Handling your finances when you’re a single parent is a challenge, no matter how many kids are in your household. The truth is that it’s more than possible to successfully navigate the world of single parenthood.
You only need the right knowledge, support, and the right tools to clear the hurdles of parenting. Start equipping yourself now, and check out some excellent personal finance tips for single parents in 2019.
Set up a life insurance policy
If you’re now the sole guardian of your children, you need to think ahead. Thinking ahead is one of the best tools a single parent has in their collection of lifesavers. Set up a nice sized life insurance policy for your kids just in case something happens to you. A policy like this ensures they have financial support for future needs, such as education, living expenses, or unforeseen costs. You might consider opting to buy a 250,000 life insurance policy as a starting point, which can offer a meaningful cushion for your children should the unexpected happen. Taking this step now helps safeguard their well-being and provides you with peace of mind, knowing they’ll be looked after financially.
Make sure that your life insurance policy is backed up by a notarized clearcut will and testament. Contact a lawyer to write it up, and get the documents notarized. You want your wishes to be carried out after your passing, so you have to say so in a legal way. You may encounter family issues during this time, especially if there is distant family claiming something that you want to give your children. This can be disputed by checking back in your family tree, using such websites as https://www.genealogybank.com/explore/obituaries/all/usa/florida/orlando/orlando-sentinel for a better take on your family history, especially if you feel like the link is quite weak. This will need to be brought to your lawyers, as well as other family assistance.
Take time to prepare your kids
Now that you are taking care of the kids, their daily routine will change. They may not feel comfortable at first, and you may have to take more of the initiative to help assure that your kids are adequately prepared for their day.
Think about the little things. For example, if they used to ask their mom for lunch money, and now they’re living with their dad; they may not feel as comfortable asking for money. Offering it up freely can help them feel more secure.
Similarly, if you have a toddler, consider enrolling them in a preschool, as it can be a helpful adjustment. Preschool provides an organized setting where your child can adapt to being away from home and engage in new activities. This adjustment can also give you more time to focus on your own needs and observe how your child interacts with their new environment. You’ll also gain insights into their activities, interests, tendencies, and developmental stages.
And if you’re wondering whether a Preschool Near me in Severna Park, MD can offer quality care and facilities, it’s a good idea to ask around for reviews or check them online. With a little research, you should be able to make an informed decision. By preparing your kids for these changes and considering preschool as an option, you can help them transition more smoothly and feel more at ease in their new routine.
Think about the little things. If they used to ask their mom for lunch money, and now they’re living with their dad; they may not feel as comfortable asking for money. Offer it up freely to help your kids adjust.
Live by a clear cut budget
You can’t afford to be willy nilly with money when you’re a single parent. You and your kids will always benefit from the structure of a well crafted budget. Know where your money is going, and choose the most efficient way to disburse it.
When there is a surplus in the budget, budget the surplus to upgrade something, or save for a grand vacation. Either way, don’t stray from the foundational budget you write, and you’ll do just fine.
Work on paying down debt
It’s likely that you have leftover debt from a former marriage. Make paying down your debts a priority and a regular part of your family budget. Paying off your debts is a vital step towards the ultimate act of planning ahead.
Work hard to bring up your pay
As a single parent, you know the meaning of hard work. Work hard to push forward in your career, and carve out a more comfortable nest for your family. The more you work, the more you will have to divvy out when due dates roll around.
