Single Parenting: The Financial Load

Where does a single parent turn to if they lose their source of income?

If you are married and your spouse is working, your spouse’s income could possibly keep the family afloat. But with the single parent, loss of income can be devastating for the family. Often, government help is the only immediate solution. Single parents all around have a higher chance of poverty than married couples because they simply have one income to support themselves and their child or children. This Web site is about being proactive in your finances. Now is the time to get serious about building an emergency fund. Don’t let a financial disaster sink you and your family.

Lack of an Emergency Fund

To create an emergency fund, you have to consistently contribute money to it. This can be difficult if your finances are limited as a single parent. Set a goal to contribute a set amount from your paycheck — no matter how small — to an emergency fund. Ideally, you should save six months to a years’ worth of living expenses. It’s true that building an emergency fund could take years. However, you can bank funds from your tax return, monetary gifts from friends and family, and work bonuses to bring up the balance of the fund more quickly. What you save in a few months or a year could save you from a financial downfall in the future.  Storehouse Ready emergency fund starter guide can help you build your emergency fund, order at the Starting Emergency Fund page.  

Building Your Plan B Income

The truth of the matter is finding a second income source is the best solution to help you build your emergency fund faster. If your primary income goes away, you will have your second income source to fall back on. An ideal second income source would be for you to be able to earn money without an investment and no new money from your budget. There would be some work involved but you would have control over how much you work and earn. There is an income program that has been used by families for over 30 years that has these characteristics and fits nicely into their current work schedule. Following this program on a long-term basis has not only provided a substantial second income, but enabled families to become debt free, pay off their mortgages, plan regular vacations and simply live prosperous lives.

If you are ready to begin your Plan B Income journey, complete the form below for more information.