Strategic planning, advice required to ensure sole earners can get ahead
Single women, especially those with children, need to take a strategic approach to finances, ensuring they have a plan for spending and saving.For many single women, especially those with children, the idea of saving money is laughable. Soaring rent costs, unprecedented food prices, and the cost of supporting kids typically takes precedence over paying down debt or saving for retirement – and resources on how to maximize income in these situations are slim.
“Single parents have no time. The easier and more streamlined we can make financial management, the more likely she is to stick to the plan,” Ms. deGraaf Hastings adds. One strategy for this is automation. Looking back on that time, Ms. Robinson says she was earning enough for her family, but now she realizes that she didn’t have the information she needed to prepare for a major life event like the onset of a serious illness.
“Mid-life, divorce is often a destroyer of wealth,” Ms. Tarantino continues. “It can also be the first time that has to focus on finances. This can be overwhelming, and they suddenly have to figure things out on their own.” Ms. Robinson says that when she does drum up the courage to ask for guidance on her financial situation, she calls her sister. Increasingly, according to Ms. deGraaf Hastings, the elderly women she advises are leaning on other women to keep themselves financially afloat as well.
Ordid3533686040e Woman Women Management Money Plan Strategy Time People Jennifer Robinson Bank Of Montreal Francesca Tarantino
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