Single parenting can be financially challenging, wherever you are in the world. Single mom or dad living in America? There are several financial benefits and resources available to help single parents in the USA. Here’s the Frolo guide to what you need to know.
Being a single parent in the United States can present unique financial challenges. However, it's important to note that the government provides several financial benefits and assistance programs to support single parents. Here, we will explore some of the key financial benefits available to single parents in the USA. Whether it's through tax credits, grants, or subsidized programs, these benefits aim to alleviate financial burdens and promote the well-being of single-parent households.
Before we start, navigating these financial systems alone can be confusing and challenging. Doing it with support is infinitely easier! Download the Frolo app and find some single parents living near you, who have been through what you’re going through right now. On the app you’ll find a supportive community that you can turn to when you need it most.
Trying to navigate the financial system in America as a single parent? Here are some things to consider…
Financial Benefits For Single Parents In America
Child Tax Credit
One significant financial benefit for single parents in the USA is the Child Tax Credit (CTC). The CTC was expanded under the American Rescue Plan Act of 2021, making it more accessible and beneficial for many families. Single parents may be eligible to receive up to $3,600 per child under the age of six and up to $3,000 per child between the ages of six and seventeen. This credit can substantially reduce tax liabilities and, in some cases, result in a refund. The CTC helps single parents with the costs of raising children and provides much-needed financial relief.
Earned Income Tax Credit
Another valuable financial benefit for single parents is the Earned Income Tax Credit (EITC). The EITC is a refundable tax credit designed to assist low- to moderate-income working individuals or families. Single parents who meet certain income requirements may be eligible for this credit, which can provide a significant boost to their tax refund. The amount of the credit depends on factors such as income, filing status, and the number of children in the household. The EITC not only reduces tax obligations but also helps single parents keep more of their hard-earned money.
Supplemental Nutrition Assistance Program
The Supplemental Nutrition Assistance Program (SNAP), formerly known as food stamps, is a federal assistance program that helps low-income individuals and families purchase nutritious food. Single parents who meet specific income guidelines may qualify for SNAP benefits. Through an Electronic Benefit Transfer (EBT) card, recipients can purchase eligible food items at authorized retailers. SNAP provides essential assistance to single parents, ensuring that they can adequately provide for their children's nutritional needs while managing their overall household budget.
Housing Assistance
Single parents can receive housing assistance through programs such as the Housing Choice Voucher Program (Section 8). This program can help single parents afford safe and stable housing for themselves and their children.
Temporary Assistance for Needy Families
The Temporary Assistance for Needy Families (TANF) program offers financial assistance and support services to low-income families, including single-parent households. TANF provides cash assistance to help cover essential expenses like housing, utilities, and childcare. Eligibility and benefit amounts vary by state, but the program aims to promote self-sufficiency by offering job training and employment opportunities. TANF empowers single parents by providing them with the necessary resources to overcome financial challenges and improve their overall well-being.
Childcare Assistance
Single parents can receive childcare assistance through programs such as the Child Care and Development Fund (CCDF). This program can help single parents afford quality childcare, allowing them to work or attend school.
5 Building Blocks For Single Parent Financial Success
Single parents in the USA can access various financial benefits and assistance programs to help alleviate the financial strains they may face. Through the Child Tax Credit, Earned Income Tax Credit, Supplemental Nutrition Assistance Program, and Temporary Assistance for Needy Families, single parents can receive tax credits, food assistance, and cash benefits. These programs aim to provide crucial support, reducing financial burdens and promoting the stability and well-being of single-parent households across the nation. Get onto Frolo and find single parents near you, and check out our Frolo Finances chat group to talk money with other single moms and dads.
Connect with other single parents on the Frolo app today!
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