Important Money Tips for Solo Parents

Tips for Solo Parents on How to Handle Money
taken from ANC's On the Money
with Vina Dimanalata - Registered Financial Planner

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Based on a recent survey, around 14 million Filipinos are single parents.

If you're one of them, how do you reach financial independence despite flying solo?

Solo parenting is a growing trend.
This is due to any one of the following:
- young adults w/ children out of wedlock
- separated from spouse
- widow/widower
- spouse of OFWs

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Important To do list for Young Single Parents
1. Find a stable job to be able to predict the income that will be coming in.

2. You must realize that you have a dependent.
And if you have a dependent, the number one thing that you have to do is to protect yourself.
Protecting yourself means that if anything unfortunate happens to you (like death or illness), the expenses and needs (ex. education, day to day living expenses) of your child who is your dependent are covered and are taken cared of.
You protect yourself by getting an insurance.
With an insurance, in the event that something happens to you, your child will receive an amount of money which will be used for his needs in the absence of your earnings.

3. Consider preparing for your children's education.

4. Live within your means by finding cheaper alternatives.
Example: you can still go out once in a while but do it less frequently and go to less expensive places

5. You cannot afford to spoil your child.
Resist buying gifts for your child that you can't afford just to make up for your absence. Instead, find quality time that you can spend with your child.

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For those who are married to OFWs

Your responsibility is to grow that capital that is being sent home.
You must realize that being a migrant worker is temporary and that you should prepare for the time when the OFW comes back home.
Save and grow the money that is being sent home.
Maintain a lifestyle that can be continued even when the OFW comes back home (meaning when the time comes that you cannot rely on remittance anymore to sustain your lifestyle)


Have money tips of your own that you would like to share with us? Do leave a comment.