Personal Finance for Single Parents

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Being a single parent is a tough gig. There are all kinds of responsibilities to endure, and it is really hard for one person to serve all the needs of their children- but, it is not impossible, by any means. Perhaps, the most difficult aspect of being a single parent is when it comes to finances. Raising one child with two parents is hard enough on the wallet- with diapers, food and everything else- but, when that burden is put on the shoulders of only one parent, it becomes that much harder. In essence, that one single parent must make up for the loss of the other parent in many ways, but especially in the financial way. While it is difficult for a single parent to meet the needs of their children financially, there are some tips and tricks they can utilize in order to provide for their child or children with the income of only one parent.

Planning for the Future

This is usually the main goal for single parents, as they have heard on repeat how disadvantaged children raised by single parents are when it comes to secondary education and future earnings via the jobs they get. Single parents do not want their children to fall into this trap, so it is important to always keep the future in mind, and to plan ahead. This is a very hard thing to do, but the key is to be willing to sacrifice for the future of your children. Always keep that goal in mind when investing into a savings account. There should be nothing more important than your child’s future.
Keep a Strict Budget This seems like an obvious step, but many people ignore it. Keeping a strict budget does not just mean following the budget, it means following the budget no matter what. If your child’s future is important to you, then you must always keep that in mind, and never stray from that unless absolutely necessary. It is a good idea to start keeping as budget through Excel or any number of online and smartphone applications that are available usually for free on the web.

Have an Estate

Your will needs to have some attention paid to it, since it will be what you will be leaving to your children after your death. It is important to have that all straightened out well ahead of time, as most people tend to put their estate and will off to the last minute, and thus make mistakes when it is too late. Also make sure to have a personal guardian named to look after your children in case the unspeakable happens.

Tax Deductions

There are plenty of tax deductions available to single parents, so make sure to take advantage of each and every single one that you can. These deductions were put in place for a reason, and that reason was to help relieve the burden that is upon you shoulders, so you would be foolish not to do so.

Author Bio:- Richard is a freelance writer and content contributor for a variety of sites. He has recently achieved his online mba finance and looks forward to pursuing his career dreams!