Tag Archives: money

What Every Mom Needs – part 2

10 May

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Here’s part two in the continuation of this saga

What does every mom NEED?


A high (okay higher interest) savings account these are often typically found as online savings accounts or at credit union, while writing this I have found the interest rate at 1% compared to most bricks and mortars banks where its significantly less (and yess that’s possible in the world of interest rates it can be a lot less than 1%). Barclay’s Online Savings – just one of many options out there.

However, in the future all you have to do is search for “online/high yield savings accounts”.

What are the must features: no monthly fees and no minimum deposits/balances.  For single mothers I highly encourage you to set up an automatic transfer every month from your checking account to this savings account. On the first of every month this money will be re-directed and will create a forced savings perfect for those who are on tight budgets because the less you earn the easier it is not to save.  Make sure to read the full story on what every mom needs.

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What Every Mom Needs – part 1

9 May

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What does every mom NEED?

Well, this list might surprise you and while it does  apply to all moms I am hoping this list will lend some extra special advice to the stay at home moms and single mothers. Please share this posting with all the women in your life so they can benefit from this free advice. I am going to apologize up front for the length so in order to make this posting more reader friendly I have broken it down into multiple parts.

All moms need a retirement account  – not just working mothers.

The best way to start is to open a ROTH IRA – see  this simple chart for a easy snapshot overview. Pretty much a Roth IRA allows you deposit $5,000 a year, grows federally tax free, and must be 18+ to have one. Stay at home moms can open one too if you manage to earn income even from non-traditional sources like babysitting, cleaning houses, or any EARNED INCOME. Why do stay at home moms/single mothers need retirement accounts? Because planning for retirement even a little bit each month will make life less stressful and easier later in life. Plus stay at home moms will receive less Social Security (if its there when your of retirement age) because you worked less years and paid less into. Also, please remember social security was NEVER meant to be your sole source of retirement income so great for those that can live on it but don’t ever put yourself in the position of needing social security (it should be in addition to not in place of).


 


Books on Finances (for beginners)

7 May

Finances can be stressful especially when mismanaged and that can lead to  problems both in a marriage or between parents and children in single parent households. I wanted to provide you with some resource listings to help encourage you to get better control of your family’s finances:

Dave Ramsey’s Total Money Makeover

Suze Orman’s The Money Class

I think either one of these books is a great place to start without being overwhelmed.

Teaching Children the Value of Money

26 Mar

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Money is something everyone could use more of most days, however teaching children the value of money, hard work, and budgeting at a young age will most certainly help them succeed in life. These resources I believe can help children and teens learn an appreciation for money and to be wise with it. 

These books and tools are good for children home schooled and non-home schooled. For children that are home schooled it could easily be incorporated into an additional daily / weekly math lesson.

The Motley Fool: Investment Guide for Teens 

Dave Ramsey’s: Home Schooling 

Dave Ramsey’s: For Children ( ages 3 to 12)  and for Teens

and make sure to read this article written on Simple Organized Living they have a well written article on children’s finances 

Mint – Free Finance Software

19 Feb

Part of having a stress free family (especially with a baby in the house), is being organized and on top of your finances So, here I am giving you a suggestion, try Mint – its the online, free software to help track all your money in 1 place. You can start this anytime, its free and I think you will really enjoy having a better look at your finances. Remember that you can control your finances so don’t let money be an overwhelming stress to track and manage. I love Mint because its free and able to fit in everyone’ s budget including single moms. Check out these other tips I have for managing your finances including your free credit score, getting organized, and quick tips for money management.

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2 Methods to Perfect Finances

2 Feb

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In order to have the best financial future it takes budgeting and saving. The best way, sorry I have 2 methods because there is no one size fits all approach to achieve optimal financial success.

Here is 2 great methods used:

  • All Cash Method
  • The Pay in Full Credit Card Approach

Obviously, these are completely different methods but both work well you just have to determine which method works better for your family.

The All Cash Method is an approach to paying all your bills with cash (after all cash is King)you will create a budget and then pay all your bills with cash. For items like a mortgage or car payment you will mail a check, but otherwise all other purchases are paid in cash (groceries, clothes, entertainment, eating out) this method requires not using credit cards to help prevent people from going into debt. If you struggle to pay credit card payments on time or always pay the minimum payment this method is for you. If your looking for help to get started check out this site

The Pay in Full Credit Card Approach is an approach exactly as it sounds you pay all your bills on your credit card (with the exception of the ones that can’t be paid by credit card: mortgage, car payment). This means dining out, groceries, gym memberships, entertainment, shopping, you name it, you pay it on the credit card. Then when you get your statement you immediately pay off the entire balance. This method works well ONLY if you COMMIT to paying off the the ENTIRE balance each month. It does helps track all of your bills / purchases in one place.


Great tool to organize your Family’s Finances

20 Jan

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Getting your finances on track can be a bit of a challenge, but once you have created a budget it becomes a lot easier. Obviously, the biggest obstacle in creating a budget is the “excuses part” (I’ll do it tomorrow, next month, when I get my next ban statement and on and on). Second, budgets SHOULD NOT be complicated, if they are you will not use them. Third, you must set time aside to work on your budget, no this does not have to be hours but if set aside 15 minutes every week you will learn a lot about your finances and get a “real snapshot view.”

Creating a budget shouldn’t be costly, so I am recommending Andrea’s budget from Simple Organized Living (it’s the one you see in the photo above- you will need Excel to download it)