Hello Singlemombuzz readers!

It costs almost a thousand dollars to become a non-profit.  As many of you know, the choice has always been to help the moms first, think about non-profit later.  However, we may be able to help more Moms and help our supporters get some credit for their donations if we do become non-profit.  I have found a way to get the money and I want your input.  As many of you know I work in retail operations.  I contacted our ethics/compliance department about my idea to purchase a piece of jewelry which would be raffled off for either a $5.00 or $10.00 ticket.  Our corporate offices agreed I could hold a raffle for my idea of raising money, I just can not tie it in with my work.  So... the piece of jewelry would be a David Yurman bracelet, one of the classics (I'll post a picture when I figure out how to do that) with either pearl or garnet ends.  The price of the bracelet is @ $750.00 (less my discount) and the amount we will try to raise is the price of the bracelet, the $1,000 filing & paperwork fee for the non-profit and if there is any money left over we will use it for the storage unit, which is about 75.00 monthly if we get the 10 x 10 unit.

For those of you who don't know, SWARM is the name of the grassroots organization that I started to help single moms.  The storage unit houses the items I find or donate that single moms can come and 'shop'.  I personally donate clothing and furniture from estate and yard sales that I strip and that the moms can paint and have for themselves or their children.

I would like to eventually obtain more clothing bins and racks to make the 'shopping' more convenient. I say shopping, but there is only a donation (if they can) that is recommended.

back to the jewelry...

If you are interested in the David Yurman plan, stay tuned as more news becomes available.

Thanks,  Sharon
SWARM

Hello Singlemombuzz Moms!!!

Today we offer up an idea for you to ponder...are you happy in your life. If not, what will make you happy? What will get you where you want to be?

I recently met with a few moms and we discussed how children change our lives and how being single moms can feel like our lives are delayed.  If you feel this way and you do not want to feel this way, consider some actions you can take to make your life better.

Think about what makes you happy.  Where do you find joy?

One of the easiest ways to rediscover your joy is to think back to your childhood.  What brought you joy? What got you up and out of bed on a summer morning?  Don't allow any negative thoughts to cancel out what your brain tells you about joy.  Now add this joy into your family mix and share it with them.  Spending time with your children doing something that you enjoy speaks volumes to them about living a better life.  Anytime you can share joy and happiness with your children you are teaching them what is really important in this life.  It will help you as well.  It will remind you that you life is going on RIGHT NOW!  Make it count!

Payday

Hello Singlemombuzz Readers!

What comes to mind when you think of the word, 'payday'.  Does it make you happy? Fearful?

Will you have enough to cover your bills? Will you have more than enough?

Since financial stability is the backbone to a better quality of life, getting to financial stability should be your goal.  If you do not make enough money to cover your bills, if you approach your paydays with dread because you know it will not be enough money to put your mind at ease, you need to fall into action TODAY to get a plan going.  You either need a new job or you need to ask for a raise.  This means you must gather together all your successes in your current position and approach your boss or your human resources manager to find out what you need to do to make more money.  Simply put, if you are unable to secure more money in your current position, then you need to move on.  Start looking now.  Do not waste your life in a dead-end position (a position where there is not future for you).  If your company can not help you rise up, then you must move out.  Start looking now.  Every payday that you approach with dread, robs you of joy.  You need joy in your life!

If you are fortunate to have paydays that cover your bills AND you have money left over, begin now to consider ways to grow that money.  Consider finance classes and/or hiring a financial planner. Think about, and learn about investments.  Have you planned and prepared for retirement? Learn as much about money (and how to grow it) so the quality of your life continues to improve.

Every payday should be a reminder that you must be proactive with your money. You must always work your finances with an improved quality of life vision propelling you to action!

“I try not to borrow, first you borrow then you beg.” 

― Ernest Hemingway

The words above are as relevant (and true) today as when Ernest Hemingway first uttered them.  Borrowing money is never good, but for some single moms, it is sometimes necessary.  When you don't have enough money coming in to help save for the proverbial rainy day, if SOMETHING HAPPENS, (i.e. car breaks down, plumbing fails, crazy big heating bill...) you have to do something.  

 

Never, ever go to 'Payday Advance' or 'Title Loan' companies.  The payday advance type of company is a business that will 'loan' you money BUT with very large interest rates attached.  This means that you could borrow $20.00 and you could end up paying $30.00. (or more) depending on when you pay the company back.

The Title Loan company agrees to give you money and they will use your car as collateral.  This is a company that will give you money (on loan) and all you have to do is allow them to hold your car title.  It is never good to have someone hold your title.  Never.

Instead of borrowing money begin to spend less.  Right Now! 

Walk away from the junk food, avoid clothing stores, no gambling! Keep track of your spending to determine where your money goes and make it a point to avoid needless spending.  Needless spending can be defined as spending money on things you don't need. LOL!  Try it for a day, then a week and then a month.  This should be the first habit you create and follow through on, as this is the key to improving your quality of life through smart spending.  This is where you start saving for your rainy day.

Think about that!

3 The Wage Gap

Hello Singlemombuzz Readers!

Depending on your source for information, the average gap in wages, between men and women, is from .23 cents/hr.  to  .28 cents/hr.

You might be thinking,  Hey!  That is not new news.  I know this.
But . . . I want you to think about what this information really means to the single mom.

Consider this... If the average of the wage gap is .25 cents, this means, that for every dollar a man makes, the woman makes .75 cents.

So...

Look at these calculations:

MALE:              Rate of pay                          $ 1.00/hr        

FEMALE:         Rate of pay                           .75 cents/hr    

(HOURLY)      Pay Difference:                    .25cents/hr                                                                  

MALE:              40 hr week,  pay check:       $40.00

FEMALE:         40 hr week,  pay check:       $30.00

(WEEKLY)      Pay Difference:                  $10.00

MALE:              Monthly Pay:                       $160.00       

FEMALE:         Monthly Pay:                       $120.00

(MONTHLY)   Pay Difference                   $  40.00

MALE:               Yearly Income                   $2,080.00

FEMALE:        Yearly Income                     $1,560.00      

(YEARLY)      Pay Difference                   $   520.00

In the above scenario, the male is pocketing $520 dollars more than the female.  He has $520  dollars more money in a year. Over ten years he will have more than $5,200 dollars!!!  Of course, this is the difference when the pay scale starts at  $1.00/hour.

But, let's get real, average entry level pay for most college graduates looks like this...the male is making $20.00 an hour, which means at 25% less,  the female would then make $15.00 an hour.  This would translate into:

                    40 Hours Work Week:

                                   Male    20.00 x 40 hours  =  $ 800.00

                              Female   15.00 x 40 hours    =  $ 600.00

                                   Weekly Pay Difference  =  $200.00

                   4 Week Month:

                                   Male:                 $800 x 4  =  $3,200.00

                               Female:                  $600 x 4  =  $2,400.00

                                 Monthly Pay Difference   =   $  800.00

                           Yearly Salary: *based on 52 weeks 

                                   Male:             800 x 52     =   $ 41,600

                               Female:             600 x 52    =    $ 31,200

                                    Yearly  Pay Difference =   $ 10,400

In ten years, the female worker is being shortchanged $104,000.00.  

Let me put this another way.  Say a male and a female both want to purchase a home.  (As you may know, the purchase of a house can be a concrete way for building wealth and creating financial security.)  The price of the house is $100,000.  Both need to save $10,000 for a 10% down payment.  Looking at the yearly figures above, you can see that (the only difference between this male and female is the wage), the person who is making more money has the potential to save the down payment sooner.  This means they have to save for a shorter period of time and, they will make their purchase sooner, and thus, will begin building equity sooner.

The reality is that the one who makes more money will have to sacrifice for a shorter period of time, and will have more needs and ultimately, more wants met, than their lesser paid counterpart.  In this scenario, the lesser paid employee (the female)  would also have to cut back on quality of life spending, more so, than the male employee.  For every paycheck that she has to cut into for the down payment savings, she has to take away from her other necessary savings, (i.e. emergency funds, 401K, or other future needs).  The quality of her life potentially suffers.  Although, it is her choice to sacrifice to save and purchase a home, shouldn't she have the same quality of life that her male counterpart has during the saving process?  Basically, what should be evident to you, is that people performing the same jobs, should be paid the same wage and have the same opportunities.

But, we live in the real world where inequality still exists and because of the many discrepancies in this life, we must adapt and move forward, regardless.  That is why SWARM was created and why this blog is in existence today.

I want to provide information to help improve the quality of your life and every single mom out there.  My goal will be to provide you with information that will enlighten you and help you; maybe help you see things in a new way.  I hope this post has given you reason to ponder...

This post is a repost from the original blogger at swarmbuzzblog.blogspot.com

The State of YOUR Independence

Happy (Belated) 4th of July, SingleMomBuzz Readers!

     As our Fourth of July festivities come to a close and Independence day fades into the past, it is time to take a look at your life and your independence. Tell me . . .  what is the state of your independence?   Do you have control over your life?  Are you as independent as you would like to be.  One of our goals for this blog and for SWARM is to help single moms grow their independence. 

Independence is about having control over your life to create the life you want.  

      If you are like most single moms, your finances and your independence are closely woven together. Money is what allows us to do what we want to do. It allows us increased control over our lives and especially over our future.  The more money you have for your needs, the more money you can have for your wants.  The best way to gain control over your money (read: your finances) is to take the time to examine how you spend your money.  Who and what is getting your your hard earned cash?

     In a future post, we will show what the wage gap in the year 2013 means to us as single moms and   how the wage gap between men and women is still raging on.  We'll share an example of how this gap steals financial opportunities from women, and that the money lost, affects our day to day spendings, as well as our potential for a healthy financial future.  

     So, until the next post, understand that any wage gap, any time you get paid less than your co-worker for equal work, you, your family and your future are affected negatively.  The playing field is not always level and because of this, singlemombuzz blog and SWARM, our grassroots program, are prepared to help you.  Just like Ginger Rogers in her dances with Gene Kelley, she had to perform the same dance steps he did, only backwards and in heels.  He got the recognition for the dance and she was the showpiece.  Keep this in mind as you move forward in your life:  you may have to work harder to prove yourself, but unlike, Ginger Rogers, this is a time in history when you can prove your worth and have lots to show for it.

Independence for single moms will happen when you make good financial choices based on good financial information.  Just like this blog, there are many resources available to provide you with information to guide you on your road to independence. We will share what we find and hope that you too, will comment with tips that have provided useful in your financial life.  Paying attention to your financial life will also affect your children.  They will be witnesses to your spending and saving habits, and if those habits are good, your children will reap the rewards for themselves. Money is a family issue and when you children can learn good spending and saving habits now, it will prepare them for the future and improve their quality of life.  

     

    Hardly a day goes by that a single mom doesn't encounter a situation where she needs to make a decision that will affect her finances.  There are times in her life that, if she only had a little more knowledge on a specific subject, she would have been able to make a better financial decision. Sometimes it's that additional information that can help prevent overspending, resulting in enough of a savings to purchase a tank of gas, pay a utility bill, buy some groceries, or put into a savings account.

Consider this story and the reason why I created SWARM and swarmbuzz blog and singlemombuzz blog. 

    A couple of years ago I went to have my car's oil changed at a repair shop that performs both my regular maintenance and any emergency repairs. After the oil was changed and the liquids replenished, I was told that I would also need an air filter.  The mechanic explained that they used to change the air filter as part of the oil change, but with the price of oil so high, it is a procedure all its own.   I asked him how much it would cost.  He replied, "$17.00 for the part and $45.00 for the labor", (this was based on the half hour rate).  I asked if the change was something that absolutely must be done now or could it wait?   With a concerned look on his face, he answered that he would have it done 'as soon as possible'.

     I am not a mechanic. I am a mother on a budget. A mother with a child who rides in my car (I'm thinking safety here),  so... on the ride home, (after declining the service), I stopped by an auto parts store.  I went in and asked the clerk for the price of an air filter ($17.00). I questioned whether replacing the filter would be something I could do myself.  He asked why I wanted to know.   I explained I had just come from the auto repair shop where the mechanic said I needed the filter. I did not have the extra $45.00 (labor fee) it would take to have the service performed. The clerk at the auto parts store became obviously annoyed.  He asked me to follow him.  'Where is your car?'  I pointed to my car, and he told me to pop the hood.  He scanned the space, found some sort of container, removed a piece of casing, pulled the part out, and put the new filter in its place.  He put the top back on, flipped a lever to secure the casing and said, "There's your $45.00 labor fee".   I was dumbfounded. I paid for the part, thanked the clerk and drove off.  Once home, I replayed the two events over in my head.  I wondered who and what else was draining my quality of life.

     Since that day, I have made it a point to pay attention to who is getting my money and for what.

I have become hyper-vigilant when spending and I make it a point to check receipts, bills, etc. 

My daughter has observed me making phone calls to grocery stores, banks and even my human resource manager about errors that affect my finances. You never know when you might find a price discrepancy at the grocery store, an error in a checking account or a mistake on a payroll check, (like not getting paid for hours worked!).  My child is at the age where she doesn't like to be standing in line with me as I go through the bags and receipt to make sure I have gotten the savings I was supposed to get. However, she is observing good financial management and she understands that,  if I have saved any money, I just might use a portion of that to put into our Broadway saving fund.

Happy Independence Single Moms, what can you do to grow your independence?