Money Hacks for Single Moms

Easy money hacks for single moms that will help you make the most out of your finances. 

Are you a single mom who wants to get the most out of the money you earn? The good news is that, even in a terrible economy, there are dozens of ways to optimize the power of income and create long-term financial stability for you and your kids. If you’re still paying on college loans, a simple refinancing agreement can potentially shave a significant amount off your monthly cash outflow.

Additionally, paying a modest fee to a CPA (certified public accountant) can be an ideal way to pay less at tax time and get the highest refund possible. While cutting the budget, be careful to allow room for fun and recreation, even amid a financial rearrangement whose goal is to minimize spending. Finally, consider downloading one or more coupon apps to save on groceries while always being cautious about using high-interest credit cards. The following suggestions can serve as starting points for helping you get the most out of your hard-earned dollars.

Money Hacks for Single Moms

Refinance Your Education Loans

Is a student loan refinance in your future? If you currently pay on one or more education loans, then it should be in your immediate plans. That’s because the tactic solves several problems at once. Refinancing delivers multiple benefits, including the chance to get much more favorable loan terms, access to lower rates, and more lenient repayment periods. But, the big payoff for most single moms who opt for a refinancing arrangement is lower monthly payments. The process is quick and can be done entirely online. As soon as you enter into a new agreement, your payments can go down. That means more money in your pocket every month and one payment date instead of several if you have multiple loans before the refinancing.

Getting a quick financial boost can also help you receive much more favorable terms and rates on a new mortgage or auto loan too if homeownership or owning a car are financial goals for you. Make sure to visit digido.ph/articles/short-term-loans and see how easy it can be to get some loans that don’t require a credit check. For instance, if your credit score is low, it may make sense to visit a peer-to-peer lending site instead of a bank or other traditional lender.

Hire a Tax Pro to Maximize Deductions and Refunds

Unless you’re a tax professional, it’s well worth the investment to pay a modest fee to a CPA (certified public accountant) for tax preparation services. Very many working moms discover that the cost of hiring a tax pro is more than offset by the deductions they can get and the higher potential refund amounts. The IRS changes dozens of tax rules every year, so having an expert on your side can save you a significant amount of money in the long run. If you have any questions about starting a side business or investing, you can always ask your CPA and get clear answers.

Don’t Overdo the Budget Cuts

It’s easy to overdo budget-cutting once you get into the groove. But keep in mind that the goal of saving is not to live like a hermit but to keep everyday expenses down to reasonable levels, not waste money, and enjoy life. That’s why it’s wise never to take cost-cutting to an extreme level.

Use a Coupon App for Groceries

Sure, Instacart grocery delivery is convenient, but it is a convenience that you pay for. A better option is creating shopping lists and utilizing coupons smartly. Coupon apps are not created equal. There are dozens of them out there for the asking, and all you have to do is download one or more to your phone before using them. The better ones can help you snag discounts of at least 5% on grocery and household goods purchases on a regular basis. That kind of savings can translate into a nice chunk of cash when you consider your annual grocery bill.