Seven essential financial tasks for single mothers


The life of a single mother is very tough. Although her first priority is the education of her children, she has to think about her own future. In this article, the author discusses seven essential financial tasks for a working single mother.

With the passage of time, parenthood is becoming more and more difficult and complex. It is much tough for a single parent to raise the child/children. It is harsher for single mother to raise the children In this article, seven essential financial tasks for single mother has been discussed. However, it has to be noted that in this article, it has been assumed that the single mother is working.

Budgeting and making payment

Generally it has been seen that in a family the husband does the budgeting and makes payment of various monthly dues. The husband pays the telephone bill, gas bill, electricity bill and other regular bills. However, after the death of the husband or separation from the husband, a working lady's first priority should be to start the budgeting at the earliest. She must take note of the income. More importantly, she has to monitor the expenditure, note the monthly payments and try to limit expenditure on unnecessary items. This is the most essential step in financial management for everybody, but it is very important for a single mother.



At the same time, a single mother must learn to make online payment of various monthly bills. Online payment would definitely save time and energy.

Single mother must get adequate protection cover

In case of single mother, there is no second line of defence for the child/children. So, it is essential to have an adequate term insurance and health insurance. These two insurances will provide a protection to both the single mother and the child/children.

Determine your priority

After the death of the husband or separation from the husband, it is essential for a single mother to re-assess the priorities and change the same, if found necessary. For example, a couple may plan to purchase a three-bedroom flat in five years. However a single mother has to re-assess the priority and may change the goal to shifting to a two-bedroom flat in another ten years. Re-assessing the priority is also important for the sake of the child/children. Generally, it is seen that a single mother gives more stress on the education of the child/children.

Start planning for your retirement

Generally it is seen that a working lady who lives with her husband doesn't give much importance on her own retirement. Like many other financial aspects, she depends on her husband for retirement planning. But a single mother has to plan for her own retirement. She must not depend upon her children to look after her, after her own retirement. So, along with other essential expenditures like education of children, having own home, getting insurance cover etc., a single mother must plan for her own retirement. This is essential for her mental peace when the working life is over.

Check the expenditure on unnecessary items

Needless to mention that the income of a single mother gets reduced when her husband leaves her. Because of the reduction of income it becomes necessary to cut down the unnecessary expenditure. Taking junk food, dining in restaurants, watching movies in multiplexes, travelling by own car, etc. must be drastically reduced, if not totally stopped.

Don't totally forget equities

Generally it is seen that when the husband leaves a lady, the lady becomes risk-averse and stops investing in equities. We must remember that equity is the most convenient tool for creation of wealth. So, it is not prudent to completely ignore the equities. The single mother must cut down her investment in equities but should not totally stop it. If necessary, she should take the advice of investment professionals and take risk according to her own financial profile as per the guidance of the investment professional(s).



But don't ignore the present

Inspite of the previous advice of cutting down the unnecessary items, a single mother must not forget the necessities of recreation in day to day life. She must keep some amount for recreation of her own and her children. The children may be taken to the zoo, museum, amusement parks, etc. instead of watching movies. In this way proper mental growth of children can be ensured as well as unnecessary expenditure can be checked.

Concluding comments

In the complex world, a single mother has to take financial decisions on her own. She must do the budgeting properly, cut down unnecessary expenditure, give adequate attention to the studies of her children and is also required to save for her own future. This is really a tough job, but for the sake of her dependents and also for herself, she must have to do it successfully.


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