Financial Advice for Single Parents

Becoming a single parent means accepting big changes in all aspects of your life—
emotionally and financially. Although it may be a time of stress and sadness, your financial situation requires immediate attention.

Emily Card, a Los Angeles-based attorney and author of the book “The Single Parents Money Guide” who counsels newly single parents about legal and financial issues, says newly single parents must accept their situation.

“It’s very hard to modify your lifestyle overnight, but you really have to recognize that you can’t have the same lifestyle and support a child and pay extras that come with being a single parent,” Card says.

Brenda Armstrong, Buford. Ga., author of the book “Financial Relief for Single Parents,” recommends looking at every expense you make and asking yourself, “Why am I choosing this option and is this the right option for me?” Analyze everything from weekly fast food stops to monthly car payments.

“Write down what you’re spending,” she says. “Find where the money is falling through your fingers.”

Single-parent financial issues extend beyond budgets. Life insurance and wills become even more of a priority. Single parents must make sure their child is taken care of legally and financially.

“Those are two things that people don’t like to think about especially at a difficult time like this,” she says. “But they’re extremely urgent because you don’t know when something can happen.”

Card recommends taking advantage of the insurance discounts organizations or groups offer to members. Plus, most states offer some form of medical coverage that can benefit a child in need—even if it has a high deductible.

Support for single parents comes in all sizes and from all directions. Armstrong recommends reaching out to faith-based communities and organizations for support. When it comes to daycare solutions, subsidized childcare, retired family members, and neighbors can be of great help.

The professionals at Hopewell Federal Credit Union are a resource, too. We can help with a variety of services including help developing a spending plan. Stop by or call us today at Hopewell Federal Credit Union.