Single-parent family - 3 ways to improve your financial independence
In Canada, the number of single-parent families is steadily increasing. Today, over 20% of Canadian children are being raised by a single parent [Note 1]. Although single parenthood is a source of great rewards on a daily basis, it also contains its share of challenges. Whether it is in terms of time and priority management, education or financial autonomy, the single parent is called upon to lead all aspects of family life simultaneously. Here are three ways to help you maintain good financial independence, which will impact your entire family life.
Invest in achieving your goals
Having a clear picture of your financial situation makes it easier for you to establish a balanced budget and know your sources of income and expenses. Once you have established the basics of your financial situation, it becomes easier to target your savings needs.
Quick tip: start saving early, no matter how much is available to save, make it a habit! Many enjoy saving in installments because it's a simple way to include savings in your budget.
Assess your needs
Taking the time to learn about investment products in order to understand their characteristics is essential in taking a step towards achieving your goals. To properly assess your needs, start by establishing your investor profile that will take into account your objectives, your investment horizon and your risk tolerance. Also, be aware that a diversified portfolio often makes it possible to manage the risks associated with market fluctuations. The idea is not to venture into products that you are not comfortable with, but rather to strike the right balance between risk and return.
Use help within reach
In order to find solutions for your situation, it is important to identify competent and credible resources. The advisor is your ally in managing your finances that will allow you to reach your goals and realize your family plans. Do not hesitate to consult a professional to guide you in the development of a financial plan and thus highlight your personal and financial goals. With the help of personalized advice, you will be on the right track to achieve your goals.
In addition to your financial professional, several resources are available to single-parent families:
No one is perfect External link. Opens in a new window. : This program offers free group sessions to single parents of young children to help them learn skills and bond with other families.
Canadian Association of Family Resource Programs External link. Opens in a new window. : Use this site to find out where family resource programs are available in your neighborhood.
One Parent Families Association Of Canada External link. Opens in a new window. : Meet other single-parent families, and get support and information from them.
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