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5 Financial Tips for Single Parents | Business

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5 Financial Tips for Single Parents
Business, Families
5 Financial Tips for Single Parents

According to the U.S. Census Bureau, there are nearly 12 million single parents in America. This nation’s almost 10 million single mothers and nearly 2 million single fathers face financial challenges and decisions that most dual-parent families don’t have to consider, or that may not impact them on such a large scale. After all, single parents, often have no other person or income source that they can fall back on, which can create challenges. Single parents should have a plan in place for these possible issues. .

“Single parents can benefit from a wide variety of financial tips and professional advice,” explains Samantha Fraelich, CERTIFIED FINANCIAL PLANNER™ professional and Vice-President of Bernard R. Wolfe & Associates, Inc., a company specializing in offering wealth management strategies. “Whether it is tax breaks they qualify for or ways to save for childcare, there are things they can do to help make their financial situation more stable and comfortable.”

Here are 5 financial tips for every single parent:

  • Budget. It’s a good idea for everyone to budget their money and expenses, but this is especially true for those who are single parents. Create a realistic budget and discuss it openly with the children, so they understand why they can’t get money for everything they want.
  • Save. This may seem obvious, but there are a variety of things that single parents need to save for, such as retirement, an emergency fund, and their child’s college education. Many parents don’t know which goal to save up for first, so after talking with an advisor, automatically saving a small portion each month can come in handy and add up over time.
  • Insure. It is crucial that single parents have the right insurance policies in place. The two most important types are life insurance, so that there is financial support for the care of their children if something happens to them, and disability insurance, in case something happens and they are unable to work.
  • Plan. Estate planning is a task that many people want to put off or not think about at all, but it’s critical to make sure that single parents have created a will detailing exactly what should be done for the children if something happens to them. A power of attorney and medical directive are important as well.
  • Consult. It can be helpful for a single parent to seek out the services of a professional financial planner to help them get all their financial plans in order. A planner will be able to help determine what is needed and give you options on how to allocate funds that can help make it happen. They can help create the roadmap that a single-parent striving for financial success can follow.

One of the most important things that single parents can do is to take charge of their finances. Often times, one parent paid the bills, while the other made the money. Single parents must do all they can to get educated regarding their finances and develop a plan that can help create a safety net for both them and their children.

“There are many single parents today, so it’s also a good idea to find a local support group or group blog where you can share info and bounce ideas off one another,” added Fraelich. “Single parents can achieve financial success, too. They simply need to be pro-active in mapping and carrying out the plan.”

Bernard R. Wolfe & Associates, Inc., has provided financial management strategies and investment services since 1981. They assist a wide range of private and corporate clients with everything from estate planning and investment to divorce planning. The company also offers professional women’s financial planning services, led by Samantha Fraelich, a CERTIFIED FINANCIAL PLANNER™ Practitioner.

About Bernard R. Wolfe & Associates, Inc.

Bernard R. Wolfe & Associates, Inc., founded in 1981, provides expert wealth management strategies and institutional investment services. The company is led by a team of CERTIFIED FINANCIAL PLANNER™ professionals who have over 50 years of combined years of experience in the field. The team of professionals provides knowledgeable financial planning guidance to a diverse range of personal and corporate clients. To learn more about Bernard R. Wolfe & Associates, Inc., visit the website at www.bernardwolfe.com.

Securities and Investment Advisory Services offered through NFP Securities, Inc. Member FINRA/SIPC.

 

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Source:

U.S. Census Bureau. Unmarried and Single Americans Week. <http://www.census.gov/newsroom/releases/archives/facts_for_features_special_editions/cb11-ff19.html>

Business, Families