It is hard to raise your children on your own. Regardless of the reason why you need to raise them all by yourself but it is very important to make sure you will give them the good life that they deserve. You might face a lot of financial problems right now but for sure you will overcome all of that. If you are experiencing those, here are some money tips for single parents.
Here are some Money Tips for Single Parents:
Get control of your debt
It is very important to control your debt. It will be better if you don’t borrow money. However, if there’s an emergency sometimes we can’t resist. Regardless of the reason behind your debts, it is very important to pay regularly because debts can lead to extra stress if you’re a single parent.
Budget your expenses
Make a plan that will suit your monthly income. It is very important to make an adjustment so that you can keep up with your plan. Creating a plan is necessary to make sure you are spending under control. In your plan, you can list bill categories for your house, foods, clothing, transportation, etc. You should know approximately how much amount you “should” be spending in each category.
Take advantage of the Single Parent Benefits (REPUBLIC ACT NO. 8972)
“AN ACT PROVIDING FOR BENEFITS AND PRIVILEGES TO SOLO PARENTS AND THEIR CHILDREN, APPROPRIATING FUNDS THEREFOR AND FOR OTHER PURPOSES”
It is important to know your rights and privileges as a solo parent. Make sure to take advantage of the benefits such as parental leave, educational benefits, housing benefits, medical assistance, and many more. If you avail all of those benefits you will be able to save your money and use it for other important things.
Build your emergency savings
You will never know what will happen in the future. It is very important to have money that you can use for any emergency that may happen. You may consider keeping the money in an account that is separated from your regular checking account. In that case, you will not be tempted to get it for non-emergencies.
Teach your kids good money habits
It is important for your kids to be financially responsible at an early stage. If they develop that at an early age they will be ready for the financial challenges of adulthood in the near future. Teaching children the basics such as how to budget, spending wisely and saving will establish good money habits for life. Let them aware of the difference between their wants and needs and most importantly is be a good example to them.
Make your kids as dependents on your SSS, PhilHealth, and Pag-IBIG account
Make sure that you list your kids as dependents. They will be able to take advantage of all the benefits they are entitled to if they are listed as your beneficiary.
Additional Postive Strategies For Solo Parenting:
- Show your love and care
Kids are very sensitive types of people. They always seek your attention, so it is very important to make them feel your unconditional love and care. Always support them and give them quality time.
- Make Rules and Regulations
Set limits inside your home. Make them follow your house rules. In that way, they will be disciplined.
- Take care of your self
Keeping your children healthy is a good job, but it is important to take care of yourself as well. Make yourself happy and healthy.
- Stay Positive
Always take challenges in a positive way, always be reminded that God will never give us what we can’t overcome. If you are having a hard time you can ask for help from your families, do not keep problems within yourself, it will just make the situation worse.
Parenting is a very big responsibility, how much more if you are a single parent. Single Parents are one of the strongest persons who live on earth. Just remember to stay positive all the time and just apply these helpful strategies to your daily lives with your little one.