“Personal finance for the single mother in Charlotte - Examiner” plus 1 more

Personal finance for the single mother in Charlotte - Examiner

Posted: 18 May 2010 10:46 AM PDT

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Saving money as a single mom can be very difficult. There are so many priorities that a single mom must take care of on her own. But planning for the unexpected is a very critical step in being more prepared to handle things that occur.

Personal finance has become a very important and popular topic. There has been a tremendous amount of families that have suffered financial devastation in the current economy. There has been numerous households where the single parent has lost employment.

Statistically, single mothers have generally held some sort of employment. Being amongst the population of people to lose their employment has been very distressing for the single mother households. There is a population that has been considered the 'working poor' and they are a group of families and individuals that typically work your jobs a little above minimum wage and make just enough to cover most of their basic needs. They struggle even though they are employed. The 'working poor' has grown exponentially in this economic trouble.

Simple strategies for success for the single mother

Financial security can be attained in every household including that of the single mother if they are willing to make the necessary changes that are required for them to attain their financial and life goals. Whether affected unfavorably or only slightly, this nation's major economic setbacks have sent many families and individuals on a search to improve their personal finances.

Here are some strategies that can assist in assessing your personal finances:

Evaluation of budget – Take a realistic evaluation of what the household income is and how much is spent on bills and debt. There are a lot of spending habits are harder to recognize than others. Some of the basic and common monthly expenditures are rent or mortgage, utility bills, phone bills, childcare, internet, cable, car payment, car insurance, food, etc.

Spending Tracker- Using a spending tracker is simply done by keeping a running log of the items bought and the tab each day. This should be done for a month in order to accurately evaluate when money is being spent in the household.

Evaluate the spending – When the tracker has been completed. Then an evaluation of what was spent needs to be done. Calculate the most important items and unimportant items and make a decision on where the fat needs to be trimmed.

Savings Plan- Having a savings is crucial for good financial planning. Institute a savings plan, even if it means only one or two dollars is saved each paycheck to start. As the income increases then increase the savings. This may mean that dropping a daily habit such as coffee or soda may need to be minimized or eliminated. A good savings should eventually equal three to four months of the complete household expenses. This is your budget calculated by three or four

Need assistance?

There are different agencies and consultants that can assist in bringing personal finances together. In the Charlotte area there is a financial educational company, Hand In Hand Financial, and they specialize in assisting unique families in achieving their financial goals as well as deal with other personal finance issues. This company also assist children in learning more about finance through their Financial Literacy For the Young curriculum. They can be reached for further questions by email.

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Monday's Personal Finance stories - Marketwatch

Posted: 17 May 2010 02:22 PM PDT

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By MarketWatch

Don't miss these top stories:

A small but growing portion of mortgage-loan defaults are from homeowners who can afford to make their monthly payment but choose not to because their home's value has fallen off a cliff and they've decided to invest their money elsewhere.

Read Amy Hoak's Home Economics column today to find out more about so-called strategic defaults. Interestingly, one report cited by Hoak notes that this practice happens most among homeowners with high credit scores and larger loan balances.

According to one take on the "strategic default" idea, these homeowners don't want to throw good money after bad and, at first blush, who wouldn't agree with that premise?

But that perspective only holds if you think of your house as a relatively short-term investment, something to dump when it's value on paper is in the tank.

And then, there's that matter of the loan document, a contract signed by the homeowner. After all that's gone down in this mess of an economic crisis, it's understandable some want to rip up that piece of paper. But when you can still afford to pay your debt, is that the right thing to do?

-- Andrea Coombes, Personal Finance editor

REAL ESTATE

More homeowners choose to default on loans

"Strategic defaults" are on the rise as more borrowers who are underwater on their home loans decide it's not worth it to stay current on their payments each month. That trend could have repercussions for the housing market, and for borrowers, in the future.
See Amy Hoak's Home Economics.

Home builders' index hits 33-month high

U.S. home builders gained confidence in May in the market for new single-family homes, sending the monthly builder's index to the highest level in 33 months, according to a trade group.
See story on home builders' index hits 33-month high.

HEALTH CARE

Food makers agree to cut 1 trillion calories from popular items

As part of her "Let's Move" campaign to fight childhood obesity, First Lady Michelle Obama announced on Monday an agreement with food and beverage manufacturers to shave 1.5 trillion calories from food and drink products by 2015, with the first 1 trillion of that calorie cutting set to happen in 2012.
See Kristen Gerencher's Health Matters Blog.

Get healthy or else ...

Companies are getting serious about improving the health of their employees -- and they're now using both carrots and sticks to get results.
See story on companies using carrots and sticks to get employees healthy.

RETIREMENT

Rescue your retirement from inflation's threat

The global recession had largely muzzled inflation's bite, but actions being taken to cure the developed world's economic ills could revive threats to bond investors and savers and spoil many Americans' retirement plans.
See Weekend Investor.

Five Filters featured article: The Art of Looking Prime Ministerial - The 2010 UK General Election. Available tools: PDF Newspaper, Full Text RSS, Term Extraction.

Personal Finance

Tuesday, May 18, 2010