How to Save Money as a Single Mom on a Budget

This article, as the title indicates, is for those single moms on a budget who are struggling to make ends meet. It is very tough these days to see for all the needs of your kid and also to spend for all the household needs, not to mention that prices are usually heading up while the salary increases with slower pace.

Take a look at the tips described below to help you save money while you are on a budget:

Get Help

Take a look at all the benefits that your local government has set in place for people in your situation. There are all sorts of social claims that you can file for and you will be surprised to find out that many single moms on a budget are reluctant to apply for these financial aids. You will find a program that can help you pay the utility bills each and every month. Isn't this great? So, take these into consideration and you will be able to save a great deal of money along the way.

Promotions

Check with the freebies that are available with various promotions. At this point you should also start couponing, since these coupons can be found as well online from where you can print them down and save the costs on your grocery shopping. Also items for kids are available online at discount prices as compared to the local stores.

Yes, clothing seems to be so expensive these days, especially for babies and toddlers. If you have a sewing machine in the house, it is even better because you can start creating and sew clothes not only for your kid but also for yourself.

Second-Hand

Check with online websites where many articles are sold as second hand and are still in good condition. Craigslist is one such site and very popular for many online shoppers.

Sell that Baby Clothes

You can start selling the baby clothes of your kid once he or she has outgrown them and with the money you make you can purchase new clothing for them.

Extreme Couponing

Always be on the lookout for local sales and once you have also coupons for those products you can get them for free. It may take you some time prior to getting used to these procedures, but once you see how much you can save on these ones, you will do it on frequent basis.

Cook at Home, Stop Eating Out

One last tip to save money for single moms on a budget: cook all your meals at home. Eating out is always an expensive initiative; we talk here about good food not eating at any fast food which is definitely not a healthy choice. Instead with groceries you get through coupons you can start cooking delicious meals for you and your kid. Also when you are on the go with your kid, do not forget to have a snack prepared by you as in this way you won't have to buy anything while spending time outdoors with your kid.

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MBA vs CFA. Which is better?

As someone who is interested in finance and business and want to enhance your professional value, you likely will have a dilemma: MBA versus CFA – which one is better to have?

The answer depends on the type of career you want to pursue in the next five to ten years. In a nutshell, CFA is finance focused while MBA allows you to work in multiple industries. There are differences in the skills acquired, career paths, costs, time committed, compensation, brand image and value perception, and network.

Skills and career path
A CFA develops skills in securities analysis (equities or bonds), portfolio management, and asset allocation, which are suitable for a buy-side investment management firm job or a sell-side (investment banks and brokerages) financial analyst, portfolio strategist, or a corporate finance career. An MBA curriculum covers management, finance, organization, marketing, accounting, strategy, and in some schools, entrepreneurship, giving you a wide set of skills for various industries, and not just finance. However, a study by the London-based Efinancial Careers found that in a database of 17,000 resumes, 13% of the Managing Directors at Investment Banks have CFAs while 18% have MBAs, making MBAs more likely to land a higher-powered Investment Banking job. 

Time and costs
It takes on average four years (and about 300 hours per year) to pass the three levels of the CFA exams. To get the CFA charter, you also have to work in the investment-related field for four years before, during, or after passing the exams. As of June 2015, the pass rate for the three levels were 42%, 46%, and 53% respectively, which means that about 50% of the candidates need to retake at each level, making the length of completion often longer than four years. Full-time MBA takes two years to complete, and you get a degree at the end. The pass rate on average is over 90%. The catch is that CFA only costs about $4,500 for the three exams and about $300 per year to be a CFA Institute member, a requirement to maintain your CFA charter. A two-year MBA degree today costs anywhere from $60,000 to an eye-popping $200,000 to obtain.

Compensation
So which qualification earns more? According to Business Insider and PayScale, the median pay for someone with a ten-year plus experience is $132,000 for a CFA without an MBA, $119,000 for an MBA in Finance without a CFA, and $105,000 for a general MBA without a CFA. A dual CFA and MBA holder earns an even higher $148,000. There are now schools that prepare you to get the dual qualifications. 

Brand and perception
Based on the information from PayScale, employers in finance and investment clearly value CFA charter holders highly, arguably higher than the MBA counterparts. The CFA qualification is perceived the same everywhere in the world given the curriculum and exams are standardized. This is not the case for the MBA schools, with the powerhouses such as Stanford, Harvard, Wharton, MIT, Northwestern, and Chicago perceived higher by the recruiters. These schools likely have large endowments to mitigate the students’ debt load also. An MBA degree from the top ten schools also comes with better brand image and recognition, which means if you want to get the best overall “value” from your MBA, you should go for the very best schools, an extra decision to make.

Network
While a CFA charter earns you respect in the finance field, your network is nevertheless contained in this one field. However, with your MBA degree, your alumni network spreads across various industries and countries, in government and private. Perhaps the biggest argument to get an MBA is the ability to expand your professional network, making a career transition easier. 

Conclusion
If you specifically want to stay in finance and investment, than a CFA charter is likely better than an MBA. However, outside of finance, to gain a broader sets of skills and to move between industries, an MBA especially from the top schools is the way to go. Increasingly, many have pursued one first, followed by the other, which is highly valued by the employers. 

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4 Things To Do With Money When You Lose Your Job

If you lose your job as I did, you should not panic. Although being unemployed can be devastating, it is not the end of the world. Of course, you will have to adjust your finances until you get another job. You will also have to file for unemployment benefits so you will have enough to get by. According to a report by outplacement consultancy firm Challenger, Gray & Christmas, “US job cuts hit a nearly four-year high in July” as the military and the technology sectors announced layoffs. In addition, Hewlett-Packard also announced in September that it would lay off some 10% of its workforce, or 28,000 to 33,000 workers.

Four Things You Should Do With Money

Here are the four things that you should immediately do after you become suddenly unemployed:

1. Take stock of your resources. This is the one thing you should immediately do. Look at the amount of your savings, and then ask yourself, how long can I make it last? If you can get unemployment benefits, would they be enough for you to live on, and how much would you have to add from your savings in order to get by? In addition, look over any alternate sources of income you may have.

2. Create a revised budget. Now that you are unemployed and have no regular source of income other than unemployment benefits, assuming that you qualify, you need to downsize your standard of living. Look over all of your expenses and consider areas in which you can cut down. Start by removing the small luxuries you used to take for granted, such as eating out weekly and having a daily cup of coffee from the local Starbucks. Then look at all your other expense categories and look for other areas where you can economize. For example, you can look for cheaper food options without sacrificing nutritional value.

To make your budget more effective, you might want to do it on a weekly basis rather than the typical monthly. Since you no longer have a monthly paycheck to allocate, making a weekly budget allows you to take tighter control over your expenses and stretch your money.

3. Look into your health insurance options. Although it may seem that health insurance is an unnecessary expense when you have no regular income coming in, it is actually more of a necessity than ever. Although you may be healthy now, you cannot rule out the possibility that you might suddenly get sick or be in an accident that would require you to seek medical care or even be hospitalized. Under the Affordable Care Act, unemployed individuals and families can look for a Marketplace plan which may qualify you for savings and credits that would substantially reduce your premiums and Medicaid for those with limited incomes. In addition, if you have children, you may qualify for the Children’s Health Insurance Program based on your income.

4. Prioritize your expenses.  Now that money is scarce, you should also make sure to pay your most important bills first. The five most important spending items that you should prioritize are your mortgage or rent, your utilities, food expenses, health and other insurance and medicine.

However, one thing you should not do is spend precious money paying down your debt. Even though you’ll be debt-free, being unemployed means you’ll have trouble getting additional credit when you need it. Instead, call your creditors and tell them that you’re jobless and enter into an agreement with them for you to pay the minimum amount to service your debts.

Surviving Unemployment

There are signs of hope in the economy. The unemployment rate recently hit 5.1% and there were 173,000 new jobs in August. A senior economist at Principal Global Investors said that the US job situation is still “moving in the right direction”. But it can still be very difficult to find a new job. So it is very important that you follow these tips to manage your money until you’re gainfully employed again. In fact, these techniques can even ensure that you don’t have to accept the first job that comes along and you might be able to wait until you can find a better opportunity or even a new career!

About the Author

Bill Achola is a personal finance publisher who owns a fast-growing, dynamic and innovative investment blog that empowers investors to make the right investment decision. To learn more, visit http://traderushreview.us.com

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The Beginner’s Guide to Retirement Planning

There are many retirement plans out there today. Different organizations offer different terms on the retirement funds that you can set up with them. One of the most common retirement plans is the 401(k) that a lot of employers offer. This is definitely one of the better plans out there as you don’t have to worry about managing it too much. Everything is controlled for you by your company. All you need to do is choose the percentage of your monthly income that you would like deposited into the account. This is useful for the beginner who doesn’t know the first thing about managing a retirement account. However, once you have sufficient knowledge, it is always recommended to go for something with more control.

The IRA is the way to go

One of these is the IRA. The individual retirement account is one that is offered by a lot of financial institutions. It is the same as a traditional employer’s account, but offers a lot more in terms of control. You get to choose just about everything that happens to the funds in the account. This assures a higher chance of being able to retire early than a normal account. It is also independent of where the future retiree works, making it perfect for people who don’t plan on staying in the same company for a long time. However, there are variations offered in IRAs that can be very attractive to a lot of people. One of the best among these is investing in precious metals such as gold or silver. Banks are generally happy to give out information on a gold IRA account or its silver counterpart.

Precious metals are the stable option

One of the drawbacks of a normal cash IRA is that it is linked to the economy. If the market should destabilize (it is already struggling, as the Great Recession should remind people), the value of the funds in your IRA will dramatically reduce. You can still have the same amount of money in the account, but it will be worth a lot less. Getting a gold or silver IRA will eliminate the risk of this happening. It is a well-known fact that precious metals do not depreciate in value over time, no matter the state of the market. In fact, the value of silver is actually climbing because of the amount that it is used in manufacturing and tooling for companies.

If you already have an IRA or a 401(k) and you are wondering how to set-up a silver IRA rollover so that you can quickly transfer the unstable funds in these accounts to something that is far more secure from an economic standpoint, talk to your local financial institution. There are many options available, and all of them are pretty amazing. The best part is that these are physical assets you buy with the money in your retirement account, meaning you will be able to protect them far better from the market, as well as maintaining security by possessing something real.

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Three Simple Ways To Develop An Additional Stream Of Income

These days, many people are interested in earning more money so they can quit their traditional jobs or pursue some other goal. If this is your objective, it's important to know that there are several ways that you can develop an additional stream of income. Here are three:

1. Pursue Property Investment.

Investing in property is a great way to start earning additional money. To have success with this endeavor, it's important that you select a team of realty professionals who know the industry like the back of their hand. The best realty companies will possess all of the following attributes:

• stellar customer service
• a high quality Better Business Bureau rating
• excellent online reviews

When you start your search for the ideal property investment company, consider the professionals of Realty ONE Group. The company has established a strong reputation for helping people make excellent property decisions. Company representatives such as Kuba Jewgieniew are known for providing the cutting edge services and stellar customer service that entails high levels of customer satisfaction.

2. Develop An Online Business.

In addition to looking into property investment opportunities, be sure that you consider the value of developing an online business. In today's world, eCommerce is bigger than ever as people around the world log onto the Internet to buy and sell goods and services. There are millions of ways for you to make money online, one of which is the development of a monetized blog. You can also start a business selling a product such as eBooks. To make your online business successful, it's a good idea to have a trained digital firm working on your behalf. These professionals will typically utilize a wide range of proven internet marketing strategies to get your company growing. Some of the strategies internet marketing experts typically employ include

• social media optimization
• search engine marketing
• online reputation management
• content creation

3. Write A Book.

One final strategy you should definitely consider when you're looking for ways to accrue wealth is writing a book. Writing a book affords you the opportunity to build a brand and earn residual income that can help you retire early if you so desire. In the past, people have been discouraged from the book-writing process because opportunities for publication were slim. These days, however, social media channels and other forms of online advertising make it possible for people to self-publish books and then market them to build their brand and optimize conversion rates.

Conclusion
If you're ready to develop an additional stream of income so you can have more financial freedom, you should know that the strategies discussed here can help you. By pursuing property investment, developing an online business, or writing a book, you will likely find that your personal finances begin to grow!

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All You Need to Know About Mutual Funds: A Beginner's Guide

Mutual Funds 101: Investing for Dummies

Mutual funds are one of the most popular types of investments.  Mutual funds are managed by a company. They are a pool of money from multiple investors that is then used to invest in various securities. Mutual fund investments can range from stocks and bonds to more strategic investments such as short-term debts. Each person who contributes to the mutual fund shares a portion of its ownership. In short, it is a way of bringing a larger amount of money to an investment.

Types of Mutual Funds

There are numerous types of mutual funds available. The portfolio of the mutual fund is the combination of shares owned by the fund. It can be made up of various types of investments or a single type. This depends on the investment strategy in play. Various options exist for investors including:

• Money market mutual funds: In these mutual funds, the investments generally are higher quality stocks and bonds with less risk. They are short term investments from federal, state, and local governments. There is less risk involved, and, as a result, less potential for high, dramatic earnings. Nevertheless, they tend to be more reliable.

• Stock mutual funds: These are investments in corporate stock ownership. There are various sub-options here including growth mutual funds, income funds, and index funds. Income funds pay regular dividends to the owners. Growth funds don't pay dividends as often, but tend to offer higher returns in the long term. Index funds tend to follow the Standard & Poor 500 Index and range widely as a result of changes in the marketplace.

• Target date mutual funds: This type of mutual fund offers a combination of stocks and bonds as well as other types of investments. These are particularly useful in retirement planning. Although they can start out more aggressive with higher risk, the risk level tends to change and fall over time, as you get closer to retirement.

• Bond mutual funds: These are a common type of investment because they do carry a higher risk level than money market funds, but tend to provide a higher level of gains to owners. There are variations in the types and risk levels associated with these mutual funds.

With so many options, it can seem difficult to know which to choose. Generally speaking, most people choose mutual funds because of the various benefits they offer that can help to reduce some of these overwhelming decisions.

Key Advantages of Mutual Fund Investing

There are numerous benefits to investing in mutual funds. They may not be the best outright investment for some people, though. If you plan to invest money for retirement and don't need an immediate return, this is likely the investment for you. Other benefits include the following.

They Are Professionally Managed

One if the best reasons to turn to this type of fund is because they are professionally managed by a licensed investor. This provides a key benefit to the investor because there is a fund manager making decisions, handling the research into various securities, and overall monitoring the losses and gains of the investment. As a result, they can help to ensure performance on an ongoing basis.

They Allow for Ample Diversification

One of the keys to overcoming significant changes in market conditions is having an investment that allows you to diversify, or place your money into various companies or types of investments. This way, when one area drops in value, other areas may pick up. Diversification like this is one of the benefits of mutual funds since they allow you to invest in multiple stocks, bonds or other securities.

Overall Ease of Use

Mutual funds are fairly liquid. This means that you can redeem their value just about any time you need to do so. There are fees involved, but there is less restricted access to your money. Additionally, you do not have to invest a lot of money to get started. The initial investment amount differs based on the mutual fund and managers, but these initial investments and further investments tend to be much more affordable than other securities.

With mutual funds, you'll likely see payments in dividends on an on-going basis. You'll also find that buying and selling stocks is easier to do (someone else with ample experience can do this for you). And, you'll find that mutual funds are relatively safe investments for short and long term investing depending on the portfolio selected. These benefits are some of the reasons behind while mutual funds are so commonly used and so well respected for most investors today.

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