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Financial insecurities are common these days among individuals because of increased divorce rates, recessions and fear of potential job loss. Divorce has a number of repercussions for a single mother as she loses her financial security to a large extent. So, even if everything is going smooth in your life, you should not wait to financially plan your future and save to make the future of your children safe as it is extremely difficult for a single mother to raise her kids in the way she wants. If you are already a single mother and doing it, read on to know some financial tips meant just for you: 1. Income and Spending: Food, education, medicine, insurance, clothing and gasoline form the bulk part of your monthly expenses. Make a list of your monthly expenses on each of these categories and your expected income. Having an understanding of the expenditure being made on the useful and necessary items will help in calculating the amount that could be saved on a regular basis. Look for new and smart ways to save while you spend on necessities. As a single mother, rely on discount coupons and codes to save lot of money. 2. Life Insurance: Through life insurance policies you can safeguard the future of your child by saving through annual installments. There is no surety of life. This increases the importance of having a good life insurance cover. A number of life insurance policies are available in the market for single mothers. You can pick one that is suitable to you. In case you are not able to pay annual premiums, you can also go for policies that come with installment plans 3. Health Insurance: As compared to men, women are more likely to suffer health problems. You can also blame it on the biological reasons that include pregnancy as well as post pregnancy health problems. A health insurance cover can help reduce your stress in times of medical emergencies. This is the reason, you should never ignore the importance of having a good health insurance cover for not just yourself but for your children too. Child health insurance can help you at times of medical emergencies. 4. Investment: Investing for a long period can add extra income in your bank account. Look for investment options that not nly offer good returns but also offer tax exemptions. This investment can be saved as emergency fund, education fund or even as retirement fund in your bank account. Besides the aforementioned points, it is also advisable to make a budget for any purchase whether it is for education or household. Being a single mother brings more financial responsibility upon you and it is your duty to make the most out of your earnings and savings. It is best to leave your past behind and fight all obstacles that might come in your way in securing a secure future for your children. If you don’t have too much information about how to start planning, it is best to consult professional financial planners for your help. The Retirement Group educates corporate employees that are transitioning or retiring with Netbenefits.
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