As a single mom, you make decisions on your own without second opinions from a partner. You have to act decisively because you can’t expect anyone to decide for you when you’re lagging.
Finances are one matter you can successfully prepare for to remove a huge burden off your shoulders. Here are five things you should prepare for.
College fees
Upon your child’s birth, you are obliged to start a college fund for the baby. It’s always better to start early because college is not cheap and higher education is one of the costs that dramatically rises when inflation hits.
You can either save or invest or both but the point is it’s better to start early so that compound interest can do its work on your child’s college fund. A college education makes a massive difference in your child’s future career.
Savings
To be a responsible parent, you will have to cut down your pre-motherhood lifestyle to a minimum so that your child can have the best childhood he/she can get.
Having a baby is pretty expensive and you may have to find ways to earn more money without being an absent parent. If not, having a tight saving regimen is the immediate alternative.
You will have to cut not only your spending but also your time for personal activities. This does not mean that you won’t have a life beyond motherhood. You will just have to adjust and align new goals with your motherly responsibilities.
Domestic assistance
One of the expenses you need to take into account is hiring and paying a helper who can take care of your child or the house or both. What you pay depends on the amount of work and the efficiency and effectiveness of the helper.
Choose a helper that’s compassionate, cooperative, reliable, and responsible. A domestic helper is not a requirement if you have relatives who can assist you.
Nonetheless, paying for a helper that works for you and is present inside the house will still be the preferable choice if you don’t want to depend on your relatives for help.
Health fund for you and your child
Imagine what will happen if your child’s health takes a hit and you need more than financial assistance for his recovery. This may require you to be beside him all the time, which compromises your work.
How about if your own health takes a hit? You won’t be able to work. This is where your health fund comes in.
Your health fund will cover the financial aspects. The goal is to speed up recovery so that health issues don’t grow serious enough to take over your family’s everyday life.
The cost and stress of motherhood
This is a sensitive topic. People tend to feel uneasy about life insurance because you inevitably talk about death and loss. Responsible parents don’t shy away because they know the value of life insurance, more so if they are single parents.
If you’re a single parent, no one will take on the financial loss your child will face. Life insurance will shoulder that risk in exchange for a premium. You buy life insurance because you don’t want to ruin your child’s future when you pass away.
The burden of single parenthood is not to be taken lightly, but you have the power to give your children a bright future and fulfil your role as a responsible individual.
You just have to choose to do the right thing and act for great things to happen,
This article first appeared in thenewsavvy.com
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