Tips to help single parents stay on track

Nolene Parboo, senior manager for deposits at Standard Bank, offered tips and stressed the importance of keeping on top of financial aspects which affect the family.

Parboo began by highlighting the importance of budgeting, stating it as the right thing to do to stay on track.

“Even if you are not the type of person to document every cup of coffee or chocolate bar you buy, at least have a ballpark figure of how much you will spend each month in the various expense categories,” she said.

“If you do not do this, you will constantly be asking yourself where the money went.”

Parboo added that it was important to ensure your affairs were in order in case you died unexpectedly. “Make sure you have adequate life insurance and disability cover.Work with a financial consultant to get your estate planning documents in order,” she said.

Other tips included ensuring that accounts and assets are registered under the right name and having an emergency escape for tough financial times.

“You don’t need to do it alone, use the resources that are available to you, get professional advice from your bank, use your network and keep focused on the end result [this being] financial stability and proud, successful children,” she concluded.

Other tips offered by Parboo include:

•  Retirement savings: While it is tough to save on a limited budget, you should give retirement savings serious consideration
•  Don’t feel guilty about being unable to stay home with the kids due to work. The key to keeping the balance is to explain to your children the importance of your job and then ensure that you spend quality time with them on the weekends
•  Always plan ahead for your children’s educational needs
•  Keep debt at bay: Make sure that you use credit cards wisely and not to fund a lifestyle you cannot afford.

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*Article first published in 2015