Thursday, September 23, 2021
Single mothers often face an onslaught of challenges as the sole breadwinners. Single mothers are tasked with preserving the welfare of their children as well as sustaining the household financially.
With this responsibility comes "the emotional strain of shouldering the family's finances alone." This often time makes mothers fell overburdened and financially strained.
However, "single mothers have a special type of resilience and resourcefulness when it comes to managing their finances. Research shows that women make better investors because they are more likely to seek advice, stick to their financial plans, and remain composed in times of market volatility."
There are certain steps single mothers can take to "fortify their financial positions:"
- Budgeting and money management
- Insurance Protection
- Estate Planning
- Saving and Investing, and
- Medical Aid Cover
See Craig Tor —Crue Invest (Pty) Ltd, The single mother’s guide to financial planning, Money Web, August 12, 2021.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.