The Money Coach
  • About
    • Meet Lynnette
    • Media Kit
  • Contact
  • Subscribe
  • QR Code
  • Books
  • Categories
  • Coaching
  • Hire Lynnette
  • Money Coach University™
  • The Money Coach Recommends™
No Result
View All Result
The Money Coach
  • About
    • Meet Lynnette
    • Media Kit
  • Contact
  • Subscribe
  • QR Code
No Result
View All Result
The Money Coach
No Result
View All Result

How Much Should a Single Mom Save?

Lynnette Khalfani-Cox, The Money Coach by Lynnette Khalfani-Cox, The Money Coach
in Saving Money
Reading Time: 2 mins read
single mom
19
SHARES
315
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

Q: I am a single mom who makes about $28,000 a year. I try to save around $200 from my paycheck every second pay period each month, but it’s hard.

Do you think $200 is enough? And if I want to save more where should I start?


A:
Even though $200 a month in savings might not sound like a lot to some people, you’re actually doing quite well on the savings front, given your salary.

Saving $200 a month translates into $2,400 a year, which means you’re tucking away about 9% of your $28,000 annual income.

That’s pretty good, so be encouraged about that. I know it’s hard to stretch a modest income, especially as a single income.

So if you want to save a bit more, start by knocking out some of the credit card debt you mentioned, namely that $3,800 Discover Card or that $380 balance you’re carrying on your Gap store card.

On your credit cards, pay two to three times the minimum payment required to more quickly eliminate those bills.

When the credit card debt is paid off, you can start putting into savings the money you had been putting toward those credit card debts.

Also, if your employer has a 401(k) plan or another retirement savings plan, make sure you contribute to it. You may be able to get a matching contribution from your job, which would add to your savings in a pain-free way.

Lastly, look at every area of your budget to see if there are areas where you may be inadvertently overspending, perhaps on food, goodies for the kids (i.e. clothes, toys, etc.) or even certain “luxuries” for yourself, like hair and nail appointments.

Don’t totally change your lifestyle just to save a few more bucks. But where possible, cut back on a few categories of your existing spending in order to keep more of your hard-earned dollars.

Tags: 401(K)
Previous Post

Can You Afford a Second Home?

Next Post

I Have a Student Loan With a Company. What Can I Do To Keep This Company From Garnishing My Check and Taking My Federal and State Taxes?

Related Posts

shopping tips

10 Shopping Tips to Save Money on Groceries

by Lynnette Khalfani-Cox, The Money Coach

Here are 6 shopping tips for people feeling pinched at the grocery store.

inflation

15 Ways to Fight Inflation, Higher Interest Rates and a Recession 

by Lynnette Khalfani-Cox, The Money Coach

All across the country, Americans with financial concerns are worried about three big challenges: inflation, higher interest rates and the economic fallout from a recession.  Although it’s easy to get caught up in news headlines like “The Federal Reserve Plans To Raise Rates Again,” it’s not a good for anyone’s wallet...

emergency fund

How Much Do I Need in My Emergency Fund During COVID-19

by Lynnette Khalfani-Cox, The Money Coach

According to a Bankrate survey, 23 percent of respondents said their biggest financial regret is not having enough money in their emergency savings to withstand the COVID-19 outbreak. The coronavirus pandemic has impacted the financial standing of many Americans. While jobless claims have fallen since late March, nearly 18 million...

Rich Peoples Habits - Save Like a Millionaire

6 Powerful Ways to Save Like a Millionaire  

by Guest Blogger

Did you know that more than three-quarters of today’s millionaires are self-made and started as middle class or lower? Also, data shows that it takes most people an average of 32 years to reach their first million. Most millionaires are not an overnight success. As a result, up-and-coming millionaires learn...

Save money on travel

3 Websites to Save $1,000 or More Off Your Travel Costs

by Lynnette Khalfani-Cox, The Money Coach

If you’re like me, you love to travel, but you also love to save a buck. Saving money isn’t always easy when you’re on the road. Costly hotel bills, high airline fares, steep rental cars fees and other travel expenses can all add up quickly. Thankfully, however, you don’t have...

how to save on groceries

How to Save Money on Groceries

by Lynnette Khalfani-Cox, The Money Coach

Grocery bills really add up for the typical American family. The average U.S. household, with a family of four, spends nearly $800 a month on groceries. Here’s how to slash your food spending, cut your grocery bill in half and save money on groceries. Don’t fall for marketing tricks Retailers...

Hotels by Day

HotelsByDay.com Offers Affordable, Nice Rooms for the Day

by Lynnette Khalfani-Cox, The Money Coach

My 10-year-old daughter, Alexis, is always ready to pack up and go on vacation. I guess it stems from the enormous amount of travel our family did when Alexis was much younger. By the time she entered kindergarten, Alexis had been on 42 trips with my husband and me, including...

Load More

Popular Posts

  • Car repair

    What to Do If You Can’t Afford a Car Repair Bill

    1379 shares
    Share 552 Tweet 345
  • What to Do if Your Spouse Stole Money From You

    1170 shares
    Share 468 Tweet 293
  • What to Do If You Can’t Afford to Leave Your Spouse

    1107 shares
    Share 443 Tweet 277
  • Here’s Why I Pay My Kids For Good Grades (And Maybe You Should Too)

    1012 shares
    Share 404 Tweet 253
  • What Do All Those Strange Codes In My Credit Report Mean?

    816 shares
    Share 326 Tweet 204
  • Do This Now If Your Wages Were Not Reported

    747 shares
    Share 298 Tweet 187
  • How to Find Out if a Debt Collector is Licensed to Collect Your Debt

    727 shares
    Share 291 Tweet 182

All information on this blog is for educational purposes only. Lynnette Khalfani-Cox, The Money Coach, is not a certified financial planner, registered investment adviser, or attorney. If you need specialty financial, investment or legal advice, please consult the appropriate professional. Advertising Disclosure: This site may accept advertising, affiliate payments or other forms of compensation from companies mentioned in articles. This compensation may impact how and where products and companies appear on this site. AskTheMoneyCoach™ and Lynnette Khalfani-Cox, The Money Coach® are trademarks of TheMoneyCoach.net, LLC.

©2009-2023 TheMoneyCoach.net, LLC. All Rights Reserved.

RSS / Sitemap /Submit an Article / Privacy Policy / LynnetteKhalfaniCox.com

No Result
View All Result
  • Books
  • Categories
  • Contact Lynnette
  • Get Coaching
  • Hire Lynnette
  • Money Coach University™
  • The Money Coach Recommends™
  • Home
  • Subscribe to Newsletter
  • QR Code

©2009-2021 TheMoneyCoach.net, LLC. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist