Worried About Single Parent Financial Planning?

Single Parents Need Help With Planning

If you are a single parent, you know more than most the struggle of caring for a child, emotionally and physically, and that you have to always be the one to provide for your family. This is why when the tax filing season comes, you need to be sure you have the following tips to help you out. H&R Block can further help you if you go to them for a consultation.

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Your first priority should always be estate planning. This is because you have to be sure your children are cared for if you become incapacitated or suddenly die. To do this you need to be sure you have a will, power of attorney, and also the ability to have someone else be your power of attorney in terms of what to do if your health gets too bad.

You must furthermore have a plan in place for cash flow. If your partner dies and you have insurance coming through, this dries up after a while. Having an additional plan in place makes certain you will still be able to provide for your family.

A safety net should also be situated properly. This ensures that if something happens to you, that your family will be cared for during a time of six months or so. This ensures that they have the ability to recover and figure something out to provide for themselves once you are unable to. A savings account or risk-investment account is often the best choices.

Planning for health costs is another important factor. Ensuring that not only will your family be cared for, you can assure that anything involving your own bills won’t be passed down to them.
Life insurance is vital for anybody with a family. You need to be sure that burial costs and such will be taken care of, and also that your family won’t have to suffer additional sadness if you pass in the form of trying to scrounge up money for your last minute burial and estate issues.

The last two important things are disability coverage and retirement savings. These are vital because if you are disabled you will need to be sure that you have a way to pay for things, and also that your children can still go to college if you cannot pay.

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