How to build Financial Resiliency as a Single Parent By Joanna Leng, CFPÂŽ
Being resilient for your children is not about giving them the best you can. It is also giving them the best version of yourself.
Financial resiliency starts with having a strong mindset and healthy habits. Only with one can you make better decisions. Think of the times when your thoughts run wild and not being able to function at work. So, let’s start with the mind. 1. Have a support group. When I was going through my divorce a decade ago, I have never thought about support group. In fact, support groups can be your mental pillar when you need someone that understands you the most. It is often free, and you can get friendly advice from the the group, like Facebook and online forums. Also, never put yourself in an uncomfortable spot of feeling the need to help anyone. Practice moderation, for any online friendship that you make. 2. Focus on your health. Yes, you are the most important person in your family now. Think of it. Can you still work and provide for your family if one of your child is unwell and cannot go to school? Can your child continue his/her childhood if you cannot work and have no income for the family? Can you see now which one is more crucial? 3. Read. What I found helped me during those times as a single parent with little friends I’ve got is by reading. I will save up money to buy parenting books and self-help books. Focusing on my personal development more than any point in my life. I learn to understand why people react the way they did and how to build mental and emotional resilience. 4. Accept imperfection. And never be critical of yourself. Do not compare yourself with the surrounding people. Focus on making progress. There is no positive progress because no one can determine progress is positive or negative till end of the day. There will be times we need to go through a few series of downturns, before things can get better. 5. Have a hobby or exercise. I found having a hobby on my own helps keep my mind clear of worries. It distracts me for the moment, and then I come back feeling refreshed and recharged. I brainstormed for 6 months before picking a hobby and sticking to it. It needs to be something you know you can continue progressing on it. Exercising came later, and like I said, it is a progress, never aim for perfection. I have touched on the personal well-being, now to the financial part
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