Rani Jarkas, the Chairman and CEO of Cedrus Investments, offers 5 tips for single parents to build a secure financial future.
1. Start Budgeting As a single parent, one of the first and most important things to do is to make a budgeting strategy, which allows you to track your monthly cash flow and find areas where you may save money.
2. Create an Emergency Fund In most circumstances, setting up an emergency savings fund will come in handy. Make sure you don't touch this fund after you've set it up.
3. Secure your child with Insurance cover As a single parent it is always good to safeguard your child and yourself from any potential risk. Getting an insurance that suits your lifestyle and needs is always advisable.
4. Stay low on debt Debt management is an important part of any financial plan. Having a debt is not inherently bad as long as you are able to return the loan on time.
5. Open a savings account in your child's name Once the account is set up, you may begin placing a reasonable amount of money into it, which will act as a huge piggy bank for your child.
