Here's what you need to know about financial planning as a single mother


33 days ago

Raising a child is a huge responsibility but doing it as a single mother brings in another whole dimension and has challenges of its own.

In order to give your child the best, you need to plan, prioritise and manage your financial well-being.

Statistically speaking, in South Africa, 41% of children live with their mothers only.

Certified financial planner at Core Wealth Kirsty Scully shared her financial tips for single moms with Cape Talk's Sara-Jayne King.

We all know that being a single mum in itself isn’t easy and I think it is the stress of the solo income which is the biggest problem many face.

Kirsty Scully, Certified financial planner - Core Wealth

Scully says those women who know from the outset they will be going it alone need to take extra care.

As soon as it is confirmed that you are pregnant, start saving. Even if it is a small amount, just start somewhere. You will always find a use for this money. Consider even starting to stock up on things like nappies. They cost a fortune, and you will never believe how many you are going to go through.

Kirsty Scully, Certified financial planner - Core Wealth

She says finding out early on what your company's policy is around maternity leave is crucial.

Quite often you will be on a reduced salary, and of course, you will have loads of additional expenses due to the new baby. Some of the life assurance companies allow you to have a break from paying the premiums when you are on maternity leave.

Kirsty Scully, Certified financial planner - Core Wealth

Scully says when it comes to education it's never to early to start putting money away.

Not many people think about tertiary education when they have a tiny little baby, but honestly, the earlier you start to save, the less it will cost.

Kirsty Scully, Certified financial planner - Core Wealth

I personally believe that one should choose a local school which is near your home as that will reduce the transportation costs, and as they get older, school life can be very busy, so it is good to be close to the school.

Kirsty Scully, Certified financial planner - Core Wealth

I really want to encourage all women, whether you are a single parent or not, make sure that you meet with a Certified Financial Planner so that you can get really good advice about your finances,

Kirsty Scully, Certified financial planner - Core Wealth

Listen to the full interview below:

This article first appeared on CapeTalk : Here's what you need to know about financial planning as a single mother

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