperature record of -80 degrees. (Alaska’s winters get so cold that a steaming cup of water will freeze before it hits the ground.) “Since fall is so short in Alaska, many people start thinking about their winter energy use near the end of summer,” said Michael Rovito, spokesman for Alaska Power Association/ARECA Insurance Exchange. They make insulating their homes a priority. “The first task many Alaskans think about is to make sure their insulation and weather stripping is in top condition. This helps to prevent against heat loss from the home during the long Alaska winters,” Rovito said.
According to the laws of physics, if it’s colder outside, heat will always leave your house without a proper barrier to block its departure, and “experts estimate that 40 million single-family homes in the U.S. need more insulation,” according to Black Hills Energy, which provides gas and utilities to some of the colder states, such as Wyoming, where January temperatures can hover around -5 degrees.
Insulate just about everywhere. Things like improperly installed ceiling fans, chimneys and improperly insulated ducts can whisk heat away and cost you up to 30% of your house’s heating (or cooling) energy, and a whopping 30% of your energy costs could be saved by better insulating your attic or top floor, according to Black Hills Energy. Another 20% of energy can be contained by insulating your exterior walls. And insulating the floor areas over crawl spaces, basements and garages can save another 8% if you insulate properly, according to Black Hills Energy.
2. When You’re Hiring, Get Specific
Some insulation jobs might need a professional, and if you’re choosing an insulation contractor, get a few estimates. Once you decide, make sure the contract includes the job specification, cost, method of payment and warranty information provided by the insulation material manufacturer, according to the Insulator Contractors of America. Keep in mind that some types of insulation are better for different areas of the house, and make sure that your contract lists the type of insulation to be used and where it will be used, and that each type of insulation is listed by R-value (which indicates resistance to the passage of heat).
3. Cover Windows
Heat escapes through a single pane of glass almost 14 times faster than through a well-insulated wall, according to Black Hills Energy. Other penny-pinching options if you can’t afford new windows or storm windows are plastic sheeting, a thick curtain made of thermal material and double glazing (i.e. installing another window or door to reduce the heat transfer between the windows or doors).
4. Apply for Help
If boosting your home’s energy efficiency seems like too much of a financial hurdle, the Department of Energy has a Weatherization Assistance Program which, according to its website, “provides funding to states, territories and tribal governments to improve the energy efficiency of the homes of low-income families, persons with disabilities and senior citizens.” It’s also wise to check with your utility provider since programs are also offered through many utility companies and there may be state programs to assist you as well.
5. Look for Energy-Efficient Appliances
“A furnace that is over 10 or 15 years old, may not be as efficient,” said Roger Morgenstern, spokesman for Consumers Energy of Michigan, which has several months of below-freezing temperatures. Furnaces now are 96 to 97% efficient, which means they burn fuel more effectively, he said. Also, have it inspected once per year by a licensed heating and cooling professionals. When buying appliances, seek Energy Star labels that indicate lower energy usage, and make sure your lint trap and exhaust trap are cleaned to prevent fire hazards and keep the dryer from working so hard, said Morgenstern. Also keep the dryer only 75% full so that the clothes have room to dry.
6. Consider a Programmable Furnace (or Thermostat)
Wouldn’t it be nice if your house could be toasty warm just in time for your arrival but stay cool during the day? This is another tool Alaskans use to cut their heating usage. “Many Alaskans invest in programmable furnaces so they can adjust the temperature of their home and control costs. This is helpful since it remains cold for so long that it’s important to regulate how long a household’s furnace runs,” Rovito said. Installing one before the winter could save as much as 20% on your heating costs and recover your investment in the first year, according to Consumers Energy.
7. Limit the Energy Vampires
Reducing your water heater down to 120 degrees, or turning it off when it’s not needed, can save you more than 20% on energy, according the U.S. Department of Energy. And some appliances and electronics still draw electricity when they’re not in use. Unplugging them or confining them to a power strip that you can flip on and off can help you to lower your utility bill. Also turn off lights when leaving a room, use timers on holiday lights and switch out old, fluorescent bulbs, recommended Rovito.
8. Put Weather Stripping Around Doors
If you can see daylight around your doorframe, or can feel a draft around a gap, get some weather stripping from the hardware store. “A half-inch gap around your door would be the same as a softball-sized hole in your door to let that cold air in,” Morgenstern said.
9. Know Average Local Utility Costs
Residents in some states spend more on their utilities than others, and, if you’re new to an area, or considering a new house and mortgage, it helps to know what an average utility bill will be for your source of fuel so that you can budget ahead. (You can check out our housing cost tool here for more budget planning.) It also helps to know your credit history, because some utility companies will charge you a larger down payment if your credit isn’t stellar. (You can get a snapshot of your credit report for free every 14 days on Credit.com.) People spent an average of $1,121 on their residential utility bills in frigid Alaska in 2012, according to a chart from the Department of Energy, and $918 in New York, while Hawaii spent $814 and Utah spent an average of $518.
10. Get a Budget Plan
This is a free option from your utility company that levels out your bills so that you don’t have to go into debt, overburden your credit card or become a holiday spending scrooge when you face a large utility bill. It works by mashing up your utility bills over the last year and averaging them into one consistent amount for each month. “That way, you’re not paying significantly more over the winter months and less over the summer,” said Morgenstern. If it’s a new home to you or your first year at your apartment, the average is taken from past bills at that address, but it’s reconciled and adjusted every year, said Morgenstern.
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.
Let’s face it, none of us are perfect — especially when it comes to money. But there may be some things you’re doing that are damaging your finances, and ultimately your credit profile, that you’re not aware of.
Take a look at these 26 habits and see if any of them apply to you. Changing your ways might help you improve your credit, ultimately giving you an easier path to getting good terms and conditions on any future loans, credit cards or lines of credit. It may be an easier adjustment than you expect.
1. Not Checking Your Mail
It may seem like a small thing to miss, but if you aren’t checking your mail on a regular basis you may not see that a bill has arrived, causing you to miss a payment. Sure, not all of your bills report your payment history to the credit bureaus (like your cellphone provider or cable bill), but if you’re late enough, the bill could end up in collections, which may appear on your credit reports. (You can see how collections and other negative items could be impacting your credit scores for free every 14 days on Credit.com.)
2. Procrastinating
It may be easy to think “this bill isn’t due yet, so I’ll get to it later,” but doing so may not be the best route. If you forget it long enough, you may miss the payment deadline and get hit with late fees or, worse yet, send your account to collections.
3. Choosing Convenience Over Cost
Have you ever noticed how everything convenient has an added fee? Buying concert tickets online, ordering food to be delivered, sending out your laundry — it all comes with a price.
Instead of racking up convenience charges on your credit card that you really can’t afford, think about if there’s a less expensive alternative. Give up that cab ride and take public transit. Sure, you may have to adjust your plans, but your wallet will thank you, as will your credit. Racking up a lot of debt may cause you to get too close to your credit limit, which can ding your credit.
4. Ignoring Your Budget
You went through the process of creating a budget, so it’s a good idea to try following it. Sure, there are times when you might decide to splurge on something you didn’t foresee spending money on, but overall it’s a good idea to stick to your budget. This way, when it comes time to make your student loan payment or mortgage bill, you’ll be more likely to have the funds to do so. Not only will this help you get those bills paid, but it will help you maintain a healthy payment history, which will benefit your credit.
5. Smoking
Smoking, vaping … cigarettes, cigars — whatever your vice, it’s costing you. The average pack of cigarettes in the U.S. cost $5.51 in 2015, according to Fair Reporters, so if you’re buying a carton of cigarettes on a weekly basis (typically 10 packs), you’re looking at about $55 every week, or $2,860 each year. Yes, we know this habit can be challenging to break, but think about this: By even cutting back a little, you could have extra money to put toward paying off your student loans or credit card debt, in turn helping to improve your credit scores (and your health).
6. Drinking
Another vice that may be challenging to give up is alcohol, whether it’s that bottle of wine in your fridge or martinis at the bar by the office after a long week. But your budget may thank you if you cut back on this expense too, as tossing another drink back can potentially land you in debt if you do it enough.
7. Eating Out Every Day
Eating out every day can be a fun social experience (and can get you away from your desk), but those mid-day meal charges add up. Try bringing lunch from home at least once a week to help you add a little wiggle room to your budget. And you can still enjoy some social time with coworkers away from your desk by enjoying your lunch together in the break room.
8. Trashing Parking Tickets
You were only there for a minute, or that meter ran out before you could get back to your car — whatever the situation, you got a parking ticket. And you don’t want to pay. But, if you choose to do that, you could ultimately end up paying more down the road, thanks to it ending up in collections.
And if you get the ticket in someone else’s vehicle (think teens driving Mom or Dad’s car) and toss the ticket, it could be damaging to the car owner’s credit. They may not even know about it until they review their credit reports and see this negative item is bringing down their scores, as it was sent to collections.
9. Going Over Your Data Allowance
If you’re going over your cellphone’s data usage, you’re going to be paying some hefty overage fees. If this becomes a habit, you’ll see your bill climb each month. And, if it reaches a number you just can’t afford, you may be looking at stalled payments. While this may not be reported immediately to a credit bureau, if you continue to miss payments, you run the risk of not only having your service shut off, but having your bills sent to collections.
To help you avoid costly overage fees, consider connecting to free Wi-Fi hotspots whenever possible— just make sure the connection is secure to help protect yourself from the risk of identity theft.
10. Maxing Out Your Credit Card
Your debt usage makes up a large percentage of your credit scores and experts recommend keeping the amount of debt you owe below at least 30%, ideally 10% of your available credit. Think of it like this: You may have a $1,000 limit, but that doesn’t mean you should spend $1,000 each month, especially if you don’t have the cash to pay off those charges in full come statement time.
11. Your Online Shopping Addiction
Some sites make it easy to get everything, from winter boots to items for your pantry, with just a few clicks and a charge to your credit card. And with that big of a selection, you’re sure to find items you never knew existed, but now that you do you just can’t live without them. But all this shopping can hurt your credit, as you run the risk of maxing out your card, which affects your debt usage — a big influencer of your credit scores.
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.
This little guide is an introduction to the 13 money lessons that will bring you peace, prosperity, and a brand new outlook on money. I have learned these lessons my life as a single mom. Being financially responsible for my children basically forced me to learn these lessons because I did not want to be a welfare mom statistic.
The tips in this booklet range from ways to control your financial life to a plethora of savings strategies for your big and small dreams.
Managing money as a single mom (or anyone) can be challenging when the income source is deficient. The secrets discussed here will show you how to use what you have, heal from your disappointments, and learn how to magnetize more money.
Let’s dive in!
1. Controlled Spending = More Freedom
To turbo charge your financial life begin by developing a spending plan to avoid overspending. If the word budget conjures up feelings of restriction and lack; call it a spending plan.
Understand that when you develop a spending plan you feel more in control and it’s easier to stop overspending.
The first thing to do is think about and list everything you need, and then assign a dollar amount to each item.
Review your past spending trends to get an accurate look of how much you spend for bills, food, clothing, car/ transportation, and entertainment.
Review your bank account online for a ready source for seeing where your money goes.
2. Give a Kid a Dime He’s Happy for a Day Teach Him About a Dollar He’s Set for Life (Kids & Money)
Kids should know how the money is spent so that they can be more sensitive to money limitations.
When kids know approximately how much money is coming in and how much has to go out to maintain a life they will be more sensitive to your role as provider.
Knowledge about financial obligations might encourage kids to find ways to earn money on their own.
3. Hedge off Disaster or Head to Vacation (Rainy Day Funds)
Have a savings plan to prepare for emergencies? It is hard to predict when an emergency will happen that requires a large chunk of cash.
Putting away money for a rainy day is very empowering (I’m speaking to myself here).
If you have money saved, that is specifically for these times, your stress level will go way down.
A stash of cash can relieve feelings of desperation and resorting to uncharacteristic behaviors.
Most financial gurus recommend that you have $1k-3k in savings. If you can manage to save at least $500 that is better than nothing.
Open up a separate account for your rainy day fund. Use your tax refund, raises, or other windfalls of cash to fund this account.
4. Get Smart About Child Support
Get child support payments direct deposited if possible. There is nothing worse than waiting for a check to arrive in the mail from your ex.
If you are getting support through the state, you should have the direct deposit option.
If you have an agreement with your ex, insist on having the funds automatically transferred to your account. The money will be taken out automatically so you won’t have to worry about getting the funds on time.
5. Keep More of Your Money in Banking Transactions
Join a Credit Union to avoid outrageous bank fees. Your money will earn interest over time.
If you are eligible to join, you can easily become a member by completing a membership application, depositing and maintaining the minimum par value of a share (generally ranging from $5 to $25), and paying a one-time membership fee if the credit union charges such a fee.
As a member, you will have the right to vote at the credit union’s annual membership meeting for the credit union’s board of directors and its other officials. All of the officials are comprised of members, like yourself, from its field of membership. (MyCreditUnion.gov)
Banks are notorious for nickel and diming people to death. There is a fee for everything from checks to account balances below a certain amount. A credit union may be available through your employer, your state, or your school. Find a credit union near you.
An alternative is an insurance-run financial institution like USAA or PenFed. These types of banks
6. Knowledge is Power for Purchases (Research, Research)
Research products or services online for quality and price before purchasing. Before you go out and buy a product or hire someone to do a job for you please, please check online.
When you research prices and quality of service you can same much time, effort and possible frustration.
Take a class on starting a business through the local Chamber of Commerce or SCORE. You don’t have to have an MBA to run a business but you can take a class.
8. Master Your Mindset About Money as You Think So Your Will Money Be
Change your thinking about money. For many people, especially single moms, money has many negative connotations. You don’t have it, there is not enough of it, and you don’t know where the next batch is coming from. We have a tendency to think that it is out of reach so we struggle with it.
Money is simply a tool to get the things we need and want. Of course not having it and thinking about your lack will not make it come to you any faster.
When you change your thinking about money, see its true purpose, and realize it’s abundance, you will have more of it.
Remember that there is more money available for you. Whenever I have to pay a bill, write a check, or spend money I keep that thought in mind. I will have more, not because I am doing anything special but because I just know that it will come again.
Let the money go to receive more. Think of it as a Money Cycle. Sometimes we get so caught up in holding on to money with such tight fists that we fail to realize that, “a closed hand cannot receive more”.
9. Creative Ways to Get Anything You Want with Little to No Money
When you look around the world it seems like everything requires money, but I want to share a little secret with you. It doesn’t.
There are ways to get anything you want out of life with little to no money. All it takes a bit of outside the box thinking and a little creativity. Read on to find out how to get more out of life with less money.
Discover other ways to get what you really want (money may not be the bottom line). With money constantly on the brain we forget that it is not what we really want.
The true needs are:
A roof over our heads
food to eat
clothes to wear
a problem solved
If you can look past money and see the true need or want, it’s easier to release the tension and negative thoughts about money and your situation.
Open your creative eyes and you find ways to get what you need without being burdened by the “not enough money” syndrome.
Bartering with Family/Friends
Barter with others including moms, small businesses, your health providers, etc.
Bartering was the first form of exchanging goods for services.
The basic idea is to give something to get something. You may have something that others need or want. It may be a product, service, or personal item.
Others may have what you want so you come to an agreement to exchange things or time instead of money.
The barter system is a temporary way to get what you need when money is flowing in slower than you want.
Join a Barter Club
There are bartering clubs all over the world. I belong to a club called TradeBank, and organized bartering club. I get what I need from members of the club using trade dollars. The value of a trade dollar is just like a real dollar.
You earn trade dollars by performing a service or delivering a product. Your trade account grows and give you more trade power. You can get medical, dental, contractor, retail, and other services. The Tradebank network is currently in cities across the US.
Join or Organize a Swap Meet/ Trade/ Exchange Group
Look for local swap meets with a regular schedule. You can connect with other women who have clothes, shoes, kids’ items, baby equipment, etc. that they want to swap with you. If you do not find one in your area you can start your own with ladies in your neighborhood, church, or community center. You can find out about swap meets on Facebook, Craigslist, and other community newspaper or classified ad sites.
Check out Freecycle Groups
People are always giving away free stuff in these groups. They’d rather give away stuff they don’t need to people who can really use it and appreciate it. There are hundreds around the country so you should be able to find one in your area. I’ve seen (and given away) furniture, equipment, clothing, and so much more. Here is the Freecycle link to check it out and find one in your city.
10. Truth About Being Need-y vs. Want-y
Learn to separate your wants and needs
Sometimes it is hard to separate our needs from our wants. Air, water, food, and shelter are really the only things we need to survive. Okay we need clothes too, but the basics are few. The rest of the stuff is optional.
Plan your purchases
When you see that you need (or want) a new thing it is very important to plan the purchase.
Write down what you need/want, do the research, save the money, and then make the purchase.
Make the wanted item a reward for doing certain challenging tasks that you may be procrastinating about.
11. The Giving and Gratitude Cycle is Huge for Prosperity
Your attitude about money plays a big role in how prosperous you become (and remain).
There is a saying, “the more you give, the more you get”. I’d like to add my own twist to it; “the attitude of your giving determines the altitude of your getting”.
The more grateful or thankful about the money in your life the more you will get. The more grateful for the things you have in your life the more you have. The more grateful for the people who help you the more people want to help you.
The same goes with the way you give. Give more (with gratitude) and you get more.
The interesting thing is you will rarely receive from the same place you gave. In other words, you will most likely not get anything from the homeless man on the street or the person you give a bag of clothes. You will get from a completely different source and often you will get back double what you gave.
Here are a few ways to practice giving with gratitude to increase your prosperity:
Pay your bills with a grateful heart. The services you receive in exchange for your money are essential for living.
Be grateful because you have the benefit of using the services provided by the city, phone company, car finance company, and on and on.
Allow the changed perspective to change your attitude about paying bills. You could be in a homeless shelter, unemployed, or living with your parents
Lights, water, a car, gasoline, food, and many other necessary services are reasons to be grateful. Paying the bills is a blessing so pay with a happy heart!
12. Get Obsessive-Compulsive About Saving
Get creative with your savings techniques. Piggy bank, change jar, online interest bearing account, PayPal, or mattresses. All of these items and location are places to save your money.
Where Will You Save?
It really isn’t about where you save it but how you save it. Here are a few ideas to get your saving juices flowing:
Savings can come out in addition to tithe or other charitable donations.
Savings may come out before taxes on the payroll into a 401K account.
Still others save all their loose change and deposit it when it overflows the container they are using.
The key to the savings method you decide to use, is to be consistent.
Saving $5 or $10 per pay period or per month is better than saving nothing at all.
Keeping it safe from your prying hands may be a challenge but when you commit to saving, and you have a purpose behind it, you will leave it alone.
The Big Savings “Why”
Decide why you are saving your money, find a picture to keep prominently on your bathroom mirror, and start saving.
Tape a picture to the fridge, go to online and look at the features, and plan how you are going to use item you want.
Save or invest your windfall (tax returns, student loan refunds, stimulus checks, monetary gifts).
Windfall Savings Method
The tax season is prime time for a money windfall especially for single moms. The child tax credit and earned income credit is the reason we get a fat tax refund.
Commit to saving at least half of your refund. Use the other half to pay down debt or may annual purchases such as car registration, insurance, or other yearly expense.
When you get that stimulus check put that in the pot too, along with your student loan refund, and that birthday gift money.
If you play the lottery, put your winnings in there too! 😉
13. Embrace True Independence and Make Awesome Financial Decisions
Too often we are focused on the loneliness of single motherhood so we can’t see the blessing it is to be independent. If you can see past the negative you will discover that your independence is a ticket to an amazing financial life. Change your mindset so you can change your life. Here are seven perspective shifts you can make to embrace your financial independence:
Relish the thought of not having to answer to anyone for your financial decisions. As a single mom you have such autonomy.
Every purchase you make for the benefit of you and your kids is worry free.
To save or spend; get in debt or get out of debt is all up to you.
There is no one to question you or blame you if there is no money in the bank and you don’t have to fight with anyone about balancing the checkbook or taking money out without letting you know.
Money is one of the major reasons for divorce so there is something to be said about separate accounts and a house account.
Resolve any money issue you have and get settled before embarking on a new relationship.
Just promise me that you will check out his financial history and habits first before committing to a long-term relationship or marriage with him.
Now that you know these 13 powerful money lessons, pass them on to your kids so they will have the best financial start in life. You are their best teacher not because of what you say but because of what you do.
Which of these lessons will you apply to your life first?
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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