If you’re a mother, you already know a great deal about how to stretch a dollar. Money smart moms are experts in making budgets, helping kids pay for college, keeping transportation costs downs, saving for retirement, and more. For so many families, the key to the money dilemma is planning. How do today’s single and married moms get the most out of their incomes, provide for youngsters, and build a solid financial future? There are dozens of ingredients in the monetary puzzle, but the following four are paramount. Here are pertinent details about each one.
How to Save on Family Transportation
Every working adult knows how quickly transportation-related expenses can add up. In addition to the cost of fuel, other components of the category include monthly vehicle payments, insurance, car maintenance, ride share bills, and money spent on public transport. Keeping costs to a minimum isn’t easy. Some families discover that using public means, like buses and light rail, can make a huge difference. Consider leaving the car at home one or two days each week and hopping on the bus instead. Or carpool with neighbors and friends to get kids to school and sports practices.
Where to Find Scholarship Money
Parents who have kids close to college age start planning ways to pay for some or all of tuition, room, board, books, and other expenses that go along with a four-year degree. Finding college scholarship money should be your first step. That way, you’ll know ahead of time what amount you’ll have to cover after scholarships, savings, and student loans are accounted for. Fortunately, you can find and apply for numerous opportunities on the Going Merry Scholarships search and application platform. In less than a half-hour, moms can sort and scan through hundreds of relevant scholarships, send in e-applications, and get responses in enough time to make financial planning simpler and less stressful.
How to Cut Grocery Bills
Chopping a big chunk from grocery bills is a great way to look after your money and it is not rocket science, especially in today’s digital age and diverse economy. In addition to online price and discount searches on items you frequently buy, try to find a wholesale club that sells grocery items. Most charge a reasonable annual fee that is far less than what you can save by taking advantage of lower prices. The national chain groceries can’t compete with the major clubs, which have at least one outlet in every city.
Why Retirement Accounts are a Must
Planning for your retirement is a serious undertaking that takes time and thought. Speak with a professional to find out how to set up a retirement account that shelters earned interest from tax. There are several options. Set up an automatic payroll deduction to make contributions easier. It’s impossible to know precisely when you’ll stop working or how much money you’ll earn between now and then. But, be sure to set up an account, contribute to it regularly, and get professional advice about making changes whenever your income fluctuates. Setting aside money for retirement can be a challenge for single mothers who have children, but careful planning can at least get you aimed in the right direction.