Single-parent families: 3 tips to improve your financial health

 

The number of single-parent families in Canada continues to climb. Today, over 20% of Canadian children are raised by a single parent1. And while being a single parent can be rewarding, it also comes with its share of challenges. When you’re a single parent, all family responsibilities fall to you, from managing household finances and schedules to making sure your children get a good education. Here are three tips to keep your family financially fit.

Know where you stand

When you have a clear picture of your finances, you know where your money comes from and where you spend it so you can balance your budget. Once you have a handle on your finances, it’s easier to identify your savings needs.

Bonus tip: Start saving early—even if it's just a little money—and make it a habit! Many people follow a savings schedule to build up their savings. It’s an easy way to include savings in your budget.

Identify your needs

Educate yourself about investment products. Then determine what kind of investor you are. This will depend on your goals, your investment horizon and your risk tolerance. And while a diversified portfolio can help you weather the ups and downs of the market, you shouldn’t dabble in investment products you’re not comfortable with. Instead, try to strike a balance between risk and return.

Ask for help

Talk to a professional to find a strategy that’s right for you. A skilled advisor can help you identify your personal and financial goals, put together a financial plan, and manage your finances. Armed with this personalized advice, you and your family will be well on your way to reaching your goals.

In addition to financial advisors, there are a number of other resources available to single parents:

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