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How To Save Money For Your Child’s Future: Ultimate Guide for Single Moms

Save Money For Your Child's Future Overview

Teaching your children, the importance of a zero-waste lifestyle can help you implement this savings tip on a long-term basis. As a Mum, you want to show your children the importance of  saving  money for the future. 

To teach your kids how to save money you need to lead by example and make sure over demonstrate these money-saving values while they are young. Frugal living can be tough at first, yet the money you save with this lifestyle is well worth the efforts by you to show your kids how to save money for their future whilst you save money for your child’s future.

Save Money Fast For Your Child’s Future With These Easy Tips

  • You may be wondering if there is any way to save money fast without compromising majorly on your lifestyle. The answer is yes, however, with a few minor adjustments you can continue to live a good life with once-a-month “splurge days.” However, it is important to set a budget for these splurge days and adhere to it to ensure that you can relax without worrying about having overspent. 
  • Adjustments to your lifestyle do not require serious compromises unless you wish to willingly make 180 degrees changes which are tougher than it sounds. Minor adjustments include implementing a zero-waste lifestyle. An instance would be purchasing items with minimal packing and replacing tissues with handkerchiefs, as well as using one- or two-ply toilet paper instead of luxury brands. Another example of minor adjustments would be using good-quality cloth diapers instead of branded diapers which can add to your cost of living. If you are using cloth diapers frequently, then remember to use breathable cloth, change the diapers frequently and use enough baby powder to avoid rashes. 
  • Most importantly, teach your children the importance of a zero waste and frugal lifestyle, start while they are young, and reward them with words of positive encouragement when they find new ways to save money as well. Giving them stars and stickers for sticking to a zero-waste lifestyle with monthly special treats for finding new ways to save on a zero-waste lifestyle can help keep them motivated. 
  • The importance of budgeting cannot be stressed enough. While creating a budget, remember to prioritize your needs as well as your child’s needs first, followed by everyone else in the household. School expenses, tuition, recreational trips, food expenses, housing, utility bills, and medical expenses need to be budgeted first. Clothes, shoes, school bags, and other items should be budgeted as per the need. Finally, remember to add a buffer amount for emergencies and other unexpected expenses. This can help you be prepared for a wide range of scenarios without being blind-sighted at the last minute. 
  • Choosing activities to pamper yourself on splurge days can seem like a cumbersome task especially if you have a lower budget than you would like. The best money-saving tip to remember here is to use coupons, cashback, and vouchers that can be acquired online and through apps. One such app is Rakuten which even gives you a joining bonus and rewards for every dollar that you spend. Ibotta is another money-saving app that helps you earn rewards for every penny you spend through the app. Keep in mind that while a few of these apps can be used at retail outlets to earn and spend cashback, many of these apps also offer greater rewards for online shopping. Some apps also offer free vouchers for a spa day among others that you can redeem within 3-6 months of the date of issue. 
  • Recycle and Reuse – Recycling pays off, especially if you have a neighborhood center that pays for paper, plastic, metal scraps, and glass. Furthermore, selling items you do not need any longer online or in flea markets can help you earn a little something extra that you can keep aside. Purchasing preloved items such as kid’s sporting gear from neighborhood yard sales, online auctions, and 99-cent stores can help you save money fast. 
  • Retirement fund planning is an important part of saving money while budgeting for your current needs. Automated transfers from your account for a retirement fund can help ensure that a little is kept aside every week for your future. It is also a good idea to set up an emergency fund for yourself and a college fund for your child. Setting up automated transfers can also ensure that your account doesn’t get overdrawn or reach the overdraft limit. While the overdraft facility can be useful at times it may cause you to pay back with either an interest rate or penalty fee. 
  • Save on fees that you pay at ATMs, credit card payments, and banking transfers by switching to shopping online, buying with your debit card, and using internet banking. Using reliable peer-to-peer apps to transfer money can also make life easier while giving you rewards for using these banking apps. 
  • Look for coupons for children’s nutrition, food, and other necessities. An instance of such a coupon scheme is PediaSure Coupons which also gives a signing bonus and attractive redeeming benefits. In many places through federal coupon programs, single mothers can get government-sanctioned coupons that can be used in supermarkets, convenience stores, and other essential stores. SNAP is also known as food assistance coupons is another instance of a federal assistance coupon program. SNAP is valid at both authorized grocery stores as well at many farmer’s markets. Depending on which state you live in, you can apply, view, and manage your SNAP benefits from that state’s website through a membership portal. 
  • Additionally, short-term programs for immediate assistance can help you when you are in a financial crisis. An instance of this would be the WIC Nutrition Program for Women, Infants, and Children available to women who are pregnant, breastfeeding, or have given birth in the last 6 months. The WIC program is also eligible for children who are at the maximum of 5 years old. Keep in mind that programs such as WIC may have a waiting and priority list as there are thousands of applicants for limited federal and state resources. 
  • Single moms may find it hard to ask their friends and family for help, however, it can take a village to raise a child. Using federal meal schemes such as the School Breakfast and National School Lunch Programs can help you save money. Both these federal assistance meal schemes are valid in the majority of the public schools, and many of the nonprofit private institutions as well as some residential childcare establishments. While schools send applications to parents and guardians of eligible children at the start of the academic year, you can ask for these forms anytime during the school year as well. 
  • Maximizing your savings by choosing multiple savings accounts, by choosing those banks that offer maximum rewards for meeting your savings goals. Instances of such accounts are only online bank accounts that give you maximum perks through a cardless and internet, mobile banking option. Choosing to save money in 3 or more bank accounts is a perfect plan for targeted savings and specific budgeting needs. Many traditional and only online bank accounts give new account bonuses of up to $150, with the minimum criteria as a minimum number of deposits and transfers in the first 6 months. Reading the terms and conditions and speaking to the bank representative to clear doubts before operating the new account is a good move to maximize savings. 
  • Monitoring multiple accounts can seem like a daunting task when it isn’t in the least bit. You can also choose to download a budgeting app to track the expenditures, savings, and places you have spent your money most frequently. These budgeting apps are usually third-party software programs that can be safe to download as they are regulated apps. However, do your research before choosing an app that works for you. Read reviews especially the critical ones before making a selection. 
  • If you use public transport frequently then buying tickets in bulk and in advance can save you as much as 15% compared to buying tickets in retail as and when you need them. Most State websites have this information posted online, under the Bulk Sales Program tab. Carpooling is another practical and easy way to save money fast for single moms. 
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