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Saving money while living paycheck to paycheck: there’s an app for that!Patty McCabe-RemmellI was a single mom way back in 1996, when I made the decision to go back to college and finish my degree so I could support myself eventually. I was fortunate, after an amicable separation, in that my ex always made the alimony/child support payments on time. I was also fortunate to have a support system of friends who would care for my son if my classes coincided with the end of his school day or if I needed to take an evening class.For my part, I had a part-time work study job at school so I could focus on my studies. Still, bolstered with whatever was left of my grants and student loans after books and tuition, I had to tread a very careful financial path to make it from one monthly payment to the next without going into the red. Savings? That was an old beer stein on the shelf where I tossed whatever change I had in my pockets.Looking back, one of the problems I faced was that I was dog-paddling when I should have been swimming. I tried to budget but something always upset my plans. Sometimes it was external: an unforeseen emergency; sometimes it was simply a lack of self control – a vulnerable moment when I saw something I desired and was able to rationalize why I needed it and how I could justify the purchase. The end result, though, was always the same: whatever pennies I may have saved usually ended up being frittered away in moments of weakness. And this was back when Amazon only sold books and eBay was in its infancy. But all that has changed over the past 2 decades, and while the internet can definitely seduce us onto spending, it can also empower us to budget and save. First of all, let me say that I hear you. I have scoured coat pockets and couch cushions to buy milk or gasoline. If you really can’t stretch that paycheck, consider ways you can earn a little extra spending money. One single mom I know, who raises 3 children on her own with no child support or alimony works as a bartender and supplements her income by taking online surveys on sites such as Survey Junkie and Harris Poll. She also scours thrift shops, flea markets and yard sales for vintage Corning ware that she re-sells on Ebay, and she has a little savings account where she stashes each little bit of “extra.”If you’re crafty, your talent can pay off handsomely and possibly open doors to things you’ve only dreamed of. A quick check of Etsy reveals what home crafters are selling online, and is a hugely popular site during the holidays when people want to buy something a bit more personal and special. Another single mom I know supplemented her income by making jewelry and selling it on Etsy and she is now considering quitting her day job and focusing on the business she developed over three short years.Once you’ve got some extra money coming in, start saving! The first step in that process is, of course, making a budget and sticking to it. Again, this is where the internet provides us with apps let us set up budgets and track daily, weekly, or monthly spending. Mint, a product of Intuit, the same company that markets Turbo Tax, gives users a comprehensive overview of their overall finances and allows them to set budget limits that can be adjusted. It will also track your open account balances including bank and PayPal accounts, and credit card accounts. Mint reminds you when bank balances are low, credit usage is high, and when bills are due. All of these alerts can help you avoid incurring late fees, which are can drain any extra cash and lower your credit score. The great thing about Mint is that it syncs up with Turbo Tax and you can import all of your information from Mint when tax time comes around. Best of all, it’s free!There are alternatives to Mint that offer basic budgeting services with a 30-day free trial, after which they charge minimal fees ($4 to $5 monthly or $45-$50/year) for their basic levels of service. Both Goodbudget and Mvelopes, which both offer an electronic system of envelope budgeting, will also sync with your bank, and notify you when you are close to overspending. Mvelopes has a tiered system that offers such other things as credit monitoring and personal finance trainers and advisors, but it comes with a rise in subscription costs to match each tier. Once you have a few shekels to stash away, it’s relatively easy, especially if you have a banking relationship you are happy with and doesn’t charge hefty monthly fees. If that is the case, Open revive that old savings account that has been languishing a .20 balance. Earmark it as a Christmas fund and keep adding to it, even if it is $1 out of the $5 you had left over after paying the bills. If your bank demands a minimum balance for savings, or if it charges fees that wipe out any small savings you can build up, consider transferring $5 a month, or week, to a PayPal account and let it build up until you have enough to meet that balance. Better yet, get rid of that commercial bank account and move to a purely online bank such as Ally, or CapitalOne360. Both of these alternatives to brick and mortar banks offer some or all of the following:no minimum deposit requirement to openno monthly maintenance feesa higher rate than traditional savings accountsremote check deposit (you can photograph a check using their mobile app)interest compounded dailyFinally, make the commitment. Set small goals that are realistic: “I want to save $25 this month.” That’s $6.25 a week, or under a dollar a day (89 cents to be exact). Even $10 each month will net you $120 by the end of the year. Increase your goals when you are in better financial shape. If nothing else, the feeling of satisfaction is worth every single penny you saved instead of making that impulse trip through the drive-thru or going on an emotion-driven spending binge. Saving responsibly is one of the best things you can do for yourself and your kids. It will help you feel empowered and in control of your life. Financial stress is one of the biggest things that keep us single moms up at night. Why lose sleep over something that is well within our considerable power as women to change? ................
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