Money Management Plan For Single Mom
Now, Single mom has more and more, even women are more capable. Can depend on yourself. The ability to earn no less than men. But I think to care for children alone need to use both physical strength and mental strength is not less.
Strong single mom must be plan
The savings for children to use, especially for education. This is a significant expense for the future of the child until he graduated bachelor. Single stepmothers need financial planning early.
Know Income, check Expense
The working mother will have a fixed income. If you work independently or trade, you should know your own revenue. It can be noted that is how much revenue each month per year. For the expense, you must have to note because it makes you know if you spend on something is not necessary
This is the main task of your mother. Especially how to plan for the money to study, to ensure that your children will continue to study for a bachelor’s degree.
Mothers choose to send their children to public, private or international School, or send their undergraduate degree to a public, private university or send to a foreign country. It depends on your mother. Try to calculate how much money to pay per term. Assume that from preschool to the bachelor. What is the total cost for the year? Ask friends or people around because each of the costs are different. If you calculates the total that number is in the main millions, do not panic. It gradually accumulate savings to pay. Not pay all at once
The simplest saving is Open a deposit account. But if you plan to save money, it will help us to collect money systematically. Do not accidentally withdraw money out to Use in Unnecessary. From Information that I find. The savings are three stages, which are divided into short, medium and long term. Because dividing money for a particular purpose. Know that what you saving for, how much money to keep. And don’t withdraw that money to use
Divide the money in 3 period for Tuition fee until finish a bachelor’s degree.
Short-term financing A short amount of money not more than 2 years. Deposited for the purpose of using the money. Or may be kept as an emergency reserve needed to be used. This must be kept in a convenient place to withdraw, such as deposit into a savings account or a fixed deposit. Now, the bank issued a package of different types of deposits. Check the details of the savings account for children or study. This method has less interest. But the advantage is less risk, can be withdrawn whenever you want
Medium-term financing Young children need to care for so long. Single Mom needs to have a reserve for the children of the future education. The middle term is a period of 2-10 years, If the child is small, assume that 1 year is counted for the term of school from kindergarten to high school. You can save money in the form that everyone know is buy a lottery or study a bit more if you keep your money in the form of debt, Government bonds or Private LTF debentures usually take at least 5 years to be used. The advantage is higher returns then deposited into bank accounts. But the risk is high in the middle as well. Suitable for keep the money for the high school Tuition fee that increasing every year, or every term for some.
Long term financing this is up to 10 years for bachelor’s degree that High cost. There may be other costs to add. Include miscellaneous expenses. If University far from home, you will must pay to rent the dormitory. You may need to study the stock acquisition with good fundamentals. Not daily. Buy a condo or house for investment purposes. Or Long-term savings insurance, etc. The advantages are higher returns over short and medium term, but with high risk. Investigate carefully before investing.
Useful life insurance. In case of illness or accident, you have to pay large of money for medical expenses. And during treatment may lack income. If you have to use a money that you saving, you may worry about Children’s future. This insurance is useful here. In case of death, it will have a money for children. This is a safest way.
Bring more income
Look for your own aptitude that can bring more income. Use the ability to work or knowledge such as language, mathematics, music, teaching, cooking skill, Online Trading or hobbies that can make some money. To help strengthen the Children’s future of the other way
Single Mom in this era must be strong. The beginning of the heart. It is conscious and the power to care for children. Plan for Financial since young children. It allows the mother to send children to graduate school easily. Not too heavy.
To Savings for the future of your loved. Find out more Information here.
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