Save or invest your windfall (tax returns, student loan refunds, stimulus checks, monetary gifts).
The tax season is a gay old time for many, especially we single moms. The child tax credit and earned income credit is the reason we get a fat tax refund.
I admit that I love this time of year and children are especially a blessing right now. The trouble comes when the money is in my bank and I don’t know what to do!
For years I’ve been hearing about how important it is to save that money but I haven’t so I am committing to saving at least half of it. Ironically my car tag is due every year around this time of year so part of the refund goes to pay for that.
So be like me and save all, some, most of your tax refund for your rainy day fund, vacation fund, or the kids need braces fund.
When you get that stimulus check put it in the pot too along with your student loan refund, and that birthday gift money.
Oh and if you play the lottery put your winnings in their too, 😉
Samantha A. Gregory is an author, consultant, and speaker. She’s a single-mom lifestyle, money, and parenting expert featured in The Washington Post, The New York Times, Essence Magazine, HuffPost, ABC News, and Mint.com.
Samantha founded the award-winning RichSingleMomma.com™, the first online magazine featuring personal finance, parenting, and personal development content and courses for single moms.
She aims to inspire women who are ready to thrive and not just survive in their single motherhood journey. Connect with her on Instagram @richsinglemomma.
