A supportive relationship can help single parents make better financial plans. (iStock photo)
Single parents face unique financial challenges and money management issues that can affect their ability to provide for themselves and their children.
Some of the main problems single parents often face include:
—Limited Income: Low income makes it difficult to cover basic expenses such as housing, food and childcare. Be creative and resourceful and find ways to earn more or spend less.
—Childcare costs: Finding a reliable provider and paying for this hefty cost can be difficult. Consider alternative parenting options, such as sharing parenting responsibilities with other parents or family members.
— Medical expenses: It can be expensive to cover your child’s medical expenses. Check to see if you are eligible to pay with Medi-Cal.
— Debt: Limited income and high expenses often result in debt. Prioritize debt repayment and develop a plan to manage debt effectively.
— Lack of financial support: Without the financial support of your partner, it can be difficult to plan for the future. Consider seeking financial support from family, friends, or community resources.
—Lack of Time: With limited time to manage your kids and budget, plan efficiently, like setting up automatic bill payments or using a budgeting app to track your expenses. increase.
Single parents face many challenges when it comes to managing money. Often they have to find ways to manage their finances effectively, proactively and creatively. For example, seek resources and support from community organizations, create a budget, and develop a long-term financial plan.
Managing these issues not only impacts a single parent’s lifestyle, but it is also emotionally taxing. To deal with the stress that comes with this, those affected may say things like, “This is my life, I just need to get used to it” or “I’ve been dealt with”, and other ways to deal with the situation. Create stories that help. Poor hands, that’s exactly what it is. ”
Stories like that almost always hold back single parents and other human beings. Indeed, derailed situations such as divorce and related situations have negative effects on more than just immediate finances. But the future belongs to those who can imagine a different future and work towards it in the right way and with the right help.
Through the well-established theory of intentional change, organizational theorist Richard Boyatsis offers five steps that, when used together, lead to successful change.
— Your ideal self (who you want to be)
— My true self (where I am now)
— a learning agenda and/or plan for determining how to move from who you really are to who you want to be
— Experiment with new behaviors, thoughts and behaviors (practice helps refinement and integration)
— A supportive relationship that enables those initiating change to experience and process discovery in the process of change
Most people quickly get in touch with the base of who they really are and then go straight to planning with a clouded vision of their ideal self (where they want to be). why?
When someone like a single parent finds themselves in a relatively long-term situation of financial and lifestyle vulnerability, it is difficult to think or vision beyond.
In other words, when you’re struggling, it’s hard to think in detail or with conviction about your desired future. is. If the vision is not very clear and inspiring for a single parent, they will be less motivated to commit to planning during difficult times.
Another step that most people tend to forget is the fifth step. This is a relationship that supports the journey. A single parent needs a financial he can trust. He’s a planner, a real estate attorney (yes, even those who feel like they have nothing to leave need trust), a CPA, and perhaps a coach, all of whom take advantage of the team’s strengths. is needed. If you need someone to act as an accountability partner and guide you through the five steps of your mastery journey.
There are many people who turn to these professionals for help and stop touching the base after a while. This is unfortunate and wasteful. A good support system has been proven to make all the difference and this step should be taken seriously.
It is said that no one succeeds alone. If you’re a single parent, or know a single parent, please review the 5 steps he gave above and give yourself plenty of time to develop a plan and reach out to your team. you deserve it.
Patti Cotton acts as a thought partner to the CEO and his team to help manage complexity and change. Please email Patti@PattiCotton.com.