SOME FROM EXPERIENCE & SOME FROM SINGLE MOM POINT OF VIEW:
- Don't give some of it to your man to "flip"-if anything, go w/high yielding savings/checking acct, stocks, or some other legit avenue.
- Don't go buying up a whole bunch of clothes & shoes-school starts again in August & most people have no clue how they're gonna get $ for outfits and supplies (I mean you just had it at tax time).
- Don't think that you're rich-take your refund amount and divide it by 12 (12 months)..budget accordingly!
- Don't give it to your man so that he can get a car-especially if he won't work or doesn't know what an application looks like.
- Get a real bank account. I was in line behind a young lady at a convenience store and she asked if they could cash a $5000 refund check. I was too through!!! They cashed it for her, but there's no telling what the fee was. I couldn't imagine walking around with that much money on my person.
- Stop putting money in the laundromat if you have washer/dryer hookups-BUY YOURSELF A WASHER/DRYER. Most will spend just as much on junk items in a week.
- Don't go loaning money out to everybody.
- Don't make loans yourself and promise everybody that you'll "pay back w/income tax" (I watch the television court shows on a regular basis, & this seems to always come up). Something happens that prevents either them from repaying you or you from repaying them.
- Don't put high $ rims on a car that's parked in front of a rental property (no offense to anyone but Im going somewhere w/this). Take time out to see what needs to be paid off (credit wise) & get w/someone for advice on how to purchase a home. You never know-you might not even have anything to pay off. There's probably a house out there just waiting on you to make it a home! Make a future/foundation for your kids-cars depreciate and can stop running-homes accrue equity.
- There are some out there who'd consider our money as chump change (wealthy, rich, etc). The majority of them probably don't spend frivolously. Why should we? Sit & talk w/them & we'll probably discover they are very frugal, their money is heavily invested, and they are ready for life's uncertainties.
Posting this has been on my mind for months-I want single moms to shine-yes, I'm independent but I also want my stuff to be in order when the one gets here-KIM- LIVED & LEARNED
P.S.
If anyone's offended about my tax posts, go back and read my 1st post-SOME FROM EXPERIENCE-I had a new hairstyle every tax season only to have to abandon the style's upkeep b/c my $ ran out, I bought clothes like I was Oprah, I spent very carelessly (not thinking about the fact that the $ wouldn't be readily replenished), & a lot of other foolishness. Do better now that u know from some of what u just read (single, married, whoever). Much love and financial freedom
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