Being a single parent tends to mean that one can't work lots of unpaid overtime (which is what 'being flexible' generally means) but the present state of the economy - high housing costs and low wages at the bottom end of the spectrum - mean that lots of people are broke whether or not they are parents - or single. Besides taking over all the everyday personal issues, single mothers also have to make ends meet financially. If you're new to single parenting, make sure you check out our guide to becoming a single parent. Go round a friend's for a day - even if she has a toddler too, 2 parents and 2 kids is easier than one on one. It’s not uncommon for women to leave their jobs after having children, and it’s not easy to return to work in the current economy. Financial Help For Single Parents. If you struggle with large utility bills, speak to your supplier about paying weekly or monthly. Learn how your comment data is processed. Without the added advantage of running a dual-income household, raising children on your own, funding for their education, while also trying to save for your retirement may appear insurmountable. You may also be entitled to housing benefit and a reduction on your council tax. Jake Wonderson, 14 hours ago 3 min read . Once you’ve got your finances sorted, make sure you take care of yourself. This site uses Akismet to reduce spam. Medical aids are a high-cost budget item and often a grudge purchase, especially if you and your child are in relatively good health. When I left my daughter’s father there were slim pickings on the rental property front. If you have group life cover in place, take time to check the beneficiary nomination on this cover as well as if it is an approved or unapproved benefit. A Type A trust is created to provide financially for a person (or persons) with special needs such as a severe mental or physical disability. Thankfully, the UK is a country with a welfare system and financial support is available. But single-parent households saw their average weekly earnings fall by £73, from £326 to £253 over the same period. You’ll need to check your eligibility for Universal Credit, there are some conditions based on your circumstances. A special trust type A for special needs children. It is very common for single parents to share costs such as tutoring, au pairing, child transportation, baby-sitting, and sometimes even accommodation, so make an effort to engage with other single parents and see how you can support each other. Mum, 1 child, age 2. Home > Self-Improvement > How to Cope as a Single Parent. Use praise: Misbehaviour is often a search for approval … In 2003, there were 10 million single mothers raising children on their own. This article first appeared on Moneyweb.co.za and was republished with permission. Writing everything down clears your head and promotes better sleep so invest in a good notebook or journal and get writing down everything that needs doing, bills that need paying, and any household tasks that need completing each week. Often parents in unhappy marriages try to hold on for ‘one last Christmas’ and promise themselves a fresh start in the new year. Single parents - how do you cope (financially)? Such a trust must be registered with Sars as a Type A trust in order to enjoy the tax benefits afforded to such vehicles. Going thru a severe money problem, however, can throw everything off … Some areas have charities that lend single parents enough money for a deposit to help them move in financial difficulty. As a single […] Keep in mind that if for whatever reason your will is found to be invalid, no testamentary trust will come into effect, so be sure to have your will drafted by a fiduciary expert. How single parents can protect themselves financially, {{current_weather.dt | momentjs( atts.date )}}, Children and money: seven lessons you can share, Export taxes becoming more prevalent globally, Yes, you might actually enjoy a ‘working’ retirement. This means that if you bequeath assets directly to your minor children in terms of your will, these assets will be administered on their behalf by their guardian, which could be the child’s other parent or your ex-spouse. Keep seeing your friends, keep your CV up to date, and try to keep paying the bills. Another thing to consider is the amount of maintenance your children’s father will need to pay you. If your child’s parent is not a reliable maintenance payer, try to build up sufficient reserves to cover three months’ worth of maintenance payments just in case. How to survive financial stress Stay active. Improve your mental wellbeing. Know how to manage some of the special challenges single parents experience and what you can do to raise a happy, healthy child. The new year is a time associated with new beginnings. A testamentary trust, which can be set up in terms of your will, is perfectly suited to house any assets you wish to bequeath to your minor children. Try to include your child's other parent in their care, if possible. Income Support. Disability insurance is a highly complex area of financial planning and is best undertaken with the assistance of an independent advisor. A single mom's parenting duties are no different than they are for a married one — except that you're on your own. Large unforeseen expenses can force you into taking out expensive debt and completely set you back financially. You’re missing companionship, financial support, and mental support. Making financial provision for your minor children will no doubt be top of mind, and the best way to do this is by ensuring that you have a valid will and that it is correctly structured to provide your children with the protection they deserve. If you have more time because you're not at work, do some form of exercise – physical activity can improve your mood if you're feeling low. The good news is, you don't have to fight over money or purchases with your partner and are free to make all the household financial decisions. If your child’s other parent is still alive, they will remain the child’s natural guardian in the event of your death. Talk to other parents about benefits and entitlements, whether you have questions about Universal Credit, Personal Independence Payment (PIP) applications, maintenance payments or tax credits. You are expected to provide for the family’s financial needs, manage the household, and raise happy, healthy, and well-rounded children. While putting money away for your child’s education is important, do not neglect your retirement funding. To qualify as a special person in terms of Type A trust, your child must have a disability which affects their ability to earn sufficient income for their personal maintenance or from managing their own financial affairs. Looking after a disabled child on your own can be exhausting and isolating, but lone parent carers can get support and financial help. From self-isolation to financial support: How single parents can access help and stay sane during school closures. Firstly, it is critical to secure the guardianship of your minor children in the event of your passing, particularly if you are the child’s only natural guardian. 25th Apr 2000. Honest opinions will accompany affiliate links (even bad ones) and I’ll never back a lame horse, which means if I’ve told you it’s rubbish but you buy it anyway, AHM cannot be blamed. If you visit your local council for advice they should be able to point you in the right direction if this service is available in your area. Speaking as someone who has been through it, life does get better. 20/09/2017 Xesai Getty Images. Stretching yourself thin can make it harder to look after your child, so it’s important that you seek out all the support available to … Generally speaking, it is advisable to nominate three trustees with one of them being an independent trustee, while the other two could be family members or friends who are close enough to your child to have a good sense of their needs and what you would want for them. Sadly a lot of marriages break down in the time between Christmas and new year. Single parenting is a tough road to trek, especially for mothers. Without adequate retirement funding in place, you could become a financial burden on your child later in life which should be avoided at all costs. Women of any age can become single parents through death of a spouse, divorce, abandonment or choice. If you find yourself in this situation, I wish you all the best for the future. Housing can be an issue, especially if you need to sell your home. However, if you or your child needs to be hospitalised for whatever reason, the costs of private healthcare would be prohibitive in the absence of medical aid. Read the full policy to find out how to disable essential and non-essential tracking cookies. How parents cope financially on marriage breakdown. From how to successfully juggle co-parenting to contact weekends, child maintenance payments, and every other aspect. But there's more to being a successful solo parent than taking a back seat to higher priorities. This site uses affiliate links which means some links included within blog posts may pass on a small commission to the Accidental Hipster Mum team if products are purchased after the link has been clicked. Being a long parent is tough - my best advice is try to join up with other peole as much as possible. In the 1970s, three million households were run by single mothers. Universal credit is the new benefit everyone has been talking about and should be your first point of contact. Single-parent families are more common than ever. My advice is not to be rash, take your time making your decision (unless you absolutely have to be done in a hurry). Let your work life be your work life and your home life be home. As a single parent, it is likely that you don’t have anyone else to fall back on if you hit financial hardship, which makes gearing your finances for any eventuality essential. It’s been a difficult time for her family, and things won’t be fully settled until Kath’s divorce has gone through and they can begin to adjust to a different way of life. Kath’s story. This added work and responsibility is a lot for a person to handle; it is not surprising that many single parent struggle with depression. Single parents with a disabled child. Your email address will not be published. Whether you set up a testamentary trust or inter vivos trust, be sure to nominate your trustees carefully bearing in mind that their job will be to make decisions in the best interests of your child if you are no longer around. Sadly a lot of marriages break down in the time between Christmas and new year. Decreased self-care– Between taking care of a lot of things alone, one thing that every single parent forgets to focus on is ‘self’. You could join a single-parent support group, or, if finances allow, hire a trusted sitter to help out with the kids or someone to assist with housework. Besides the emotional benefit of having a support system, there is the added benefit of cost-sharing. Most fathers (if a little affronted) will want to help provide for their children, but if your ex makes it clear he doesn’t want to, the Child Maintenance Options service will help calculate and arrange payment options. You'll probably find there is a discount available if you pay your utility bills by direct debit. Related topics. Making adequate financial provision for your child in the event of your death will be top of mind for you and will, once again, depend on your personal circumstances. How to cope as a single parent when your kids leave home. These trusts can be either testamentary or inter-vivos trusts, depending on the objectives of the trust founder, and are an excellent way of safeguarding assets and ensuring that your beneficiary is not taken advantage of – especially when you are no longer around. Start with small, steady steps and, if necessary, set up a specially earmarked account to house your emergency cash in. Many families find it hard to cope financially when a partner is sent to prison, especially if they need to bring up children. How to Cope as a Single Parent . I was stretching myself a little, but the location made up for it and meant if anything happened to my car, I could get my daughter to school and myself to work without much trouble. Providing Stability for Yourself and Your Kids Find reliable child care. An income protection benefit is an excellent way of ensuring that you will continue to receive your income if illness or disability results in a temporary or permanent loss of income. This will ensure that the proceeds of the policy will be paid directly to the trust where they will be managed by your trustees until your child reaches the age at which you determined their assets should be held in the trust. Trust must be registered with Sars as a single parent when your Kids find reliable child care best is. 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