Single Parenting is a Financial Challenge

The Economic Times came out with an article today entitled “Economics of Single Parenting” where the author espouses a quote on the gist of parenthood:

Parents try their best to provide all the necessary resources and opportunities to children. Good upbringing of children is a dream of every parent. But, this dream comes with a price tag and it then becomes the duty of parents to plan in advance for future finances in this regard.

It is critical that parents, single parents or families where only one parent receives an income, plan for the future multiple expenses of a family financed by a single income. One of these is to Build a Contingency fund that fills the gap on unplanned things. Another is Home rentals or mortgages. It also talks about Insurance — life, health, emergency illness or disabilities — something that many Filipinos do not think is important considering that only about 10% of the population have life insurance [Insurance Commission, 2006 circular]. Many overseas and migrant Filipinos still carry this notion in other countries where their purchasing power to buy insurance has increased.

Three other items of discussion by the article include Investments, Appointing a Guardian or Nominee and Drafting A Will.

Read more of this interesting article at The Economic Times.

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