Financial Tips for Single Mothers It is natural for women to feel financially insecure given the high rate of divorce accompanied by worldwide recession. Divorce has a number of repercussions for a single mother as she loses her financial security to a large extent. So, even if everything is going smooth in your life, you should not wait to financial plan your future and save to make the future of your children safe as it is extremely difficult for a single mother to raise her kids in the way she wants. If you are already a single mother and doing it, read on to know some financial tips meant just for you: 1. Income and Spending: Food, education, medicine, insurance, clothing and gasoline form the bulk part of your monthly expenses. Make a list of your monthly expenses on each of these categories and your expected income. Having an understanding of the expenditure being made on the useful and necessary items will help in calculating the amount that could be saved on a regular basis. A tab on the spending and the income can be kept by jotting down daily expenditures. As a single mother, rely on discount coupons and codes to save lot of money. 2. Life Insurance: Through life insurance policies you can safeguard the future of your child by saving through annual installments. There is no surety of life. Having a life insurance could ease up your financial anxieties. You can ask your agent for special insurance policies that are meant specially for single mothers as they have better terms and conditions than regular policies. Compare some of them before finalizing the best one for you and your children. These policies have flexible installment terms as companies understand the financial instability in the life of single moms 3. Health Insurance: As compared to men, women are more likely to suffer health problems. You can also blame it on the biological reasons that include pregnancy as well as post pregnancy health problems. A health insurance cover can help reduce your stress in times of medical emergencies. Children health insurance plan should also be your focus if you are single mother. Child health insurance can help you at times of medical emergencies. 4. Investment: Investing for a long period can add extra income in your bank account. Look for the sources of income that are exempted from the taxes. This investment can be saved as emergency fund, education fund or even as retirement fund in your bank account.
Besides the aforementioned points, it is also advisable to make a budget for any purchase whether it is for education or household. Being a single mother brings more financial responsibility upon you and it is your duty to make the most out of your earnings and savings. As a single mom, you need to be geared to tackle all the obstacles that come in the way of your familyâ€™s happiness. If you donâ€™t have too much information about how to start planning, it is best to consult professional financial planners for your help. You can call us anytime through these numbers 800-900-5867 and request our financial advice. For more information visit our site Hewitt Resources.