5 Budget Tips To Help You Survive The Month

Budgeting isn’t easy especially if you have a house to run and mouths to feed. It is a skill that we all have to learn so here are some tips to help you survive this month without borrowing money:

Budget Planning – I know the feeling of receiving a salary and thinking to yourself how on earth will you stretch it to reach the next payday. I get nervous just thinking about it. But I have learned that planning eases my worries and actually helps in stretching that budget. Planning really works no matter the situation.

1. List the expenses you expect to be paying for the next month such as electricity bills, telephone bills, and all other important expenses you will have to make. Set aside money to pay for these important ones. When you do this, you will see how much or how little money you have left. This should also dictate how much you will be spending on other stuff that you don’t really need.

2. Prioritize – Know your priorities. When you have done step 1, you will know how much money you will have left for groceries which should be at the top of your priority. When I say grocery, I mean essential foods and items for you and your family.

How many times do you do your grocery in a month? Divide the money that’s left for each grocery shopping. Buy only what you need. You don’t really need that expensive shampoo, you can do away with a more affordable one. Same goes for clothes, you don’t have to have a new blouse every month.

3. Cut corners – One very good example where you can cut corners is the electricity bills. Make sure you turn off the light if you’re not using it. If you live in a hot city or state and you always use the air-conditioner, try to cut down on it.

Turning it off an hour before you usually do can significantly lessen your electricity bills. When you turn on the AC or heater, make sure that the doors and windows are closed so as not to waste it.

Cable television is another service you can cut down out. No, don’t let it go completely but you can let the premium features go. Just stick to the basic channels, it’s much cheaper.

4. Discount and coupons and bulk buying – these three things are more way to save. Watch out for discounts on your essentials and take advantage of it. Buying in bulk is also always cheaper. Don’t make it an excuse to buy something that you don’t really need though.

Couponing is also key in saving money. These three buying tips don’t seem too significant at first because you will only get to save a few dollars at a time but if you tally it to the number of times you have used it in a year, you just might be surprised.

5. Save – If you still have money left after all the bills, groceries and other essential expenses, the thing that comes to mind is to reward yourself with some nice shoes right? Wrong. The best thing for you to do is to save that money. You will need it in the future, trust me.

Avoid These Personal Loan Pitfalls

Single moms often hit a financial bump in the road. This is because we only have one source of income that we use to provide for our families. There is a big difference between this and having two sources of income when you have a spouse. We have to take care of our finances all by ourselves.

School enrollment fees, supplies and other expenses can be staggering. God forbid a medical emergency arises. There are also times when we need to have a new furniture or have something in the house repaired. So the solution that comes to mind when these things happen is to get a loan. Loans are a great way to pay for something that we need although they may not be very easy to acquire. Here are our options:

Bad credit loan

Overextending your credit limit happens. Sometime our incomes just aren’t enough for a whole month’s expenses. This is why there are bad credit loans.

There are even those that are tailored especially for single parents. This is where the lender will issue you money to consolidate debt, cover medical bills, etc.

Then you can slowly repay the lender every month or whatever the terms and conditions that you have agreed upon are.

Personal loans have two types: secured and unsecured. Secured loans are the types where you have to pledge collateral. This collateral can be your house or any other property that has substantial value.

In the unlikely event that you are unable to repay the debt, the lender will seize control of your collateral. This is a very bad scenario which is why you should make sure that before you agree to secured loan, you will be able to repay them on time.

The unsecured type of loan is where you won’t have to risk your house or any other property. The only disadvantage to this as compared to secured loans is the interest rates will be astronomically higher and the repayment period may be shorter.

Read and understand the loan documents…completely

Before you get yourself into one of these loans, make sure that you have the best deal. Agreeing to a loan that you know you won’t be able to repay on time can mean getting yourself into an even bigger financial crisis. This is because the interest rate of an unpaid loan is very large.

Look at the different institutions where you can borrow money. Don’t be afraid of asking questions. Remember that this isn’t something that should be taken lightly as it can determine your financial situation for the better or for the worse.

In most of these institutions, there are advisers that will be more than willing to assist you. Take advantage of this service. They know their services best and will be able to offer you the best one for your current situation.

4 Loan Opportunities for Cash-Strapped Moms

We all go through a point in our lives where we desperately need money. We, single moms especially, since we have to do a job that is normally done by two. We have to provide for our families alone. We have to put our children’s needs before our own. It even means having to sacrifice our own dreams at times.

When we reach the need or desperation for extra money, there is nothing else that we can do but borrow money. Having to borrow money may not be your ideal solution but drastic times call for drastic measures.

Before you even consider pursuing a loan, make sure that it really is your best option. Remember that companies who loan out money make their living from your financial shortcomings. They naturally make a substantial return on investment thanks to higher interest rates.

Now if you feel that you must really push through with a loan, consider what you need it for. There are many reasons why moms like us get loans. It can be for our own education, medical reasons, to buy a new car, buy a new house or maybe you just need extra cash.

I thought it best if you got a better understanding of the kinds and types of loans for you to determine the best one. Finding the best loan for you can even mean saving thousands of dollars.

1. Debt consolidation loans – this type of loan isn’t for a new car, medical reasons nor educational ones. Instead, this is for those who simply need extra money to pay off a previous debt such as credit card debt.

Now you may be thinking, how will you pay off a debt by adding even more? This is because debt consolidation loans will give you a large amount to pay off your previous debt while you only have to pay a small amount each month to pay off this one.

2. Secured loans – secured loan amounts depend on what you will use as collateral. The loan provider will assess the value of your equity, your home for example and will lend you money up to the assessed value of it.

Remember though that in this type of loan, you are risking your own home if you are not able to conform to the terms and conditions that you have agreed upon. This is only for those who are certain they are able to pay the loan back.

3. Payday loans – you will only be able to avail of this type of loan of you have a regular job. This type of loan will have your paycheck as security.

Every time you receive your paycheck, the loan provider will receive a fixed amount until you have repaid the loan.

4. Federal student loans – if you are thinking of borrowing money to send yourself to school then this is the type of loan that you should consider.

This is a government loan so the interest rates are low and the terms are usually flexible. This type of loan is really for the best interest of a single mom who wishes to attain a degree.