Effective Financial Planning Tips For Single Mothers In India

by | Aug 16, 2017 | Featured, Financial Tips | 0 comments

Single parents face unique challenges which can be fairly daunting to manage. Being a single parent one has to manage a lot like not only do they act as the sole provider of care and emotional support, but they are also the only financial provider for their children.
When it comes to managing finance, it becomes a tough task but if planned well, it can be managed easily. All the planning has to be made from scratch keeping in mind the daily needs and some amount to be saved for the future.

Banksdirect.in has a few way of managing finances when you are a single parent:

Purchase a life insurance policy:

By purchasing a life insurance cover, you as a parent are ensuring that your child’s future is secure. It is an extremely important tool for a single parent and largely depends upon the family’s financing needs.

Take medical insurance:

Medical needs can catch anyone by surprise and can sometimes be a huge drain on the family cash flow. Thus, it is imperative that single parents buy medical insurance which will take care of medical exigencies and help avoid a negative impact on family cash flows.

Start by Planning your Daily Budget:

Make it a point that you do not buy things that are not in your budget list, once you do it; you will be ruining your savings plan. Never put savings off to the next month as it will tend to become a recurrent thing and your idea of planning will never materialize, thereby adding to your worries.

Make Separate Envelops for Every Need:

Making envelope means putting bills in them so that they can be paid on time and the money is always ready for payment. This prevents unnecessary hassles for a single parent. These envelopes should be stacked at safe places and you should not end up missing the payment due dates.

Invest in your child’s education:

Education of children is a very important goal that needs to be taken care of while primary education is still relatively affordable, secondary and higher education nowadays comes with a high price tag. Single parents need to not only fund current education but invest their money in such a manner that it grows to an amount that can help fund future education as well. So, it would be advisable to invest part of the money in long-term bonds and invest the remaining portion in an equity mutual fund.

Safety Tips for Safe Debit/Credit Usage

The world of finance crazily depends on digital transactions and things can never go back to all-cash transactions anytime in the future. Debit/Credit card transactions constitute a majority of retail transactions across the globe. Here are the safety tips that you...

How To Educate Kids About Saving And Spending Money?

Making children work for their spending money is a great way to help them learn the value of each rupee. Money gives people decision-making abilities so if you teach your kids from an early age this is the best that you can do. Educating, motivating and...

Advantages of Using EMI Calculator When Applying for A Bike Loan

India has become the only country which has the maximum number of two-wheelers, owning a bike is not just for style but a necessity now. People have more choices when it comes to owning a bike because many international companies and brands have made a mark in the...

Best Mobile Apps That Help You Stay Financially Safe

Do you want to keep a budget, but aren't sure where to start? Knowing how much money you have and how much you owe is where everyone should start. We all know that banking and managing money keeps getting easier and easier, only if you know how and where to save....

Effective Financial Planning Tips For Single Mothers In India

Single parents face unique challenges which can be fairly daunting to manage. Being a single parent one has to manage a lot like not only do they act as the sole provider of care and emotional support, but they are also the only financial provider for their...

GST And All You Need To Know About It

Goods and Services Tax (GST) is the biggest reform in India's indirect tax structure. The purpose of the bill is to introduce one single tax on supply of goods and services from the manufacturing stage until its delivery to the final consumer. For new businesses and...