Single working parent? Financial considerations for 2018

Are you the sole breadwinner in your family? Do you have young children to support? Living off a single income (and ensuring you have enough to support your children through their educational years) can be challenging. The solution? Long-term strategic financial planning and the help of a reputable financial adviser.

With the biggest concern for most single income parents being consistent cash flow management, many individuals tend to focus on getting their salary in their bank account every month and then making it through to the next month. This is true even for high earners as household expenses tend to be even higher when a single parent is working full-time and needs to depend on others for home and child care.

This means that other financial concerns can sometimes take a back seat, including disability cover, retirement planning, regular savings, and long-term investments. But, the truth is, life is unpredictable and you won’t necessarily be able to work as you do now for the rest of your life (or even want to). So, as 2018 kicks off, it’s time to tackle some ‘big issue’ financial considerations and secure your family’s future.

Five financial considerations for 2018

1. Learn about your money

Some of the most successful working professionals face fears about their financial position or how to improve it. It’s important to educate yourself about wealth management so that you can take control of your finances and make them work for you. Read up and consult with a reputable financial adviser who can help put you in the driver’s seat of your financial future.

2. Get insurance today

As we said, life is unpredictable and you never know what might happen next. Insurance, from household to personal, can provide your family with that important safety net should the worst happen and you are no longer able to work due to illness or injury, suffering a major financial blow due to an accident or job loss, or even pass away (yes, you need a plan for that).

3. Savings and investments are important

We cannot emphasise the power of compound interest enough – whether it’s a small, regular monthly saving, a dedicated emergency fund, or investing in an educational offering to secure your child's future, the sooner you start saving for and investing in your family’s financial health, the better.

4. Plan for changes

Whether you’re planning extended leave for family reasons, have children going into school or university, or need to start caring for your elderly parents, big life changes bring with them big financial demands, or at least changing ones. Look ahead and see where you will need to spend your money in the future and how much more you will have to invest or save to ensure all your financial obligations and goals are met.

5. Plan for retirement

Working professionals are working for longer than ever before but they are also living longer as well. And this is especially true for women. This means they need better, higher yielding retirement investments and a long-term plan for a future without regular income, earning potential, or support. Don’t burden your children with your retirement – plan ahead and secure your financial situation while you can.

From insurance to investment management, we can help you put in place a financial plan that takes into account your current financial position and your plans for a healthier, more secure future for you and your family.

Need to speak to an expert about your financial plans for the year ahead?