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Savings Strategies for Single Moms
Putting Money Away for a Rainy Day
By Laura Cone
Question all of the expenses on your budget, putting them into three categories: necessity, reasonable but not necessary or extravagance. Then prioritize all of the necessities and other items on the budget. "I think you start with a budget and set a goal of trimming things back," Noel says.
Tanisha Garvin of Oceanside, Calif., says she saves money for her three teenagers, ages 13, 14 and 17, by buying used electronic games. She also buys and sells items on Ebay or places advertisements in the local classified section of the newspaper. "The oldest one is getting expensive because she is graduating from high school," Gavin says. "The biggest thing is to budget. When senior pictures came out we knew we needed to have a certain amount of money and we began putting money aside."
Garvin, who rents and makes a living as a freelance small-business administrator and merchandiser, is able to set aside $5 a week for savings. She clips coupons for groceries. She also began saving money in advance for her teenagers' driver's education classes, which costs more than $200.
"I do have a small savings account that is usually more for emergencies," Garvin says. "It does not have much in it, but we are trying to get there."
Garvin says she would feel comfortable investing in the stock market, but does not have the time to research stocks.
Finally, single mothers do not need to make six-figure salaries to create a comfortable lifestyle for themselves and their children. The clich窠"It's not what you earn, but what you keep," is the perfect mantra when you are trying to save money for a rainy day.