ComputerHunter.org |
|
|
|||
|
 |
Budgeting the Key to being Financially Stable
Single Mother's in need of Financial Guidance Budgeting is key to being financially stable. A budget is a systematic plan for the expenditure of a usually fixed resource, such as money or time, during a given period. As a single mother you might groan at the thought of putting together a household budget with all your expenses, but its easy to do and will also help you become very financially organized. Many single mothers find themselves facing financial problems every day. A single mother faces many burdens of everyday costs for her children's well-being, as well as her own, that at times will leave her in need of financial assistance. Shaping up your finances is particularly important if you are experiencing a life altering experience such as a marriage, divorce, new baby or any other event that changes your finances dramatically. Whatever the state of your financial life, developing a sensible budget will allow you to stay on track. The core of budgeting is for you as a single mother to see your monthly spending needs and habits. The purpose of a budget allows you to track your personal cash flow, which is how much money comes in and how much goes out, usually recorded on a monthly basis. Adding up your monthly income is easy, but totaling up all your expenses takes a little more effort. First, collect all your bills, your credit card statements, your checkbook register and all your receipts, even for things you buy with cash. If you haven't been keeping good records of your spending, you may have to get a receipt of every dollar you spend for a month before you put together an accurate budget. Track you expenses by making entries in a notebook or learn how to in Microsoft excel which is a great tool to use when creating a budget. Now divide your spending into fixed costs and variable costs. Your fixed costs will include such things as mortgage payments, rent or loan payments. Your variable costs will include such things as clothing, food and entertainment. Once you are managing your spending, you can easily decide which costs as a single mother you can cut and which you cannot. In most cases as soon as you see how much you are spending on your morning latte, snacks in the vending machine or treats for your kids, you will be motivated to cut back. Be sure to stay motivated by setting yourself goals. Being a single mom is hard enough but it's even harder when you are faced with financial burdens that you cannot cover alone. Living a stable and healthy life is important. Kathryn Spencer specializes in advising young mums with household budgeting, budgeting tips, and budget worksheets. Kathryn has long authored educational and support pieces for women and single mothers. Kathryn is a contributing author and editor to a variety of international and domestic web sites, and free newsletters. Kathryn lives in the southeastern United States with her two children Dylan and Kalie.
Google News - Top Stories
|
|
|
|
RELATED ARTICLES
How To Survive The Grocery Shopping Blues If you are the normal consumer, then you've probably experienced the Grocery Shopping Blues. Most supermarkets use this trick to their advantage to squeeze more money out of their customers and turn a tidy little profit for themselves. What is ChexSystems? Commonly referred to as the first of the three major "Check Systems" in the U.S., Chex Systems is an association of financial institutions that network together in order to develop a database that maintains the records of mutually unwanted customers. To make sure that only financially responsible individuals open up checking accounts at member institutions, these banks report on customers who demonstrate poor financial management skills. When a customer's checking account is closed due to demonstrated mismanagement, then he or she is reported to Chex Systems. Once done, the customer will have a very difficult time opening up an account at any other financial institution partnered with Chex Systems for the next five years. The Origins of Check Writing People haven't always written checks to buy goods and services. But you know that right? So how did people transfer money from one place to another in times of old? Personal Finance ? Why You Should Compare, not Despair Sorting out your personal finances can be a tricky and exasperating time. Whether you are looking to obtain money through a loan, protect your finances with life insurance, medical, travel or car insurance, save some money through an individual savings account (ISA), apply for a credit card or a mortgage, change a telephone or fuel utility supplier, or simply decide what the best current account is for your needs, the choices are seemingly endless as well as being extremely complicated. They can also be potentially serious if you get it wrong. With so many options, and so many companies trying to get you to use their product, it is difficult to know where to turn. Financial Fitness - Are You Exercising the Right Muscles to become Financially Fit? Are your financial muscles well toned and healthy or flabby and weak? Do you want to change your relationship with money so you can have control over your financial future or do you want to continue to complain that you don't have enough? Exercise these 10 muscles to achieve Financial Fitness. Can You Afford Not To Look After Your Personal Finances? Investing is a subject a lot of people don't want to think about. And there is good reason for that. Investing seems scary. It either sounds like something only the rich do or something that only a skilled professional can do. But the truth is that investing is something that everyone can and should do-as soon as possible. How Electronic Checks Work ? Will Paper Checks Eventually Go Away? Traditional checks probably won't disappear anytime soon, but processing checks electronically is sure to continue! Have you ever been asked to fill out your account and routing number when paying for something online or over the phone ? or have you provided a paper check to pay for something and it is given back to you after it is run through a machine? Did you scratch your head like I did the first time that happened? Help With My Annuity The cries are heard from the distance, "I need help with my annuities." Nothing has changed...just a lonely senior who can't trust anybody with her annuity because every time she asks for advice, someone tries to make her invest in a different annuity...Sound familiar? Well you are not alone. UK Parents Inactivity Harming Their Children?s Future University and Mortgage Savings The British government at the beginning of this year officially launched its Child Trust Fund (CTF) initiative in an effort to encourage parents and children to develop the savings habit and to teach children the value of saving their own money. How to Balance Your Checkbook ? Get a Calculator and Pencil and You are Ready To Go! Despite how easy it is to balance a checkbook, very few people take the time to do it and the few who do, don't always do it the right way. If you write down in your checkbook ledger what should be deducted and added, you are on the right track ? if not, start there and follow these nine easy steps to a balanced checkbook. Once you are comfortable with these nine steps, it is possible to balance your checkbook each month within 30-45 minutes. Live Green; Save Green! Have you seen the recent article on a new "green" residential high rise in Battery Park? It's called The Solaire. For a look at the hopeful future of architectural efficiency, check out the myriad of cost saving and environmentally-friendly features of the building: Im Broke, How Can I Afford... I'm still amazed every time someone comes to me complaining that they don't have any money to put into their business and that they're broke. What Are We Teaching our 2005 Graduates about Money? Now that we are in the month of June I can't help but wonder if we have prepared our new graduates for the responsibility of managing and budgeting their money. Accessing Funds You Never Knew You Had- Household Utilities and Mortgage Expense Reduction Plan For most of us the process of getting out of debt and pursuing a venture that would create an income stream leading to early retirement seems just a pipe dream. It goes without saying; it takes money to make money. Most of us have had our eye on pursuing a stock, invention patent, greater education or a small business only to have our goals cut short because of lack of funds. The fact is we may have access to more funds than we realize. In this article we will discuss the three keys to having your money make more money sooner than later. The three keys are: How to Save for A Down Payment Saving for a Down Payment is hard work, so it's a good idea to really want to own your own home by the time you begin your Savings Account. It's difficult to turn down a weekend in the Bahamas (or Downtown at the Clubs!) when you don't have a definite goal. What Happens if You Die Without Making a Will If you die without making a Will in the UK, the state will decide who gets what and how much, so those who you would want to benefit may get far less than you hoped. Safely Save for Your Childs University Studies Using An Education IRA! This investment retirement account (IRA) is useful to you as an investor to understand because it may be a good way for you to save for your kid's education AND save on taxes. These plans are now called Coverdell Education Savings Accounts in honor of the late U.S. Sen. Paul Coverdell. Individuals can make annual contributions of up to $2,000 per child into an account that's exclusively for helping to pay higher education costs. The money contributed to a Coverdell account doesn't count against the $3,000 ($3,500 if 50 and older) annual total individuals may contribute to their combined personal individual IRAs. Expenses A ? What Are They And What Can We Do About Them It is crucial as an individual who is striving for financial freedom to be able to recognize the different type of expenses in our lives. It is a proven theory that it is easier to cut your expense than trying to earn more income. In order to maximize profits, a manager will try to minimize expenses before trying to gain more revenue. And we can learn from that. By recognizing our expenses and ways to handle them, we will be able to create more revenue in our lives. This article will help you to do that. Developing a budget? Watch out for Those Budget-Bursting Gremlins If you've developed a household budget to get your spending back in line or to just reduce stress, good for you! Creating and sticking to a budget isn't easy by all means. But it represents the best way by far to manage your finances so you can relax and worry about other things. Reporting Identity Theft Would you know what to do if you suspect that your personal information had been stolen and used by thieves to open new accounts? It's important that you take the right actions to clear your name as quickly as possible.
|
|
|
|
|
