Feb 23, 2012

Financial Tips for Single Mother to Stay Away from Debt Burden

It is quite difficult to find financial assistance if you are a single mother. In order to find money for everything that you and your kids would require you have to face tough situations. This is the reason why governmental branches and private organizations have set up different aids to provide single mothers with necessary financial assistance that they need, including free money. If a single mother incurs debt then it becomes quite difficult for her to get out of debt. If you are facing such a situation you can opt for debt consolidation although this might not be your way out always. Thus you should always take advantage of the resources available to you for making the life of both yourself and your child more financially secure and debt free. Here is a list of some aids for single moms which can help you out.

1.Grants – Grants are dissimilar to loans in the respect that you don’t have to pay these back. These are given to those who need them the most. Most often you have to go through a screening process in order to determine your eligibility for qualifying for a grant. Usually grants are given to those who want to pursue higher education although there are other grants available for single mothers depending on your specific needs and where you stay.

2.The 529 savings plan – This aid is a special type of financial aid. This is a plan similar to a plan from tax advantages and specifically designed to help save money for college. This is usually offered mostly by state agencies and some educational institutes. The money from this plan is designed to use for higher education purposes such as college. Once your account is established anyone can contribute to the account in order to gather more funds for college education. You can find out more about the 529 plan and their eligibility criteria from their official website.

3.Sunshine Lady Foundation – This was established by Ms. Doris Buffet in 1996. The foundation is dedicated in helping mothers to get out of abusive relationships and be up on their feet once again. This fund provides money for educational purposes; offers scholarships and is dedicated in helping families out from crisis situation. You can visit their website to find out whether you qualify.

4.The Women’s Opportunity Awards – These are awards that are given to mothers who are the primary money earners for their families and who are stretching their options by going back to school. This is a cash award which recognizes hard work and rewards it with not only money but also the recognition a job well done. 

5.Our Families, our Future – This is an organization which is dedicated to lending a helping hand towards those who are trying to get back on their feet again. This helps in training women for specific positions in the work force which will allow single mothers to make a living and take care of their children without any help from government or welfare programs. 

6.Institutional grants – There are some colleges and universities which will offer you grants if you have already enrolled with them. for example if you want to take classes online then you would require a computer. However, when you are a struggling single mother, this expense is impossible to meet. There are some colleges that will provide you with computers for free with the understanding that the object is on loan until you complete your educational requirements. After that you get to keep the object.

Thus you can see how the following grants, programs and aids can help you out financially when you are a single mother.

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