Most single moms will agree that the number one challenge has to do with money. Unfortunately, studies still show that while the gap of income between men and women is getting closer, men still make more money than women do for the same job. Going from a two-income family down to one, and being the individual who makes less can be tough. Obviously, some compromises have to be made and at first, you might feel discouraged and even defeated.
Remember, just because things start out financially bumpy does not mean they have to remain that way. To boost your financial picture, consider going back to school. With many government grants available to single moms, you have a number of excellent options whereby you can gain a better education without paying. Ultimately, the advanced degree is going to put you in a much better paying job. In fact, many companies also support school, funding tuition if you maintain a specific GPA. Therefore, when you re-enter the workplace, ask if schooling is something that the company offers.
Another way to improve your finances is to sign up for a 401K plan with the company where you go to work. Again, these retirement plans are common around the country and an excellent way to ensure your future is secure. With businesses matching funds, you are not hit so hard. This means you can save the amount you are comfortable with while having your employer adding the same amount.
In addition, while this might not seem like a great option, it is certainly one helping single moms around the globe – consider a roommate. If you have a home large enough to accommodate a roommate, you can cut back on the cost of the mortgage, as well as utilities. The most important thing to remember here is safety. Therefore, you want to perform a background investigation on each applicant and go with your gut.
You can visit a number of online resources such as www.co-abode.com, which is dedicated to helping single parents find quality roommates. If you attend church or attend college, then you might also take advantage of their services in finding a roommate. Again, you want to be careful but if you find the right person to share your home with, it can be tremendously beneficial to both parties.
The Frugal Blog Week in Review: Jan. 27 to Feb. 2