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Here comes another school year, and that can mean it’s time to get shopping for some nice new pencils, notebooks, backpacks, and cool clothes. But don’t expect it to come cheap: Last year, the cost was estimated at $661 per school-age child, and this season could well top that.

No one wants to go into credit card debt to get their kid outfitted for the first day of school, so here’s help.

Read on for 31 back-to-school shopping tips that will save you money while getting your kids prepped for a great year ahead.

1. Check the Circulars

You might receive weekly circulars in the mail that include coupons to local stores that can help you save money on school supplies. If you don’t receive any circulars or you want more, using a website like Flipp can give you access to digital circulars and coupons you can use at the store.

2. Download Honey

The Honey browser extension is helpful when it comes to back-to-school savings. Installing Honey on your web browser will enable the extension to automatically search for coupon codes and deals when you check out online, saving you both time and money.

💡 Quick Tip: Help your money earn more money! Opening a high-yield bank account online often gets you higher-than-average rates.

3. Use Online Coupons

Some websites, such as Coupons.com, RetailMeNot, and Savings.com, offer online coupons. Browsing these sites may lead to savings on school supplies you need.

4. Join Target Circle

Doing back-to-school shopping at Target will let you earn rewards through Target Circle . You can access hundreds of deals as well as earn 1% back when you shop (or 5% back when you shop with your Target RedCard). You can redeem your savings on later purchases. Another perk: You may also see special discounts on back to school, such as 20% off a purchase for college students.

5. Use Cash Back Credit Cards

Making school-supply purchases with a cash-back credit card is another option to save some money. Then, you can put your savings towards future purchases or use the cashback to pay a portion of your credit card bill.

6. Get Cash Back for Shopping

On sites like Rakuten and Swagbucks , you can earn cash back when you shop at your favorite stores. Check these sites for cash back offers before heading out for back-to-school shopping.

7. Sign Up for Store Emails

If there are a few stores you know you’re going to be shopping at this year, then sign up for their email list ahead of time to receive coupons and find out when they are running sales. Some stores offer a percent-off coupon or a dollar-amount discount for signing up for their emails or texts.

8. Download Store Apps

Along with signing up for emails, you can also download store apps to receive exclusive savings and deal alerts. You may receive a one-time coupon at the beginning and then additional deals after that.

9. Ask Friends for Their Old Supplies

If you have friends who aren’t using their old supplies anymore, they may be willing to give them to you so they don’t go to waste. This could save you a lot of money, especially when it comes to paying for college textbooks.

Recommended: Comparing the Pros and Cons of Going to College

10. Join Parent Groups

Consider joining local parent groups on Facebook or other social media platforms to see if anyone is giving away supplies or selling them at a steep discount. Connecting with other parents before the first day of school can also be a good way to form friendships and trade back-to-school shopping tips.

11. Look on Used Goods Marketplaces

You may also be able to find the supplies you need on used goods marketplaces such as Facebook Marketplace or Craigslist. Keep safety precautions in mind when meeting strangers to complete a transaction: Consider meeting at a police station, bring someone with you, and trust your instincts if you feel the situation is unsafe.

12. Wait to Make Some of Your Purchases

Your children are not going to need all of their school supplies on the first day, or perhaps even in the first month of school. Instead, you can ask your children’s teachers what they will need right away and then wait to shop for the rest of the supplies when retailers start marking down their inventory, which typically happens in September or October.

13. Create a Budget

Before setting foot into a store, come up with a back-to-school monthly budget so you know exactly how much you can spend and avoid impulse purchases. Without a plan, it can be easy to spend too much and get caught off guard when you get your credit card statement in the mail.

14. Take Inventory of What You Already Have

You may already have what you need for back to school in your home. Look around for extra pencils, art supplies, books, and other items that you thought you needed to purchase but may already own.

15. Pay With Cash

One of the old tricks for sticking to a budget and saving money is to pay with cash instead of a debit or credit card. Paying with cash may make you more mindful of your purchases because you see the cash disappear when you spend it. You might not be tempted to spend as much if you opt for good, old-fashioned dollar bills and coins.

Recommended: Pros & Cons of Living Cash-Only

16. Negotiating on a Cash Purchase

Cash is also helpful for negotiating. Though you may not be able to negotiate prices at a big-box store, you might be able to at a local shop, flea market, or yard sale if that’s where you’re headed for school supplies. Let the merchant know how much you’re willing to pay, and they may just be willing to cut a deal with you.

17. Look for Price Matching

Some stores will match another store’s price if you show them that their competitor is offering a better price on the same product. Prior to going to the store, take a few minutes to compare prices online, and bring proof of the lower price when you shop. Price matching policies vary from store to store and can usually be found on a store’s website.

18. Buy in Bulk

When it comes to how to save on school supplies, you may be able to save big if you buy in bulk from wholesale clubs or warehouse stores like Costco or Sam’s Club. Some of the best things to buy in bulk for back-to-school include pens and pencils, folders, and notebooks. Bulk purchases of things like paper towels, toilet paper, and shampoo might also make good financial sense. Joining other parents to split costs on bulk purchases might just result in a new, like-minded friend group.

💡 Quick Tip: If you’re creating a budget, try the 50/30/20 budget rule. Allocate 50% of your after-tax income to the “needs” of life, like living expenses and debt. Spend 30% on wants, and then save the remaining 20% towards saving for your long-term goals.

19. Buy Refurbished Electronics

If you need to pick up electronics like laptops, tablets, or phones, consider buying a refurbished version instead of a new device. Certified used models are often available directly from the manufacturer or from reputable online sellers.

20. Head to the Dollar Store

While the dollar store isn’t the ideal place for all your back-to-school shopping needs, you can find a number of inexpensive items there to save money on. These items include pencils, pens, crayons, folders, and clipboards.

21. Shop on Tax-Free Days

Some states hold annual tax-free days, usually in July or August, which can be perfect for back-to-school shopping. Check online to see if and when your state offers this money-saving option.

22. Use Your Student Discount

College students may be able to use their college ID or student email address to score discounts on electronics and other items. Check out stores around your college that offer deals to students.

23. Buy Used Textbooks

Another way to score some back-to-school savings is to purchase used textbooks. BookFinder.com searches all the bookseller websites to find the best deals on your textbooks.

24. Keep Your Receipts

If you keep your receipts and find out that items you purchased have been discounted further, then you may be able to get a price adjustment or a partial refund to make up for the price difference. Policies vary by retailer, but it doesn’t hurt to check sales after you’ve made a purchase and ask the store if they offer price adjustments.

25. Buying From Thrift Stores

Thrift stores like Goodwill or Salvation Army often have back-to-school essentials like clothing and backpacks. Plus, buying used items can be environmentally friendly. Families who are facing financial difficulty affording school supplies may qualify for assistance through various charitable organizations, such as The Salvation Army or even their local school districts.

26. Find Brand Giveaways

By following brands on social media or contacting them directly, you may get free samples or promo codes to get discounts on goods.

27. Turn in Those Rebates

Sometimes, you won’t be able to access back-to-school savings at the time of purchase. Instead, you’ll need to send in rebates. Look for products that offer rebates and remember to keep your receipts and anything else required for the savings.

28. Invest in Quality Purchases

While you may want to buy everything at discount stores, poor-quality items may not even last an entire school year. For items that get a lot of use, such as a backpack, consider paying a bit more so they last. For example, you may be able to use the same high-quality, well-made backpack for several years before it wears out.

29. Use Alternatives for Your Kids’ Favorite Characters

Your child might really want a backpack with a specific character on it, but next year’s favorite character will probably be different. Buying your child a plain backpack and then adding some keychains or stickers that feature their favorite character is an inexpensive compromise that will keep your kids happy and save you big bucks.

30. Buy Reusable Items

While plastic and paper bags may be convenient, you’ll save much more money (and the environment) if you buy a reusable lunch bag and containers instead. Find a lunch bag that’s easy to clean to save time as well.

31. Hold a Clothing Swap

Kids quickly grow out of clothes, so it’s not budget-friendly to buy a lot of expensive new garments. You can invite over some friends and neighbors who have kids and swap used clothing instead. Or you might try Nextdoor and see if people in your community want to see about a trade or offloading some outgrown clothes.

💡 Quick Tip: When you overdraft your checking account, you’ll likely pay a non-sufficient fund fee of, say, $35. Look into linking a savings account to your checking account as a backup to avoid that, or shop around for a bank that doesn’t charge you for overdrafting.

The Takeaway

Taking some pre-shopping time to estimate costs is a good practice when trying to figure out how to save on school supplies. Setting a financial goal and saving a little bit at a time is a good thing to do whether the goal is purchasing school supplies or something a little more expensive.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall. Enjoy up to 4.60% APY on SoFi Checking and Savings.

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Photo credit: iStock/TARIK KIZILKAYA

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

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Furniture shopping, whether you’re giving a room a much-needed update or moving into a new space, can be fun. It gives you the chance to daydream, make inspo boards, hunt for great pieces, and personalize your space.

But it can also be an expensive endeavor. However, that doesn’t mean you’re destined to purchase pieces that scream “first apartment furniture.” Just because you’re buying furniture for cheap doesn’t mean it has to look it.

Here are smart hack that will have you feathering your nest for less and even, in some cases, for free.

25 Tips on How to Get Cheap Furniture

Scoring great furnishings on a tight budget takes some planning, and also knowing where to buy affordable furniture. Here are 25 ideas for creating a great space without spending a lot.

💡 Quick Tip: Tired of paying pointless bank fees? When you open a bank account online you often avoid excess charges.

1. Taking Stock of What You Already Have

Before going out to buy new stuff, you may want to do a walk-through of your space and make a list of what you already have. You can label each item “keep,” “donate/sell” or “toss,” so you know exactly what you need.

2. Taking Stock of Mom’s Basement Too

Do you have family members who may be harboring some perfectly good but no-longer-needed furniture? Consider scoping out their basements, attics, and garages for some free treasures.

3. Making a Wishlist

It’s okay to dream a little. In fact, a good way to start furnishing a new home is to go to your favorite furniture store’s site and fill your cart without considering price. You can then cull down your list to essentials, and start looking for those pieces (or something similar) for a cheaper price tag.

4. Renting Furniture

If your furniture budget is super tight, you may want to consider renting furniture from a company like CORT or Feather, rather than buying everything you need. Renting can also be a good option if you’re only going to be in your current home for a short time.

5. Timing Your Purchases Right

Knowing when to make big purchases can help you get some steep furniture discounts. Furniture stores tend to get new inventory at the end of winter and end of summer. To make room for newer items, they will often run good sales in February and August.

When it comes to furnishing your porch or patio, the right time to buy furniture is typically the end of summer and fall, when retailers are trying to clear out any leftover inventory.

6. Checking Out Freecycle

Cheap is great, but free can be even better. Consider going to a reuse/recycle site like Freecycle to see what people in your area may be looking to get rid of. You may want to keep in mind that good items often go fast.

7. Curbing Impulse Buys

It’s easy to fall madly in love with a cool sectional sofa and give in to impulse buying that can leave you with major debt. Before you pull the trigger on a pricey new piece of furniture, you may want to press pause. By giving yourself a week or so to really consider the purchase, you may realize you don’t actually need it. Or you may be able to scout out a cheaper but equally good option.

Recommended: How to Combat Impulsive Spending

8. Mixing High and Low

Here’s another way to buy furniture cheap: You can often get a high-end look by splurging on one or two classic investment pieces and then going with cheaper, trendier accent pieces and accessories.

9. Putting the Word Out on Social Media

You may want to use social media to let people in your network know that you are on the hunt for furniture. You can even specify what you’re looking for (dining table, a chaise for the yard) and what you’re willing to offer (or barter) in return. You may be surprised at the response you get.

10. Selling Stuff You Don’t Need

To bolster your furniture budget, you may want to sell pieces that no longer work for your space. If you have a lot to get rid of, you might host a yard or garage sale. For just a few items, you can list them on a resale site like Craigslist, OfferUp, or Facebook Marketplace and see how much you can score.

11. Doing a Furniture Image Search

If you see a piece you love but it doesn’t fit your budget, you can download a photo of the item and then go to Google Images. If you click on the “Search By Image” button (the camera icon) and upload the photo, you can search for similar items. You might find the item’s twin at a better price.

💡 Quick Tip: When you overdraft your checking account, you’ll likely pay a non-sufficient fund fee of, say, $35. Look into linking a savings account to your checking account as a backup to avoid that, or shop around for a bank that doesn’t charge you for overdrafting.

12. Searching Craigslist

Craigslist may be an oldie, but it’s still a goodie when it comes to finding affordable furniture. You can head to the site (which hasn’t changed much over the years), click the furniture tab, and search the possibilities.

13. Thinking Beyond Furniture Stores

Mass market retailers like Target, Walmart, and Home Depot actually have large furniture departments. You may be able to find stylish pieces at good prices, along with free delivery.

14. Searching Amazon Warehouse

How else to buy furniture cheap: Check out Amazon Warehouse , a corner of Amazon’s main site that is dedicated to selling used, pre-owned, and open-box products (often things that were returned unused or close to it). You can click on the furniture tab and either search for your needs or just see what’s available.

15. Hitting the Yard Sales

You can spend a Saturday or Sunday morning driving around town looking for treasures. Or you can check out yard sales listings online, then map out a route that hits the yards or stoops with the most potential.

16. Asking About the Floor Model

If there’s a piece in a store you absolutely love but it’s a bit out of budget, you can always ask the manager if they will sell you the floor model for a discount.

Since it is likely to still be a considerable amount of money even if the price is reduced, remember this when paying: If you buy it on credit, make sure to use the card that will give you the most rewards.

17. Combing Flea Markets

It can take a little time and effort, but you can often find great, affordable treasures at flea markets. Sometimes a little DIY is all it takes to transform something past its prime into the perfect thing for your place.

18. Browsing Antique Stores

In the winter months, you can often get the flea market experience by combing through antique stores or, even better, antique malls that have multiple booths housed indoors.

19. Checking Online Resale Marketplaces

Sites like OfferUp and Facebook Marketplace (where you may have listed items to sell) can also be a great resource for finding what you need. You can even do a search for a specific item you saw in store to see if anyone is offloading that same piece.

20. Thrifting Furniture

Large thrift store chains like Goodwill and Salvation Army typically get lots of donated items every day and can be a great place to find your next book shelf or coffee table. Local thrift shops can be worth checking out too.

21. Checking Out Salvage Stores

One of the most widely known salvage stores, Habitat ReStore , has locations throughout the country and often sells new and used furnishings, as well as appliances, for far less than retail. Bonus: They are helping to divert those goods from the waste stream.

22. Going Cheap on Art and Accessories

Once you’ve made your big item purchases, it’s time to think small (and cheap) with accent pillows, throws, artwork, and other decorative accessories. These items don’t need to cost a lot to add serious personal style to a space. You may fall for a $150 throw pillow but, odds are, you could find a super cute one for a fraction of the cost.

23. Stopping by Estate Sales

You can often find beautiful, high-quality pieces of furniture, as well as artwork, at estate sales for a fraction of what you’d pay at a store. You can find estate sale listings in your area on Craigslist as well as Estatesale.com and Estatesales.net .

24. Haggling Over the Price

No matter where you are shopping for furniture, it can be worth trying to haggle the price down a bit. You can ask a seller if the listed price is as low as they can go, if they will offer a discount for buying multiple items, or if there is any wiggle room on the delivery fee.

25. Checking In With Neighbors

You can use Nextdoor , the neighborhood online hub, to let neighbors know what you are looking for and also scroll through the site’s “For Sale and Free” listings to see what your neighbors are selling or giving away.

💡 Quick Tip: If you’re creating a budget, try the 50/30/20 budget rule. Allocate 50% of your after-tax income to the “needs” of life, like living expenses and debt. Spend 30% on wants, and then save the remaining 20% towards saving for your long-term goals.

What Contributes to High or Low Furniture Prices?

Here are some factors that contribute to whether a piece of furniture has a high or low price:

•   Production: Mass-produced pieces are likely to be less expensive than a piece that is made in smaller batches or handcrafted by an artisan.

•   Supply and demand: An item that is popular is likely to be pricier than something that has fallen out of favor.

•   Materials: A solid wood piece, for example, is probably going to cost more than a similar item made of particleboard.

•   Supply chain: If a manufacturer is using, say, a material that is scarce due to supply chain issues, they may have to pay more to obtain it. Those additional charges could be passed along to the consumer.

•   Source: Depending on trade conditions, labor, shipping, and other factors, there could be a price discrepancy based on whether the item was manufactured in the U.S. or elsewhere.

What to Look Out for in Secondhand Furniture

Secondhand furniture can be a great resource when you are buying furniture on a budget. Btw, you can even shop for used furniture online at sites like AptDeco and Kaiyo.

Here, some buying furniture tips when you’re hunting for preloved treasures:

•   Just say no to used mattresses. They can be a repository of stains, smells, dust mites, bedbugs, and more.

•   Inspect for structural damage. Cracks, duct tape, and evidence of past repairs can spell trouble.

•   Avoid upholstered furniture with an odor. Whether mildew, smoke, or pet smells, these smells can be very hard to eliminate.

•   Be wary of painted pieces that might have lead paint; they would have been made before 1978 when laws were passed banning lead paint. Crackly, “alligator skin” painted surfaces can indicate lead paint. Also, if you rub your hand over the surface and get a chalky residue, it might be lead.

•   Check for signs of mold, which may look like a patch of dirt that won’t rub away. That’s another health issue you don’t want to deal with.

Now, after you’ve read those warnings, also remember that you could get a real deal by buying secondhand. Go ahead and use your imagination. Often, with the addition of a coat of paint and new hardware or a slipcover, you can grab a bargain. Many inexpensive, tired pieces can become treasures when spruced up. Look online for how-to ideas.

The Takeaway

Furnishing a new place can be daunting, especially if you’re shopping on a budget.

But by thinking beyond traditional furniture stores and turning to alternatives like flea markets, resale and salvage shops, estate sales, and online marketplaces, you can often score chic and cheap pieces that won’t fall apart in a year or two.

You can also stretch your furniture budget by mixing higher-end investment pieces with cheaper accent decor and sprucing up secondhand finds.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall. Enjoy up to 4.60% APY on SoFi Checking and Savings.

FAQ

How do you buy furniture on a budget?

You can buy furniture on a budget by shopping at estate sales, thrift shops, and antique malls, as well as hunting at your usual retailers for floor models and other sale items. Lastly, see what you might be able to score for free via a neighborhood online community or Freecycle.

Is it cheaper to buy furniture in store or online?

As with many products and services, online may have better deals on furniture than retail stores. Because online retailers don’t need to have a network of brick-and-mortar locations with staff, they may enjoy savings that they can pass along to customers.

Why is furniture getting so expensive?

Furniture may be expensive for a variety of reasons, from supply chain issues and material scarcity to inflation to the cost of labor, especially on handmade pieces.

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SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

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Whether you’ve been a single mom since day one or are in the process of becoming a solo parent, raising a child on your own can be expensive. Housing, essentials, and extracurriculars add up. Add in unplanned days off for childcare, major expenses like dental work and medical insurance, or expenses like legal bills during a separation, and you may find yourself with your finances stretched thinner than you’d like.

One option to consider is a personal loan. This type of loan provides a lump sum of money up front you then pay back (plus interest) in monthly installments over time. You can use the funds from a personal loan for virtually any purpose, whether it’s making a large purchase, covering living expenses, or paying down other, higher-interest debt.

Read on for a closer look at personal loans for single moms, including their pros and cons, how to qualify, plus other funding options you may want to explore.

Why Might a Single Mom Need a Personal Loan?

There are many reasons why a single mother — or any parent — might consider applying for a personal loan. These include:

1.    Consolidating debt

2.    Covering the cost a move

3.    Paying tuition or extracurricular expenses for children

4.    Stopgap during times of unemployment

5.    Covering housing costs, such as rent or a mortgage

6.    Paying for a home remodeling project

7.    Buying a car

8.    Purchasing major appliances

Recommended: What Is a Personal Loan? How Do Personal Loans Work?

Are Personal Loans for Single Mothers Special?

In a word, no. The process of applying for a personal loan is the same for everyone. However, there may be particular approval hurdles to overcome as a single parent.

One is income. If you’re newly single, you may not have a steady income, which can make it more difficult to get approved for a personal loan. Another is your credit. If you’ve had to rely on credit cards to cover the cost of divorce or the transition to single parenting, your credit may not be what it used to be. The amount of debt you owe on your credit cards is one of the biggest factors affecting your credit score.

However, these obstacles aren’t insurmountable (more on that below).

Benefits and Risks of Personal Loans for a Single Mother

A personal loan can offer a single mom a valuable lifeline to meet immediate needs, such as unexpected expenses, education costs, or debt consolidation. However, taking on any type of debt generally comes with costs, as well as risks. Here’s a look at the pros and cons of getting a loan as a single mom.

Pros	Cons
Flexibility in fund usage	Interest and fees add to your costs
Quick access to funds	Risk of overborrowing
Fixed repayment schedule	Missed or late payments can negatively impact your credit
Interest rates are typically lower than credit cards	Can add to your debt burden

Pros of Personal Loans for Single Mothers

•  Flexibility Personal loans provide flexibility in how you can use the borrowed funds. Whether it’s covering medical bills, home repairs, or summer camp tuition, personal loans can be used for a wide range of purposes.

•  Quick access to funds Personal loans often come with a streamlined application process and relatively quick approval. You may be able to access the funds quickly, enabling you to address urgent financial needs promptly.

•  Fixed repayment schedule Personal loans usually come with fixed monthly payments over a specified term. This predictability can make it easier for you to budget and plan your finances effectively.

•  Potential for lower interest rates Depending on the borrower’s creditworthiness, personal loans can offer competitive interest rates compared to other types of borrowing, such as credit cards or payday loans. Single mothers with a good credit history may benefit from more affordable repayment terms.

Cons of Personal Loans for Single Mothers

•  Interest and fees On top of interest, some lenders charge fees for personal loans, which increase the overall cost of borrowing. It’s important to carefully evaluate the terms and conditions to make sure you can comfortably manage the repayments without straining your budget.

•  Risk of overborrowing As a single mom, you likely want to avoid overborrowing or taking on more debt than they can reasonably repay. Overcommitting to loan payments may lead to a cycle of financial stress and difficulty in meeting other essential expenses.

•  Impact on credit score Taking out a personal loan creates a new line of credit, and if not managed properly, it could negatively affect your credit profile. Late or missed payments can damage creditworthiness, potentially impacting future borrowing opportunities.

•  Debt burden A personal loan will add to your existing financial obligations as a single mother. Before opting for a loan, you’ll want to be certain to assess the long-term implications and consider whether the loan repayments align with your income and financial goals.

Is Getting a Personal Loan With No Income Possible?

If you’re a single mother with no job or you’ve been a stay-at-home-mother with little or no income of your own, it may be difficult, though not impossible, to qualify for a personal loan.

Lenders typically want to see proof of a regular income. However, that does not necessarily have to be job-related income. You may be able to count these other sources of income:

•  Unemployment

•  Alimony

•  Child support

•  Investment income

•  Rental income

•  Pension or annuity income

•  Freelance work

•  Gig work

If you don’t have much income to speak of, then you might consider a cosigner or co-applicant for your loan. This a person who agrees to make the loan payments if the main borrower cannot or does not. For some borrowers, family members have the financial flexibility to cosign on a loan, but it can be a good idea to have a conversation about expectations and potential hypotheticals if you were no longer able to pay back the loan.

Another option is to secure a personal loan with collateral. This is an asset of value, such as a vehicle or money in a savings account, you use to back the loan in case you default. Should you become unable to repay the loan, the lender can seize your collateral to recover their losses. This lowers risk for the lender, making steady income (or less-than-stellar credit) less critical.

Also keep in mind that if you have no income but excellent credit, you may still find a lender who is willing to offer you an unsecured personal loan.

You’ll also want to be wary, however, of lenders who advertise “No-Income Loans,” as these loans may come with sky-high interest rates, short repayment terms, and low loan amounts.

Alternatives to Personal Loans for Single Mothers

There are other alternatives to personal loans, depending on your financial circumstances and your needs. Here are some you might consider.

Home Loans for Single Mothers

If you own your home, using your home as a financial asset may be one way to borrow funds at a reasonable cost. If you have built up equity in your home, you may be able to tap that equity by getting a home equity loan or a home equity line of credit (HELOC). Just keep in mind that the loan is backed by your home. Should you have difficulty repaying the loan or credit line, you could potentially lose your home.

Government Resources for Single Parents

If your income is low, you may be eligible for one or more government assistance programs. Some options you may want to explore include:

•  Special Supplemental Nutrition Program for Women, Infants, and Children (WIC)

•  National School Lunch Program

•  Temporary Assistance for Needy Families (TANF)

•  Low Income Home Energy Assistance Program (LIHEAP)

•  The Emergency Food Assistance Program

You can find more resources at enefits.gov.

Educational Aid for Single Mothers

If you’re considering going back to school, below are some programs that can help make it more affordable (or even free):

•  Pell Grants

•  Teach Grants

•  Women’s Independence Scholarship Program (WISP)

There also may be private scholarships and grants for single parents available from the institutions you’re interested in. Speaking with the financial aid office may help you see the breadth of options available to you.

Other Financial Help For Single Mothers

Becoming a single mother, either by choice or circumstance, can feel overwhelming. But there is support out there. It can help to talk to other single parents in your community — you may be surprised by all the resources that are available. Other opportunities may include:

•   Financial aid or tuition assistance If your children are in private school or extracurricular programs, there may be financial aid available to help lower the cost. Even if there’s not a formal program, it can’t hurt to explain your situation and ask what may be available.

•   Employer-based programs Your human resources department may have certain programs, such as childcare coverage, free legal consultations, and access to financial planning and debt counseling, for eligible workers. Talk to your HR representative or look through their materials to assess what’s available.

•   Family and friends People close to you may be willing to provide support, or there may be creative ways to trade services, such as babysitting, to get more financial help. If a friend or family member offers to loan you money, it can be helpful to put an agreement in writing, including any interest you will pay and the terms of repayment, so there is no confusion that can cause a rift in your relationship.

Recommended: Options for When You Can’t Afford Your Child’s College

The Takeaway

As a single mother, there are avenues that can help you manage your finances and achieve your financial goals, including taking out a personal loan. This type of financing can provide financial relief and flexibility, but it is important to weigh the pros and cons, compare options from different lenders, and assess your ability to manage repayments responsibly.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.

SoFi’s Personal Loan was named NerdWallet’s 2024 winner for Best Personal Loan overall.

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Photo credit: iStock/RyanJLane

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SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

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Taxes are part of life, but many people would like to know if there are any ways to lower their tax bill.

While paying no taxes isn’t likely, there are ways you can use the tax code to reduce your taxable income and tax liability. These range from knowing the right filing status to maxing out your retirement contributions to understanding which deductions and credits you may qualify for.

Read on to learn some smart strategies for lowering your tax bill without running afoul of the IRS.

1. Choosing the Right Filing Status

If you’re married, you have a choice to file jointly or separately. In many cases, a married couple will come out ahead by filing taxes jointly.

Typically, this will give them a lower tax rate, and also make them eligible for certain tax breaks, such as the earned income credit, the American Opportunity Credit, and the Lifetime Learning Credit for education expenses. But there are certain circumstances where couples may be better off filing separately.

Some examples include: when both spouses are high-income earners and earn the same, when one spouse has high medical bills, and if your income determines your student loan payments.

Preparing returns both ways can help you assess the pros and cons of filing jointly or separately.

2. Maxing Out Your Retirement Account

Generally, the lower your income, the lower your taxes. However, you don’t have to actually earn less money to lower your tax bill.

Instead, you can reduce your gross income (which is your income before taxes are taken out) by making contributions to a 401(k) retirement plan, a 403(b) retirement plan, a 457 plan, or an IRA.

The more you contribute to a pre-tax retirement account, the more you can reduce your adjusted gross income (AGI), which is the baseline for calculating your taxable income. It’s important to keep in mind, however, that there are annual limitations to how much you can put aside into retirement, which depend on your income and your age.

Even if you don’t have access to a retirement plan at work, you may still be able to open and contribute to an IRA. And, you can do this even after the end of the year.

While the tax year ends on December 31st, you may still be able to contribute to your IRA or open up a Roth IRA (if you meet the eligibility requirements) until mid April.

3. Adding up Your Health Care Costs

Healthcare expenses are typically only deductible once they exceed 7.5% of your AGI (and only for those who itemize their deductions). But with today’s high cost of medical care and, in some cases, insurance companies passing more costs onto consumers, you might be surprised how much you’re actually spending on healthcare.

In addition to the obvious expenses, like copays and coinsurance, it’s key to also consider things like dental care, Rx medications, prescription eyeglasses, and even the mileage to and from all medical appointments.

4. Saving for Private School and College

If you have children who may attend college in the future, or who attend or will attend private school, it can pay off to open a 529 savings plan.

Even if your children are young, it’s never too early to start setting aside money for their education. In fact, because of the long-term compounding power of investing, starting early could help make college a lot more affordable.

Recommended: Compound vs. Simple Interest

A 529 savings plan is a type of investment account designed to help parents invest in private schools or colleges in a tax-advantaged way. While you won’t typically get a federal tax deduction for the money you put into a 529, many states offer a state tax deduction for these contributions.

The big tax advantage is that no matter how much your investments grow between now and when you need the money, you won’t pay taxes on those gains, and any withdrawals you take out to pay for qualified education expenses will be tax-free.

5. Putting Estimated Tax Payments on Your Calendar

While this move won’t technically lower your taxes, it could help you avoid a higher than necessary tax bill at the end of the year.

That’s because Income tax in the United States works on a pay-as-you-go system. If you are a salaried employee, the federal government typically collects income taxes throughout the year via payroll taxes.

If you’re self-employed, however, it’s up to you to pay as you go. You can do this by paying the IRS taxes in quarterly installments throughout the year.

If you don’t pay enough, or if you miss a quarterly payment due date, you may have to pay a penalty to the IRS. The penalty amount depends on how late you paid and how much you underpaid.

The deadlines for quarterly estimated taxes are typically in mid-April, mid-July, mid-September, and mid-January.

For help calculating your estimated payments, individuals can use the Estimated Tax Worksheet from the IRS .

6. Saving Your Donation Receipts

You may be able to claim a deduction for donating to charities that are recognized by the IRS. So it’s a good idea to always get a receipt whenever you give, whether it’s cash, clothing and household items, or your old car.

If your total charitable contributions and other itemized deductions, including medical expenses, mortgage interest, and state and local taxes, are greater than your available standard deduction, you may wind up with a lower tax bill.

Note: For any contribution of $250 or more, you must obtain and keep a record.

7. Adding to Your HSA

If you have a high deductible health plan, you may be eligible for or already have a health savings account (HSA), where you can set aside funds for medical expenses.

HSA contributions are made with pre-tax dollars, so any money you put into an HSA is income the IRS will not be able to tax. And, you typically can add money until mid-April to deduct those contributions on the prior year’s taxes.

That’s important to know because HSA savings can be used for more than medical expenses. If you don’t end up needing the money to pay for healthcare, you can simply leave it in your HSA until retirement, at which point you can withdraw money from an HSA for any reason.

Some HSAs allow you to invest your funds, and in that case, the interest, dividends, and capital gains from an HSA are also nontaxable.

Recommended: How to Switch Banks

8. Making Student Loan Payments

You may be able to lower your tax bill by deducting up to $2,500 of student loan interest paid per year, even if you don’t itemize your deductions.

There are certain income requirements that must be met, however. The deduction is phased out when an individual’s income reaches certain thresholds.

Even so, it’s worth plugging in the numbers to see if you qualify.

9. Selling Off Poorly Performing Investments

If you have investments in your portfolio that have been down for quite some time and aren’t likely to recover, selling them at a loss might benefit you tax-wise.

The reason: You can use these losses to offset capital gains, which are profits earned from selling an investment for more than you purchased it for. If you profited from an investment that you held for one year or less, those gains can be highly taxed by the IRS.

This strategy, known as tax-loss harvesting, needs to be done within the tax year that you owe, and can help a taxpayer who has made money from investments avoid a large, unexpected tax bill.

The Takeaway

The key to saving on taxes is to get to know the tax code and make sure you’re taking advantage of all the deductions and credits you’re entitled to.

It can also be helpful to look at tax planning as a year-round activity. If you gradually make tax-friendly financial decisions like saving for retirement, college, and healthcare throughout the year, you could easily reduce your tax burden and potentially score a refund at the end of the year. If you do score a tax refund, you can put it to good use, paying down debt or earning interest in a bank account.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall. Enjoy up to 4.60% APY on SoFi Checking and Savings.

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SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

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Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform.

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