Whether it’s the new year, a new job, a new baby or simply the right time to get your finances order, the process usually starts with setting some goals. The first step in the process of achieving your financial goals is to recognize what needs to be done to put yourself in the position you want to be in. Once you’ve identified those goals, you just need to figure out how to accomplish them.
TransUnion, one of the national credit reporting companies, recently asked people what type of financial goals they were looking to accomplish in the next year. Here are four of the most common answers and how you can achieve them if you, too, are looking to obtain financial health:
* Spend less on unnecessary expenses: The first step in cutting out unnecessary expenses is to determine your current spending habits to understand just how much disposable income you have so you can set a monthly budget and manage it wisely. TransUnion Plus is a new tool that allows you input all of your information about your bank accounts, loans and any other accounts that influence how you budget. By examining your spending habits during the past few months and inputting monthly payments and deposits using this tool, you can get a better idea about where you can possibly cut spending. To help stay on track, it is important to check your budget monthly to see how you are doing.
* Achieve healthier credit: Start by checking your score. This will give you a baseline, making it easier to track your progress. From there, check your credit reports frequently and look for any bad financial habits that may be keeping your score down, such as late payments or bloated credit card balances. Checking regularly can also help you minimize your exposure to identity theft and ensure your credit report accurately reflects your credit history. -If you discover information on your report that might not be accurate, you can find an online dispute form at TransUnion.com.
* Save more money: Once you’ve created your monthly budget, you can begin to identify ways to cut unnecessary expenses and save more. Sit down with your financial adviser to see what type of investments, such as a 401k, make sense with any money that’s left over. As you are reassessing your financial goals, review your investments to solidify your returns.
* Pay down existing debts: For most folks, paying down debts is the first step toward saving more, so the two often go hand in hand. Identify which debts carry the highest interest rates and focus on paying those off first. Attack credit card debt before you increase principal payments on “good” debt like students loans with low interest rates. As you’re setting your monthly budget, dedicate any money that’s left over to paying down your debts.
When you’re setting financial goals, it pays to develop a plan that you can execute and then have the discipline to stick to it. For more information about how you can achieve your financial goals and obtain budgeting tools, visit www.transunionplus.com.
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.
Learn to code. Learn to read and write code. Learn to use this medium to be creative. Increase your income. Be extraordinary.
I have been in IT or information technology for about 20 years. I started out in high school with a DOS-based computer learning how to type. I learned basic office application software at that time and was hooked on all things computers.
Maybe the reason I excelled is because I was not intimidated by this new technology. I was always the first one to tackle a new software program at my jobs. I created the first database for the county boat registration process where I worked, using a new software program. My manager had it installed and told me to learn it and create the database. It helped that I learned how to do it in college even after I had a C-average in my college classes, so you don’t have to be an A student, just be willing to take what you learned and apply it to a new project.
From those humble days in front of a green or orange on black computer screen to today where I am an IT consultant, my income has steadily increased. I can take care of my family. I can take vacations. I don’t have to rely on child support or be frustrated if it doesn’t arrive on time (or fail to come). I’ve been able to use my skills to earn a great salary and I’ll earn much more in the next two years because I am learning how to code mobile apps.
A Woman Who Can Code Can Write Her Own Paycheck
Show me a woman who can code or at minimum manipulate more advanced computer programs and I’ll show you a woman who can write her own paycheck.
Why am I such a huge advocate for coding and learning about technology? Because it’s the future and the future is now.
The Mistake Single Moms (and Most Financially Struggling Women) Make
I hear single moms talk about struggling to pay bills, buy food and clothes for their kids, desire a better neighborhood to raise their kids in but they don’t know how. They are stuck in low paying jobs, barely reaching lower middle class status. They have to get second jobs and struggle to find child care.
The sad part is most are clueless about how to get to the next level financially. Going back to school to become a nurse or secretary is just jumping from one misery to another unless you truly love taking care of the sick or being someone’s whipping girl.
The Reason Programmers and Computer Professionals Don’t Struggle Financially
Programmers and high tech people don’t struggle like this, because what they do is crucial to the world. If your job is crucial to the world you get paid well.
The Key to Raising Your Salary and Quality of Life
The key to raising your quality of life and salary is to get into some field of information technology. The time in school can be less than 18 months and you can come out with a certification that will command $50k at a minimum.
As a single mom you cannot always find a job you love or follow your bliss. Bliss won’t feed the kids unless you are an extraordinary marketer and can sale your dream.
How to Make Learning a Computer Programming Language or Specialized Software Worthwhile
But you can learn a computer program or become an expert at manipulating advanced computer systems. You can couple your passion for healthcare with health IT. You can marry your love of children and learn how to write software programs for kids. There are hundreds of ways to use programming with the things you love to do.
Start Small and Simple
So what are you waiting for? What is your excuse for not making a decision to learn how to code or learn complex computer software? Think your brain can’t handle it? Think it’s boring? You will never know until you try it!
To get you started visit Code.org to learn how to create a simple, but fun program. It can be a web-based program, a web page, or an app. Start small, read as much as you can, try it out and don’t be afraid to break something. You can’t possibly bring down an entire computer system because you are not a computer genius yet .
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 week there were about ten single moms on a the Ask RichSingle Momma Anything single mom support call. I had a great time talking with all of them and answering their questions.
The thing about being a single mom is there is this sense of isolation and feeling that no one understands. I’ve had many days like this where if I could just talk to someone who understood I would feel so much better. That is why I am doing these calls. We need someone to talk to about the challenges we face everyday.
The call focused mostly on financial issues but it also covered how to get through life successfully. You can check out the RichSingleMomma Facebook Page to find out everything we talked about.
Here is a video clip I did early this week about the call.
Join us this Sunday and every Sunday for the Single Mom Support call at 9pm (EST). Here is the call-in information:
Dial-in – (218) 339-2500
Enter Access Code – 1032131#
If you are unable to join the call a recording will be available later.
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.
Have you noticed that the gas prices are steadily inching up? I have and it seems like I get a new gray hair with every penny increase. In some cases it’s jumped ten to 15 cents overnight. If you have been looking for ways to save money at the pump, here are a few tried and true ideas. My dad, a mechanic, told me about a few of them long ago when I got my first car, but there are a few things I didn’t know. Read these tips and start using them ASAP!
1. Fill up your tank on Wednesday or Thursday before 10 am. Gas prices rise on Thursdays in anticipation of weekend travel. 10 am is when most station owners make their price change for the day. Unless it is an emergency, do not buy gas Friday, Saturday or Sunday.
2. Don’t let your car idle, either when you warm it up or when you are at a standstill. If you’re going to be standing for more than a minute, running your engine wastes more gas than restarting the engine.
3. Buy gas when it’s cooler during the day (like the early morning or at night) to reduce gas evaporation.
4. Remove unnecessary items in your car. Every 250 extra pounds eats up an extra mile per gallon of gas.
5. Avoid the convenient gas station on the side of the highway as you drive home from work which can be up to $.15 more per gallon.
6. Save money with self-service and look for gas stations where paying cash costs the same as using a credit or debit card.
7. Double check the attendant and ensure, if you are paying by cash, that “cash” is noted on the pump. You could lose $.05 a gallon if he mistakenly presses “credit.”
8. Drive less – combine errands, carpool, and plot out the shortest route with a driving website beforehand. It may sound obvious but it is often overlooked.
9. Check for traffic and detours online or on the radio prior to beginning your drive to avoid wasteful backtracking and idling.
10. Keep your windows closed when driving on the highway. Open windows can reduce your gas mileage by as much as 10%. In stop-and-go traffic, open the windows and turn off the air conditioning to save more money.
11. Rent fuel-efficient cars when you travel and research reasonably priced places to buy gas before you leave.
12. Confirm with your mechanic what octane gasoline your car’s engine really needs. Most car engines do not require high octane though the manual will say its “recommended.”
13. Download a Gas App for your phone. If you have a Smartphone, there are plenty of free apps that help you find the cheapest gas near your destination. GasBuddy makes it easy with its free app, and Mapquest has an online finder for gas prices.
14. Buy Discount Gas Gift Cards – Did you know you don’t have to pay full price for a gift card? Sites like GiftCardGranny.com offer a diverse selection of discount gas gift cards from various card vendors.
15. Be loyal to one gas company and get rewarded with its cash-back credit card reward program.
Chris Faulkner is President and Chief Executive Officer Breitling Oil and Gas, (www.BreitlingOilandGas.com), a Dallas-based independent oil and gas exploration and production company.
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 year on RichSingleMomma I tried to focus more on the financial side of single motherhood. It can be ugly sometimes but it doesn’t have to be a permanent state. With planning, budgeting, and a little ingenuity we can turn things around.
Here are the top 9 post on the website. Most relate to money but there are a few other top posts in there too. Click the titles to read the posts.
This is pretty self explanatory. I highlighted 7 free budget worksheets for single moms to use. Getting your money under control is top priority if you want to see more in the future.
This post has been a the top for a while. Let’s face it, sometimes we hate being single moms but it’s not because of the kids but because of the bad wrap we get in the media, the crazy remarks of family, friends, and stranger too. Check out what makes me the craziest about being a single mom. Don’t judge me 😉
A single mom wrote me needing advice about how to get some quick cash. In this post I shared a few ways she could get some quick cash. You might find a few ideas to help you in a crunch.
Sometimes we have to sell stuff to get cash in hand. This post lists 15 ways you can do that by selling your stuff. Sometimes we have to part with cherished items until we get back on our fee.
This is one of my favorite posts. I’ve seen it time and time again. Single moms gripe, complain, incarcerate, and malign their baby’s father for not paying child support. Sure it’s hard and it’s unfair, but to live in a state of constant fighting is not the way to get what you need. I am suggesting a better way to get your needs met.
This post is about me and my kids going to the Disney on Ice event. It was fun and a blast to see all the Disney Princesses. We got to see them all again at a recent trip to Disney World too.
This post is a backup post to the Ignore Deadbeat Daddies post. It’s for single moms who are new to the game because they got divorced, their husband passed away, or they were deserted by their boyfriend. The goal is to help them (and you) see that you can become self-sufficient and financially independent even though you are a single mom.
Raising a kid on $12k a year seems impossible, but with a lot of creativity and using the resources around you it can work. This post is about how to budget your money when money is very tight. I did it and you can too!
Well those are the top articles on RichSingleMomma.com. Go read them if you haven’t already and leave a comment if you have already read them. Share them with other single moms you know and come back to see what’s in store for next year. I’m declaring 2013 The Year of Living Fearlessly and Fabulously. I hope you will make that the theme for your 2013 as well.
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.
Extra money is a constant need in any family or lifestyle. With taxes, loans, credit cards, and other unavoidable expenses, a little extra cash would be pretty helpful, especially with the upcoming holidays around the corner. Consider these following tips when finding motivation and new means of getting extra cash.
In most cases, it’s almost a bad idea not to have multiple streams of income coming in. A great way to make extra money is to utilize your skills and talents and make money off of that. Doing things that you are passionate about to make extra money is good motivation, and a rewarding side hustle. If you don’t have anything you’re passionate about, try to do services or create services that people need (or want) and fulfill them. Another way to make money is by taking a class on starting your own business through your local Chamber of Commerce; you don’t have to have an MBA to run a business.
Making extra money doesn’t have to be consistent at first as long as it’s helping to meet what you need or want. Either way, having extra money can always help towards your savings or rainy day funds like mentioned in a previous article. For more ideas check out: richsinglemomma.com/weblog/category/side-hustles.
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...
* Achieve healthier credit: Start by checking your score. This will give you a baseline, making it easier to track your progress. From there, check your credit reports frequently and look for any bad financial habits that may be keeping your score down, such as late payments or bloated credit card balances. Checking regularly can also help you minimize your exposure to identity theft and ensure your credit report accurately reflects your credit history. -If you discover information on your report that might not be accurate, you can find an online dispute form at TransUnion.com.
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