Are you a single mother struggling to make your monthly debt repayments? Did you know that you can use a low interest debt consolidation loan as a powerful first step in taking control of your finances?
It’s easy to get so caught up with the busyness and demands of life that we don’t take (or even notice) the simple steps that change our lives for the better; a low interest debt consolidation loan is a simple and powerful action. For most single moms, stress is a way of life and financial stress is an added burden that can make being a parent more difficult than it needs to be.
It is easy to fall into the debt trap with emergency medical costs, shoes, clothes and things children need that you just can’t put off. Nevertheless, putting off dealing with your debt problem will only make the situation worse.
If you are a single mom, there are five main advantages of consolidating debt into one low interest debt consolidation loan:
1. It will increase your disposable income, which is always important for a single mom.
2. A low interest debt consolidation loan will improve your long term financial position by saving a lot of money in interest costs and limiting your debt to a set period of time.
3. You will only have one payment to worry about instead of having to juggle a lot of them. When you’re on your own with kids, anything that simplifies your life makes things easier.
4. It will take a lot of stress off you, which will help you to cope better with the other unavoidable stresses involved in being a parent.
5. A low interest debt consolidation loan can be the beginning of a financial plan. At the end of the term of the loan, the payment amount can be saved and you can begin to build wealth. If your monthly savings from consolidating are enough, you may be able to use a part of the money to start a small savings plan immediately.
If you want your low interest debt consolidation loan to provide the best long term benefits, it is important to cancel all credit cards and lines of credit once they are paid out, to avoid the possibility of future debt. Devise a strict financial budget that includes saving for emergencies and make a firm decision to live within your means. A low interest debt consolidation loan is an effective way for single mothers to get their financial lives in order. It’s up to them, to keep it that way.
Child care subsidies and public health insurance can help with closing the gap between low income and what it takes to make ends meet. Not all low-income families receive the benefits for which they are financially eligible. Families who receive multiple work supports can lose assistance before they reach self-sufficiency. Single parents often struggle with buying basic necessities and paying bills and usually live paycheck to paycheck. Single parents often do not have any savings and are in debt. Here are 10 easy ways for single parents to save money:
1. Buy a Used Car Buy or trade in your current car for a used car with a cheaper note. This will either eliminate your car note or save you $50 to $200 a month on your car payment.
2. Use Coupons Buy whatever items are on sale or buy items with coupons. This can save you $50 to $300 a month. There have been instances where shoppers had a total bill of $200 and ended up paying $5 using coupons and buying items on sale.
3. Buy Generic everything: household items, clothing, prescriptions, toiletries, dry goods, canned goods, paper products, etc. This will save you on average $5 to $50 a month.
4. Buy Washable Clothes: Buy clothes that do not require dry cleaning. This will save you on average $50 to $150 a month.
5. Do you own hair and nails and buy your makeup from a drugstore, such as CVS or Rite Aid. This will save you on average $40 to $100 a month.
6. Gas: Buy regular gas for your car unless the owner’s manual suggests otherwise. Find the cheapest gas in your neighborhood to purchase. This will save you on average $.05 to $.20 per gallon.
7. Shop at Discount Stores: Buy household items in bulk, such as paper products, cleaning supplies at discount stores such as Target, Wal-Mart, Costco, etc. This will save you on average $5 to $50 a month.
8. Reduce expenses Reduce or cancel your cable plan, cell phone or Internet service, or get the cheapest plan available. This can save you $20 to $100 a month.
9. Buy groceries at superstores: Buy your groceries at superstores or wholesale stores such as Wal-Mart, Costco, Sam’s Club, etc. Buy nuts, grains, spices, legumes at wholesale or health food stores. This will save you $30 to $200 a month on processing costs charged at regular grocery stores.
10. Fun with Kids Check your local library or newspaper to find free activities that you can do to with your kids. This can save anywhere from $5-$100 a month.
Each year, the federal government gives out over 150 billion dollars in Government funded grant programs to businesses and individuals. These grants are provided to assist businesses in growing and providing jobs, and to help individuals raise funds for education or other personal needs.
Despite the abundance of grant programs available, many businesses and individuals are finding it difficult to locate grants. The system can be very confusing. Luckily, there is progress being made. The federal government actually has a website, Grants.gov that you can visit and you can search by agency, category, or browse the available grant opportunities. Now, this is a step in the right direction, but as you will see, their site is still hard to use and the search function is well, somehow lacking. Also, this is not a complete list of all grant programs that are available. You will likely need to employ additional research methods to uncover many government grant opportunities.
When researching for Government Grants, one of the best resources for research is the Internet. Try searching for the type of grant that you are hoping to apply for. Try putting the type of grant in quotes – ex. “grants for single mothers”, and search with the quotes. This instructs most modern search engines to search for the exact phrase. This will often times narrow down the results to a more manageable size for research.
If this fails you, you may try visiting another government run website, cfda.gov – The Catalog of Federal Domestic Assistance. You may try searching this for related government grant programs. There is a third government run website that may help as well, located at firstgov.gov.
If you still cant find information on the type of grant that you require, there are many commercial products available that maintain private databases of grant opportunities. Usually, this costs money, but the small fee might be worth it
if it saves you time and helps you find the grant that you are searching for.
Once you have found information on the grant that you hope to apply for, it would be a good idea to contact the funding organization and verify the details of the grant. Alot of times, information is out of date and you want to make sure that you have the most recent data before you attempt to apply for a grant. A phone call or letter to the group that funds that grant could save you a great deal of time and aggravation later on if you wind up with out dated information.
There are numerous government grant programs available. Locating them can be tricky, but is often times well worth the effort. With diligent research, you should be able to uncover some good opportunities for federal government grants.