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.
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.
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. 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.