Build a Financial Safety Net
Having an emergency cushion of several months’ worth of living expenses is even more important now that you are on your own. Some financial experts suggest you should set aside at least three month’s worth of living expenses apart from some savings for emergency purposes. This money should be invested in a less risky investment vehicle or trust fund that you can easily access when the unexpected expense arises. The other important financial safety net is your insurance coverage, particularly your health and disability insurance. And if you are the main source of support for your children’s education, you should ensure your insurance coverage is enough to support your children’s education.

Start a Retirement Plan
Even single parents will retire someday. It is important that you start your retirement planning regardless or your age. Women should make their life expectancy an issue when drafting a retirement plan. The best advice is to start aggressively saving and investing your money now.

Your Children and Money
Teach your children about money i.e. how it motivates people, how it requires making choices, and how it can lead us to the wrong direction if we are not careful in handling our money. Children with single parents often have this deep-seated fear of what will happen to them if the parents are no longer around. Explain to your children about your financial plan, your investment in unit trusts, insurance, property or your will. This information will be assuring, as it teaches your children that making plans on finances for the future is very important.

Lastly, single parents need to have a financial plan laid out so that you and your children will have a better future. If you do not have a financial plan yet, maybe now is the right time to start planning. Start now! Do not delay anymore, for the sake of your loved ones!