Best Personal Finance Tips For Single Parents
4. Save For Yourself First
Having an emergency fund of at least six months of your income is very important. Consider saving as a priority even though your lifestyle is crunched.
Your next priority must be your retirement savings. Don’t compromise on saving for your retirement in order to give your child an elevated lifestyle.
By saving money for your retirement you can avoid being a burden to your child later in life.
5. Don’t Let Your Kids Send You on a Guilt Trip
Due to work commitments single parents often feel guilty for not spending enough time with their children. But, don’t try to compensate it with cash, remember money is not the solution for everything.
Moreover many parents buy expensive toys and clothes to their children. But, by doing this you may blow out your budget. This might cause havoc to your financial situation and at the same time teaching your child wrong things.
6. Strike a Balance
When you are at home, try to spend time with your family. But when you go for work, make sure that your child understands the importance of work and they should not interrupt you as long as it’s emergency.
May be, it gets very difficult to focus on one thing when you are pulled into many directions and are responsible for making decisions. In such situation, you can depend on your close friend or relative to take care of your child.
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