Here’s how single parents can get their finances in order

“Raising a kid is quite the challenge especially when you’re doing it alone.  As a new parent, it’s normal to feel both overjoyed and overwhelmed. And especially if you’re newly single, finances can compound your worries.  You’re own your own. There’s no partner to cover your short comings. If you don’t have all the money to pay a bill then that’s that. Fortunately with a game plan in place, money matters will be manageable — and you’ll feel much more in control.”

It's even more important for single parents to have an emergency savings fund, the experts say.

It’s even more important for single parents to have an emergency savings fund, the experts say.

 Gabriella Monaghan has been a single mother for the past two years.

The hardest part, financially, about adapting to parenting alone has been knowing that her family relies entirely on her income.

“I have had to use holiday days as sick days in the past because I ran out of my sick leave,” she says.

“I’ve also had to stick to a budget a lot more and save for financial uncertainties. I save $10 a week in case my car needs a new tyre or anything like that. I have already started putting money aside each week for things in specified saving accounts, like their schooling even though one is almost 4 and the other is five months old.

 

Read more: https://www.stuff.co.nz/business/money/94676112/heres-how-single-parents-can-get-their-finances-in-order

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