Being a single parent is a very difficult job. After all, children do need both the parents and even the two parents need each for support. How does one manage without a spouse to lean on in times of difficulty? Unfortunately, the divorce rate is rising in our country and there are now more single parents than there were before. One of the biggest worries for a single parent, especially single mothers, is the financial planning and security. Bringing up children is quite expensive today and running a household on one income is very difficult. This is why we bring you a few tips on how to manage your money if you are a single parent.
Money Tips For Single Parents
1. Teach your children the value of money. This will probably be the biggest favour you do them and also to yourself. Teach them to never waste any resources and to respect the hard earned money at their disposal.
2. Make budgets and stick to them. You should have a clear idea of how much you are spending on what every month.
3. Avoid impulsive shopping. The best way is to shop with lists. You make your shopping lists and do not buy anything that is not on the list. Teach your children the same thing. So nobody in your household makes any un planned or impulsive purchases.
4. Save and invest regularly. Just saving a bit of money every month is not enough. Learn to invest your savings wisely. Traditionally, the men take care of this aspect in our society. But women should learn to be self reliant in managing their finances.
5. Get insurance cover for the major risks. Insure your life and also get medical/accidental insurance for yourself and for your kids. Medical expenses can completely mess up the finances if you are not prepared to meet them in advance. So plan for these expenses and save yourself a big hassle later.
6. Build a college fund for each of your kids. Invest a little money every month for this purpose.