Being a single parent can be very tough. That is why planning your finances and preparing for emergencies are important.
As a single parent, you have to plan, plan, plan continuously, as you are the sole person responsible for everybody in your household. Make use of your networks, such as family, to help you.
Remember to budget for school and university fees and don’t forget to plan for all eventualities – especially if you pass away, your children should still be looked after.
This is why life insurance is critical. A financial adviser will assess your money affairs and have advice on how to make the most of your financial situation.
It is also a good idea to teach your children the value of money and let them take part in making ends meet.
Being a single head of a household can challenge your finances, your time and your career, which can then confront you with challenges that dual-income households often do not have to face. It is good to have a solid plan that you can count on during times of distress if there is no second parent who pays enough maintenance.
But just remember that a man is not a plan. You can do this alone. Single fathers can navigate parenting on their own too. You just need to put a few things in place for your journey to success.
While long-term financial planning for single parents has its challenges and saving money can seem like an impossibility sometimes, financial planning now will pay off in the long run.
Take control of your finances and know your financial position. That includes making sure that everyone will be okay if life happens and you’re suddenly not able to take care of yourself or your loved ones. Take the first steps towards financial freedom and true independence.
Here are 10 simple steps that can lead you to financial independence. The best advice is to find a qualified financial adviser to help you with them:
- Create a budget.
- Pay off any debt
- Discuss your dreams and financial goals.
- Protect yourself from any unforeseen circumstances – get short-term insurance.
- Protect your loved ones – buy life insurance.
- Make sure that you are making provision for the day when you no longer work – retirement planning.
- Use any extra money to invest and beat inflation.
- Upskill yourself and apply for better positions – don’t be afraid, take the plunge to earn more.
- Stick to your budget.
- Create a will so that your hard-earned money and assets go to the people you care about.