Mother’s Day Financial Planning Tips: Today is Mother’s Day and on this day, their children express their gratitude for their mother, give them gifts, give flowers and sweets and make today a happy day. On this day, mothers get special love from their children and children also express their love for their mother in different ways. Today, we are telling you how single mothers should do financial planning for their children so that their children’s future is secure and they do not face financial constraints.
Financial Planning Tips for Single Mothers
If you are employed, then divide the earnings into 3 parts
It is necessary for a salaried single mother to divide her earnings into three parts and use those parts in the same item. Keep the first part for all the expenses of the house and make a separate budget for it. This should include part of your monthly expenses and regular expenses and all expenses should be included in this. From the month’s ration, grocery, fruits, vegetables, child’s fees, bus fees, tuition fees to other school expenses, there should be complete arrangement in it.
Save the other part of the earnings for the child and your future
Single mothers also have to keep in mind that they will need a good amount of money for their children and for themselves in the future, which will have to be arranged from the very beginning. In the initial days of your job and the best days of your career, you will get a chance to secure a substantial amount for this item, so do not delay it. You have to make arrangements in advance to deal with the responsibilities like future education of children, job and marriage. Keep some amount every month from your earnings for these expenses and be worry free.
Don’t forget to arrange for incidental or emergency expenses
Emergency expenses can come at any time in life, which can come in the form of expenses of some big event. The situation of any accident or deteriorating health can happen to you or your children – anyone. You must keep a fund safe to deal with such expenses. The special thing is that you should not forget the expenses kept for this item, even under normal circumstances. If you do not have to spend the money deposited in this item, then it is a very good thing and due to its accumulation, you will have
A good and big fund will also be collected which you can use while fulfilling big responsibilities in future.
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