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4 Financial Tactics for Single Moms

Single moms have their work cut out for them in 2022’s unpredictable economy. It’s tough enough dealing with work, family, and personal responsibilities. Still, when you add rising prices and high unemployment to the picture, it’s clear that saving money is the number one strategy for financial survival. What can you do that doesn’t require turning your life upside down in order to make ends meet and take care of your kids?

Besides shopping for subsidized daycare programs in your community, there are several other effective ways to slice monthly bills down to size. Mothers often choose to refinance student loans, take in a roommate, sell unwanted belongings, and join wholesale clubs to keep costs as low as possible. Depending on your particular situation and financial needs, consider opting for one or more tactics. Here are more details about each one.

Shop for Subsidized Daycare

With so many things to look for in daycares you might think you have to just settle for the pricing, but that is not necessarily true. Depending on where you live, there can be excellent offers for subsidized daycare. Many large cities have programs for working mothers that can save you more than half the cost of typical daycare fees. Check with local social service agencies to see what’s available in your area. Many subsidies are based on income but have relatively high levels before you get priced out of coverage. Likewise, some city and state employers give vouchers for working parents to use toward the cost of private daycare facilities.

Cut Monthly Bills

Mothers with one or more children can lower their monthly expenses in dozens of ways. Perhaps the single most efficient technique is to refinance student debt. If you are still paying on a college loan, opting to refinance it into a brand-new loan is a solid, smart move. Not only does a refi give you access to lower payments, but you’ll instantly have more money on hand for other purposes. Why do moms refinance their old school loans? They utilize the savings to pay for daycare, buy a new car, eliminate credit card balances, and more. Many mothers have education debt that can be refinanced, so don’t overlook this effective method for saving money.

Consider Shared Housing

If you have a spare bedroom, sign up with one of the many roommate finder companies and put your space on a listing board. Make sure you work with an agency that does careful screening of applicants, even if you intend to do some of the interviewing yourself. By charging a modest monthly fee for the room, you can offset a sizeable portion of your own rent or mortgage payment.

Hold a Digital Yard Sale

Go through attics, spare rooms, garages, and basements to collect all the personal items you no longer want. You’ll undoubtedly choose to throw some things away, recycle others, and give a few items to charity. Whatever is left can be put up for sale in a digital auction. For larger appliances and other goods that won’t ship well, sell them in a traditional yard sale or through a local consignment store. On the auction websites, remember that you can list your goods for a fixed price if you don’t want to deal with the auction process.

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