If you’re ready to apply for PPP (Paycheck Protection Program) loan forgiveness, WAIT. As it stands right now, getting forgiveness for your loan could end up costing you more money in taxes. And unlike the super low-interest loan that can be paid back over time, the tax bill will be due in one big lump sum. Confusing? You bet. For everyone from lawmakers to CPAs to business owners. That’s why it pays to wait until we get the final rules before make your decision. There’s No Rush PPP loan forgiveness isn’t a now-or-never kind of thing. Waiting won’t hurt your chances of qualifying. And for most ..read more

Letting it slide can cost you a lot of money You’re crazy busy. Running a business, pursuing your passion, focused on growing your company… and at the same time taking care of your home and family. You mean to deal with all the bookkeeping stuff, but it just keeps getting shoved to the bottom of your enormous to-do list. And while it might seem like that’s no big deal, ignoring your company’s books could end up costing you a lot of money. Here are five critical reasons to get caught up on your business bookkeeping ASAP. 1. You’ll Miss Out on the Next Round of Funding The pandemic has hit small ..read more

            Covering your essentials and tackling financially-damaging debt Please Note: This article contains affiliate links. If you click on those links, I may receive compensation.   When it comes to managing debt, single moms have extra struggles to deal with. But we manage to overcome those hurdles and keep making strides to pay off debt and build net worth. Then 2020 happened, and for many of us our financial progress got knocked off track. According to a survey by Lending Tree, 56% of parents have gone into debt duri ..read more

You need to do this today. Single moms – women in general, actually – are waaayyyyyy behind when it comes to retirement savings. We all have plenty of reasons for this… but when we’re 80 and out of money, those reasons won’t matter at all. So today we are going to take 30 minutes to open up Roth IRA accounts. We’re focusing on Roth IRAs specifically because you always have free and complete access to the money you put in. This takes a huge barrier out of the way of retirement savings: This money is not locked up, and you can take it out if you need to without taxes and IRS penalties. Even with ..read more

What you don’t know about target-date funds can hurt you Note: This article contains affiliate links. I may receive compensation if you click on them. Thank you for your support. When your to-do list is already a mile too long, it’s tempting to go the easiest ways to get things done. That’s especially true when it comes to financial matters – like retirement savings – that seem complicated. That’s why so many single moms go with the hands-off, no-worries choice in their retirement plans: target date retirement funds. The whole point of these is to pick one, then ignore it until you’re ready to ..read more

How I identified those emotional triggers and stopped overspending More than 100 Lego sets live in my house. Dozens of action figures, thousands of Pokemon and Yugioh cards, and plenty of board games keep them company. My son has built, played with, and loved all of these toys. But he would have been just as happy if he only ever had a fraction of them. In fact, he never even asked for a lot of the stuff he has. It came from me, and my feelings of single mom guilt. I never wanted him to feel like he was deprived or missing out because he only got gifts from one parent on birthdays and holidays ..read more

Understand All of the Terms & Conditions Please Note: There are affiliate links in this post that I may or may not profit from.  If you’ve ever applied for a loan and been baffled by the papers you had to sign, you’re not alone. Those documents were created by lawyers working for big banks and lenders, and they’re stuffed with confusing, unfamiliar language – especially if you’re a first-time borrower. These contracts spell out exactly what you and your lender have agreed to, including: Your rights and responsibilities The lender’s rights and responsibilities (which vary depending on ..read more

And what to do if they’re your only option Please Note: This article contains affiliate links that I may or may not profit from. Legal loan sharks are  now actively targeting people affected by coronavirus. They promise emergency relief – sometimes actually calling it Covid-19 financial relief – to people who are running out of cash. But their “help” comes with an enormous financial downside that can trap you in a nasty pit of forced continuous borrowing. Predatory lenders take advantage of desperate people who are struggling to buy food and pay rent. Unfortunately, millions of Americans ..read more

The truth about budgets brings financial freedom Budgets are a single mom’s best financial friend – hands down. Kids are expensive, and it’s even harder to make ends meet when you’re working with one income. That’s where budgets come in to save the day. Unfortunately, just the word “budget” can turn people off. And the idea of having to deal with a budget can make an already overwhelmed single mom shut down. That’s because many people have the wrong idea about budgets, and think they’re are all about cutting expenses… sacrificing fun… and getting bogged down with time-consuming spreadsheets. T ..read more

What to do if your limit was lowered or your card was canceled When you’re stuck in a financial crisis situation, credit cards can give you some extra breathing room. That’s especially true if you’ve already burned through your emergency savings… slashed your budget to the bone… and done everything possible to bring in more money. Right now, millions of single moms are stuck in this impossible position. We don’t want to run up debt with so much uncertainty around, but we have to take care of our families. So we’ve been relying on credit cards more to buy the essentials. Until the credit card c ..read more