Being a single mom can be difficult. ReadersDigest is looking out for you and has some helpful advice in this article!
A recent study based on the Canadian Community Health Survey by Dr. John Cairney, associate professor of family medicine at McMaster University, revealed that the rate of mental illness (such as depression, anxiety, bipolar disorder) for single mothers was three times higher than that for married mothers.
This group’s higher rates of mental illness aren’t necessarily the result of being single. (Single mothers are, after all, a diverse group encompassing teens, divorced or never-married women and single professionals, so experiences vary.) Rather, the increased rates are a result of specific factors, including economic hardship, caregiver stress and lack of community support. But help is often available to manage or mitigate these issues.
Being a single parent isn’t easy, but it can be easier. Lifehack.org provides a great article with tips to improve your financial situation.
The economy always works in cycles, and with these cycles our perceptions about money, how we should deal with it, and what our responsibilities are towards accurately informing our children about it also change.
A March 2012 survey suggests that more parents are talking with their kids regarding money. Parents are discussing with children what they need to understand about it in order to make more informed choices on money matters as they grow older.
The current generation of students, or those who are in the initial years of their careers, are deep in student debt. I believe that one can avoid student debt if parents play their finances a bit more safely and carefully craft the financial future of their kids. Parents, though, can sometimes be poor role models when it comes to managing money and teaching the same to their kids. However, even if you are a single parent with limited means, it is still possible to take stock of things and enforce good financial discipline to achieve a secure financial future for your whole family.
Aging parents with money troubles can be a worry for some. Thankfully, Teri Cettina wrote this very detailed and helpful peice to help you help your parents in their later years. Its long, but well worth the read. Nothing is more important than family.
So, the event you’ve worried about much of your adult life has finally happened: You need to take over Mom’s or Dad’s financial affairs.
In addition to the stress and sadness over what’s happened, you immediately have to deal with practical matters: Will Mom be able to live in her home again? Can she afford a nursing home? Will insurance cover all of Dad’s medical bills?
And speaking of bills, you’ve got to start paying them – everything from utilities to credit cards.
Even if you’re not at this point with your parents yet, this list can help you decide what to do now – before anything happens.