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Savings Strategies for Single Moms
Putting Money Away for a Rainy Day
By Laura Cone
Noel, who is the author of 17 books and a former editor of Single Parent magazine, invested a few hundred dollars at a time. The stocks are now worth $45,000. "I think the stock market is wonderful," Noel says. "I think it's great. When I first dealt with the stock market, I just created a portfolio where I did not actually buy anything. I chose and researched the stocks I was interested in. I assessed my risk tolerance. Then, I tracked stocks for six months to see how I would have done had I actually spent money."
Her hypothetical portfolio went up 20 percent in value. Tracking the stocks and seeing how they performed helped build confidence in her decisions. "I think the stock market is one of the best places to put our money because there is always something that is going to have a gain," Noel says. "It's a matter of doing our research."
Since investing in the stock market may seem intimidating, she suggests starting a club with five or more single mothers. Give each person the responsibility of researching a different stock each week. "You can come together and everyone puts in $20 a month," Noel says.
She says it's important for single moms, who are struggling to make ends meet, to realize they don't need to have $10,000 to invest in the stock market. "I put about $3,000 in it before everyone knew what AOL was," she says. "I put in a couple hundred here and a couple hundred there. It's important to think in those little terms."
If you don't feel comfortable investing in the stock market, get together with other single mothers and start a coupon club. Noel suggests starting a swap club for exchanging used items such as cribs, toys, games, clothes and other items your children might lose interest in or outgrow.