In many marriages, the chores of running a household are divided between the husband and wife. After a divorce, wives that were not involved in the financial aspects of the household realize that they don't know how to budget, and find themselves in difficult financial straits as a result. For newly single mothers, help with family budgeting and a few money-saving-ideas are enough to make all the difference.
Cash Back Coupons and Savings Programs
Whether grocery shopping or clothes shopping, consumers benefit from membership in savings clubs offered by stores. These clubs provide cash-back coupons, or other types of savings programs, including special prices and sales just for club members. The memberships are free, and are well-worth the five minutes or so required to fill out paperwork at the customer service counter, or online.
Some stores, such as Ralph's grocery store, also load coupons to a member's account. Some coupons are loaded automatically, based on shopping history, and others can be manually loaded by the consumer. Using digital coupons can maximize savings, while eliminating the need to clip and carry paper coupons.
Budgeting Software
Budgeting software, such as Quicken or Quickbooks can be immensely helpful for anyone who is not used to creating or following a budget. Budgeting software teaches the user about tracking spending and categorizing expenses, as well as comparing expenditures to income to determine what changes need to be made.
Bill Consolidation
Bill consolidation is useful for those who have a good enough credit rating to get a low interest rate, and more than a couple of credit card bills. It can be difficult to keep track of a stack of credit card bills, particularly for someone unused to paying bills, and missing even a few payments can have serious consequences. Consolidating bills can simplify the process, while lowering payments at the same time. It is very important to thoroughly research the company used to consolidate bills, due to the large numbers of consolidation scams.
Credit Card Balance Transfers
Credit card balance transfers offer assistance for consumers in a tight spot, but are not a sound long-term financial strategy. Rather than consolidating bills to a single loan, some consumers simply transfer a credit card balance from one card with a higher interest rate to another card with a low interest rate. When using this strategy, it is a good idea to remember that the high interest rate card should not be charged back up after transferring the balance.
Budgeting Strategies for Single Moms
A single mom may have difficulty making ends meet both during and after a divorce. By carefully monitoring the use of credit, taking advantage of consolidation offers and lower interest rates, single moms can lower monthly obligations. Coupons and store memberships can also help to reduce expenses. Finally, using budgeting software helps single moms without budgeting experience learn how to keep up with expenses and hold onto income. By using all of these tools, a newly single mother can feel more confident in her ability to run a household on her own.
Victoria Nicks - Victoria Nicks has a Master's Degree in IT, and extensive hands-on experience with various types of hardware and software.
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