Raising a child alone isn’t an easy task. It’s a lifetime responsibility which isn’t understood clearly by many. If you’re one of these single parents aspiring to give a bright and better future for their children, then I must welcome you here with open arms.
You might think that you’re all alone, you’re the only one feeling the pain, you’re the only one crawling onto the ground to achieve success – stop with all that and rely on these helpful financial guide. This article is specially written to help single parents like you so you wouldn’t get stuck in the middle of your journey. So, read further and apply this on your single-parenting journey.
- BUILD A STRONG AND EFFECTIVE FINANCIAL SYSTEM
As a single parent, building a strong and efficient financial system must be a top priority to secure the future of your family. This means that you should be aware of the amount of money going in and out of your pocket or your bank account.
You should monitor your finances in order to stay on top and to avoid financial issues in the near future. You can make an effective financial system possible with the help of a budgeting app, by getting your financial adviser, or by taking down notes of your expenses in a week or in a month.
- SAVE MORE, SPEND LESS
Because it may possibly lead you to a higher debt than the usual and the possibility of having savings isn’t clearly anticipated to be possible. One thing you can do to make it happen is to have your list of the “needs” of the household (e.g. groceries, toiletries, water and electric bills, and etcetera) and the “wants” (e.g. toys for the kids, new clothes, new shoes, bags, and etcetera). Always remember that necessities must always be a top priority rather than the wants.
- BUDGET AND CONTROL YOUR MONTHLY EXPENSES
You should always be consistent in following your budget or financial system otherwise, your expenses will bloat out unexpectedly once you don’t pay attention to it. Yes, it’s not easy to handle all things on your own, but money as one of the sources to sustain the needs of the family, you should know to balance the expenses.
- HAVE YOUR LONG-TERM FINANCIAL GOALS
As a single parent, you should be very money-wise – that’s very important. This is to sustain your household’s daily and lifetime needs – you have to set long-term financial goals. These financial goals could also be your inspiration or source of determination to take saving money seriously. It’s okay to ask yourself sometimes about the plans you envision for your future and your children’s future. Here are some examples of long-term financial goals.
- Emergency savings fund
- Clear your debt
- Retirement plans
- College education for your children
- Travel with kids
- Savings for kids
- Purchase of your own family car
- Purchase a new home
- CHOOSE A GOOD INSURANCE COMPANY
This is also perfect if you’re a business owner type of a parent or someone who’s planning to start his/her own business. If you’ll consider seeking the help of an insurance company, these are the possible products and/or services you can avail:
- Small business insurance
- Business insurance
- Life insurance
- Liability insurance
- Motor insurance
- Travel insurance
- Home insurance
- Property insurance
- Commercial Insurance
These are only the most common insurance products that are encountered in the insurance industry. But there are lots of special types of insurances depending on the company that you’re considering. That’s why you have to choose and select wisely.
- DON’T SPEND LAVISHLY FOR YOUR KIDS
Most of the parents can’t control on spending too much for their kids such as buying them tons of toys, a year supply of clothes and everything. Don’t be that kind of parent. You should think first of saving for your children’s future rather than spoiling them with material things. Teach your kids to be happy and content of the simplest things in life such having a time together at the park or watching television together.
CONCLUSION:
There are lot more tricks and techniques to save money despite being a single parent. You only have to apply these major guidelines together with a huge amount of discipline and a handful determination. Saving money isn’t easy, but there’s nothing more difficult than facing future financial challenges without any amount to take out from your pocket.
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