Single Parent

Advice on Single Parent Family Finances Including Education, Disability and Retirement
Article Courtesy of Prudential Financial
http://www.prudential.com/productsAndServices

Managing your family’s affairs on your own can be challenging every day—so you may have postponed planning for the future. Yet, you have others who rely on you. You can take simple steps to ensure their financial future—as well as your own.

Since you're a single parent, it may be even more important that you take action soon. Think about how you'd afford your own care if you should suffer a disability. Have you started saving for college education?

If you'd like to buy a home, start a business, or take care of an aging relative, you can start taking steps now to ensure your finances can fulfill your goals.

Start planning your financial future today:

Getting Started
Since it can be difficult to balance all of your possible financial needs and goals at the same time, try focusing on your priorities:

1. First, define and prioritize what is important to you by using our Goals Worksheet.
2. Then, you can see where your money is going and calculate how much of your income you can put aside to reach those goals. Use our Financial Analyzer.
3. To learn more about reaching your financial goals, read the sections below.
4. To get more information and to implement solutions, talk to a financial professional in your area.

Managing Your Money
Whether your concern is day-to-day money management or achieving a specific goal, we can help you reach financial well-being:

* To estimate your net worth and understand your cash flow, use our Financial Analyzer.
* To start on the path to being a savvy investor, learn investment basics.

Saving for a Major Purchase
Although it may seem impossible to save for a major purchase while you're focusing on other financial goals, it can be done. The key is to break it into more manageable steps:

1. Determine which goals you want to fund by using our Goals Worksheet.
2. Review your resources. Get started with our Major Purchase Worksheet.
3. Periodically review your situation to see if you are still on track.
4. To discuss appropriate courses of action and review alternative solutions, talk to a financial professional in your area.

Education Funding
With the rising cost of tuition, funding an education can be a challenge. That's why it is vital to understand your options and develop a practical strategy. According to the Consumer Price Index, education costs rose 5.1% in 2000 and 6.9% in 2004—which is even higher than the rate of inflation (according to the Bureau of Labor Statistics Data, U.S. Department of Labor).

Protecting the Ones You Love
The right type of life insurance and the right amount of coverage can help ensure that your loved ones will always be able to fulfill their dreams and goals. Find out more about life insurance or get a quote to estimate how much it might cost.

Disability Income Protection
How would you pay your monthly bills if you were seriously injured or ill for months or even longer? If you're like most people, you don't anticipate a circumstance that would prevent you from maintaining your current lifestyle. But, the reality is that a 35-year-old has a 41% chance of suffering at least one 90-day disability before the age of 65 (Society of Actuaries, 1995). Learn more.

Retirement Planning
How long do you think your retirement will last? Most women still working today can look forward to a period of 15, 20, or even more years of retirement or semi-retirement. Will your current plans help you realize your retirement dreams later in life? Get help with your retirement planning.