Ok, so let’s get straight to it. The wedding was perfect, the honeymoon was magical and for a hot second your version of the white picket fence was idyllic and then life happened and before you knew it, you were contemplating your future, as a single mom.
Now, if you’re caught amid divorce or if this horrible situation is about to happen, remember to take care of “you” but if the storm is over and the dust has settled it’s time to start taking financial stock and with some clever planning, take heart momma – you’re going to be OK.
DON’T TACKLE THIS ALONE – SPEAK TO THOSE WHO KNOW
The most important thing to remember is that you’re not alone. Just like when you speak to friends, family (or sometimes a professional) when your mental health needs some TLC, so too should you be reaching out to those same contacts for advice on how to navigate your new financial reality. Sadly, divorce is all too common these days so you will be able to get some solid real-world guidance from friends or relatives who have gone through this as well. Then, see a professional; no matter what your current circumstance, it’s going to be way better for you to start small if that’s all you can manage than not at all and a good financial advisor will help get you started.
SORTING OUT YOUR INSURANCE SITUATION
Probably one of the biggest fears that all parents face, is who will take care of your children if you’re not able to. It doesn’t make for a comfortable conversation but you must consider life insurance among your other insurance priorities, for some guidance click here.
PLANNING FOR EDUCATION AND TRAINING
Hands down one of the best ways to plan for your child or children’s education financing is a “529 plan”. It’s like a 401(k) but for education and it will have a minimal impact on financial matters when college application time comes.
MEDICAL INSURANCE
Depending on your financial situation, single moms may experience challenges when trying to find affordable healthcare. The good news is that there is help available to you through Medicaid if you’re in a low-income situation. Every mom has a unique set of circumstances to consider, but there are options.
MANAGING YOUR INCOME AND DEVELOPING ADDITIONAL REVENUE STREAMS
Not everyone knows how to balance the checkbook and if this is you, then it’s time to get up-skilled in how to manage your finances. There is no shame in admitting that you need help in this area and you have it at your fingertips right now – the internet. This may also be a good time to start thinking about developing alternative or additional streams of income and there are so many ways you can do this.
CONCLUSION
This is never going to be an easy or fun time, but the most important thing for you to do right now is to breathe, take a step back and conduct a thorough and honest review of where you’re at. All things are possible and with some careful planning, this too shall pass.
In the words of Kate Winslet, “You always have to carry on. And you can, because you have to.”
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