Single parenting is quite a difficult task as you have to manage everything on your own. Being a single mother the main concern is the money management and the future of the child is the top priority. So in order to secure your child’s future you must take some great investment decisions, and here some tips to do so
⦁ Savings account
You can make a quick and easy start by opening up a bank account with your child’s name. There are many banks that allow to open an account for children at an early stage. Once you have opened the account, you can start depositing money in it like a piggy bank. In addition to these savings, one can also consider investment products like equity mutual funds, a debt product like Public Provident Fund (PPF).
⦁ Life insurance
Source The Financial Express
Life is very uncertain so it is necessary for single moms to be insured with a life insurance to safeguard your kid from any risk. A high monthly premium can be difficult on your pocket, so choose a plan that you can easily invest in.
⦁ Plan for emergencies
Source Moneywise
We know all the parents have a lot of financial responsibility but you must not forget to maintain some emergency funds. These funds will ultimately serve as protection when a parent or a child may actually need money in case of unforeseen situations and emergencies. When you have some amount in reserve, it gives you peace of mind too.
⦁ Afford what you can
All the ladies want to own luxury items but you must spend your money wisely.
