The Star: Single Mothers and Financial Planning

For this article Kimberly expands on the importance of financial planning and management, particularly for single mothers. All single mothers need to be able to handle their finances well in order to safeguard the futures of their children and themselves, and Kimberly also provides some advice to help avoid falling into debt.
The primary goal for single mothers should be to set and adhere closely to their financial goals, which include dividing their earnings into spending, emergency funds and investments. Kimberly advises to avoid instalment plans, taking additional loans and to always pay off credit card bills fully in order to not incur extra costs which could potentially become liabilities.
When it comes to insurance policies, Kimberly advises single mothers to choose wisely and determine which ones best suit their individual requirements. Medical insurance is undoubtedly vital as medical expenses can amount to a tremendous sum and chances of falling ill and/or being hospitalised are high and unpredictable. In addition to that, life insurance ensures that the children will have some form of financial assistance available to them in the event that something unfortunate happens that hinders their mother’s ability to continue supporting them. Estate planning is another important step as it ensures the children can receive the proper distribution of estate as intended by their mother. Single mothers should always ensure that their will is up to date.
This article can be found online here.