Moms are the ultimate multitasking machines. They can handle everything from homework to laundry to taxi driver to being a child’s number one fan. But, amid all the carpools, play-dates and home-cooked meals, the family finances can get lost in the shuffle. Sadly, many single mothers need financial help because this aspect of the household doesn’t get as much attention as it should.
For single mothers, it can be especially difficult to find the time to devote to long-term financial planning, yet doing so is critical to ensuring the prosperity of your family. These tips will offer single mothers the financial help they need to make sure their child’s present and future finances are safe and protected.
1. Track income and spending
Assess what you have coming in and what is going out. A clear handle on spending is essential to successfully managing your finances. Create a budget and ensure there is plenty left over for savings and essentials, like insurance.
2. Build an emergency savings fund
Experts recommend building a savings account that will sustain you for four to six months in the event that you lose your job or have an emergency. If you are in an industry volatile with layoffs, consider stockpiling a year’s worth of savings – just in case.
Determine the amount you are going to save each month and stick with it. If your current budget doesn’t allow for savings cut something unnecessary, like cable TV from your budget and shop around for lower rates on things like car insurance and cell phone plans.
3. Make sure you have adequate life insurance coverage
According to LIMRA, a global research firm of the life insurance industry, 39 percent of single moms say that if they died, their families would be in financial trouble immediately. An additional 33 percent say their families would be secure for just a few months.
Many single moms don’t consider life insurance essential or many rely on the life insurance offered through their job, which often will only cover funeral costs. It is important to consider all of the things your family relies on you for and, would rely on you for the rest of their lives – financially speaking. This means considering daily costs of living as well as future expenses, like cars, college tuition and wedding funds.
Financial assistance for single mothers and advice about life insurance policies is available. LifeQuote has been helping women, men and families of all types put together a life insurance plan that will suit their needs and their lifestyle. The objective experts at LifeQuote can help you assess your budget, determine which type of life insurance is best for you and even help you figure out how much life insurance you need. Let LifeQuote help you find the best company with the perfect plan to protect the future of your children. Call LifeQuote at 1.800.521.7873 or get a free quote online today.