Smart money management is always important, but it can take on more urgency for those who are without a partner. Whether you are divorced, widowed, or single by choice, single parenting brings unique budgeting challenges. Continue reading to discover five helpful financial tips for single parents.

 

 

Estate planning is your first priority. It is essential to make arrangements for your children, should you become incapacitated. This means spending time on two documents that no one enjoys thinking about: a will, which specifies a guardian for your children and how you’ll pass assets down to them; and a power of attorney, which gives someone the legal right to make decisions on your behalf if you’re unable to do so.

 

 

Select good health insurance. People often complain about the cost, but if you are uninsured, a serious medical procedure or hospital stay can be disastrous to your finances. A recent Harvard study revealed that 62 percent of bankruptcies were caused by medical debt. In an effort to safeguard your finances and promote good health, you should comparison-shop for policies at your state’s marketplace or at HealthCare.gov.

You might also consider opening a Health Savings Account (HSA) with SeaComm. This type of account enables an individual covered by HDHP to make tax-deductible contributions, accumulate earnings on a tax-deferred basis, and withdraw money tax free to pay for out of pocket medical expenses. Click here to learn more!

 

 

Establish savings for your children’s education. College and graduate school are expensive, so start saving for your child’s education right away (if you are not, already). As a SeaComm member, a Miscellaneous Savings is the perfect account to help you prepare for various life events, like college, while earning dividends on your money. SeaComm also offers a Moola Moola Youth Account for children through the age of 12, and Youth Saver Certificates, which provide younger members with an opportunity to earn higher dividends on their money.

 

 

Shop smart. Many single parents have to make lifestyle adjustments after a divorce or the death of a spouse. You may need to consider changing your spending habits. Many people like to go shopping to cheer themselves up, but the added debt you will incur will only make you feel worse. This even applies to groceries, which are an expensive part of the budget. Plan your trips to the store carefully, so you can better avoid impulse buying.

With your Benefits Plus^® checking account at SeaComm, you have access to a free Grocery Coupon Club, with printable coupons that will help you save up to $1,000 annually! Your Benefits Plus^® membership also provides you with retail and restaurant discounts, as well as prescription savings, three-bureau credit monitoring, and much more. Click here to learn more, or visit your nearest SeaComm branch to enroll in Benefits Plus^®.

For complete information, terms, conditions and exclusions please visit www.benefits-plus.org or call 866-329-7587.

 

 

Ask for help when you need it. Do you need help recovering from a financial predicament? SeaComm’s partnership with GreenPath Financial Wellness can provide you with access to debt management services, free one-on-one financial counseling, and financial education tools. Click here or call (800) 550-1961 to discover how this program can lead you to a brighter financial future!