According to the Department of Agriculture, raising a child in 2010 cost $226,920 on average. According to the 2006 Census data, there are more than 13 million parents who raise a child solo, which cannot be an easy task financially or physically. Thus, here are some tips to insuring a less financially stressed future:
- Plan for the Future- Contribute monthly to retirement and education accounts. The money necessary for your child’s education will seem much more affordable the sooner you start to save.
- Set Priorities- Figure out how the money can be spent best. If you are debating between a family vacation and home improvements, decide if relieving stress or maintaining a nice home is more important to you.
- Budget- There are always ways to save money. Because you do not have a second person to fall back on, budgeting is crucial for single parents.
- Teach your Children About Money- Children with single parents may constantly compare themselves with other children who have it better than they do. It is important to talk with your children about the value of money and the value of money management. Having open conversations with your child can help ease the child’s negative emotions from not having as much as his/her friends
- Child Support- Each parent of the child is equally responsible for the well-being of the child. If you are not receiving child support, you should take motions to obtain child support because it is required by law and it will most definitely help out with financial burdens.
For further information regarding divorce and child support please call the experienced orange county family attorneys at 714-971-8000. Call today for your free 60-minute consultation!