It’s harder to be a single parent than to have a partner in raising kids. Nonetheless, it doesn’t mean that a single parent can never be the best parent she can be, especially in financial matters.

As a single parent, you will have to make decisions on your own without the second opinion of a partner.

You will also have to act in a snap because you can’t expect anyone to decide for you when you’re lagging.

Finances are one matter a single parent can successfully prepare for and if this is accomplished, it’s a huge burden off your shoulders.

Here are five things single parents should prepare for.

1. College tuition

At the moment of your child’s birth, a parent is obliged to start loading up a college fund for the baby.

It’s always better to start early because college is an expensive affair and higher education is one the costs that dramatically rises when inflation hits.

You can either save or invest or do 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 will make a massive difference in your child’s hunt for a job later on.

2. Savings

Once your child is born, you will start truly living for another person. To be a responsible parent, you may have to modify your pre-parenthood lifestyle so your child can enjoy a fulfilling childhood.

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 savings regiment is the immediate alternative.

Besides trimming your spending, you may also have to lessen how much time you spend on personal activities.

This does not mean that you won’t have a life beyond parenthood. You will just have to adjust and align new goals with your responsibilities as a single parent.

3. Domestic assistance

One of the expenses you need to take into account is hiring and paying for a helper. The helper can either take care of your child or take care of the house or both.

The amount of money you will have to fork out depends on the amount of work the helper will do and of course, the efficiency and effectiveness of the helper.

You must choose a helper that’s compassionate, cooperative, reliable, and responsible. Understand that employing a domestic helper is not a strict requirement if you have relatives who can assist you in household matters.

Nonetheless, paying for a domestic helper that directly works for you and is present inside the home will still be preferable if you don’t want to depend on your relatives for help.

4. Health fund (for you and your child)

Can you imagine what may happen if your child’s health takes a hit? Your child may need more than financial assistance for his recovery, which may require you to be beside him all the time. But this compromises your status in your workplace.

How about if your health takes a hit? You won’t be able to work. This is why a health fund is important.

Your health fund will shoulder, at least, the financial aspects of the issue. The goal is to speed up your kid’s recovery and yours so that health issues won’t grow serious enough to take over your family’s everyday life.

5. Life insurance

This is a sensitive topic but responsible parents don’t shy away from this because they know the true value of life insurance, especially if they are single parents themselves.

Single parents know that if the unfortunate happens to them, no one will shoulder the financial loss the child will face. Life insurance will shoulder that risk in exchange for a premium.

You don’t buy life insurance to enjoy the money yourself. You buy life insurance as a means to safeguard your child’s future when you pass on.

The burden of single parenthood is not to be taken lightly. Single parents have the power to hand their children a bright future and fulfil their roles as responsible individuals.

It’s up to you to do the right thing and act urgently so great things can happen for your child.

This article first appeared in The New Savvy.

The New Savvy is Asia’s leading financial, investments and career platform for women. Our bold vision is to empower 100 million women to achieve financial happiness. We deliver high-quality content through conferences, e-learning platforms, personal finance apps and e-commerce stores.