Retirement is a stage when a person doesn’t have to visit the well-known office place for discharging his/her quotidian duties. For some people, retirement is the beginning of a new journey where the person concerned can explore the unexplored avenues of life without any worries about committing a considerable portion of time in a job. Some people prefer to keep themselves busy with a different kind of job after retirement to keep the well-known rhythm of life intact.
The reception of the concept of retirement for single parents
But for parents who are divorced, retirement is not a dreamy state of affairs. In any family, there are loads of tasks which are done by the usage of funds. For any single parent catering to all the needs and demands of family life is not only daunting but also extremely difficult. The condition of retirement is not something about which the single parents can think in a joyous mode because they are preoccupied with the strenuous task of making enough income for fulfilling the needs of the kids.
But it is a known fact that with time the working ability of a person decreases and the pressure which was handled by him/her when he/she was twenty years old will not be possible when that same person is above sixty. Therefore, even if a person doesn’t want to or don’t have time to focus on retirement yet it is important to think about suitable plans about what one is going to do once the job reaches the end of its tenure.
The budgeting issues that surface predominantly for individuals who are single parents
The plight of single parents in most cases is quite financially weak. This happens due to less income and more expenses. People who are single parents often try to cut down the budget severely for staying away from loans and the horrid track of debts. But there are some things which cannot be financially disregarded even if the budget is made very strictly. These aspects include the following
- The requirement of medicines
Medicines are very important, and if a person has kids, then there will be visits to the doctor for a health checkup. If the baby is small, then regular checkups are all the more important. Medicines needed for fever, nausea, stomach upset have to be bought as and when required. If a specific medication is needed for a kid, then that also has to be provided without fail. Therefore, the expenditure on medicines cannot be removed from the budget in any way,
- Payment of bills
When a person is living in one’s own house, then utility bills have to be paid. Several other important payments need to be fulfilled during specific dates of the moth. These bills also form apart of the necessary expenses of the household. If the apartment is rented then rent also has to be paid timely.
- Money needed for academic expenses for the kids
When the children are sent to school, then money is needed for admission, for paying the school fees and other elements like books and copies. While studying in a school, the amount needed for each and every child has to be calculated and paid on time.
The necessary payments along with other utilities can make the financial crunch all the more pronounced for a single parent, and he or she can get into debts. However instead of feeling pressurized by the financial challenges, one should seek suitable advice. A person can also click here to get more from nationaldebtreliefprogram.com.
The budgeting actions that can be undertaken to minimize the impact of the financial blow
It is no wonder that a single parent has to keep all the costs measured and low at all times so that savings can be done and the necessary expenses can be made. In cases when the newly single parent finds himself/herself frustrated by the financial situation then a few tasks can be done to regain some control, some of these are given below:
- Choosing a different apartment for living for the time being: If the couple has recently divorced and the responsibility of the children is upon a single parent, then the first thing that can be done is to downsize the living quarters. If the house is rented then looking for a smaller or cheaper place to stay is better so that the amount of rent is decreased considerably.
- If the house is self-owned, then one can have two options, but the choice definitely depends upon the financial condition. In one option the owner can sell the house and choose a rented apartment for the time being. In this way, some cash can be earned, and it can be used for stabilizing the financial imbalance. In another instance, the house can be rented to someone else, and the owner of the house can shift to a smaller rented apartment. This will ensure that the owner will get a monthly sum as rent and also when the time improves then they can shift back to their own apartment.
- Automobiles or owned vehicles can be sold for eliminating costly expenses that are needed for maintaining a car. The money obtained from selling the car can be invested for covering a necessary expense.
- High priced artifacts or costly furniture can be sold while downsizing the apartment so that the capital procured from the sale is utilized for managing expenses to a certain extent.
- Keeping elaborate expenses like shopping for fancy clothes, shoes or other accessories at bay for the time being. It has been observed that single parents try to maintain the luxuries with which the kids are acquainted but it is important to keep the unnecessary expense strictly regulated in all instances.
Therefore being a single parent is unquestionably a tough situation both mentally and financially but the point to remember is to maintain a steady nerve while handling all kinds of situations.