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How Should Single Mothers Ensure Financial Security?

November 05, 2018 1504

Being a single mother means being an embodiment of courage and patience. With the advent of the realities associated with our times, parenthood has become more and more challenging, especially so if you are a single mother who has to support her children. With the crumbling family ties and increasing divorce rate in India, divorce or separation has become commonplace and apart from the emotional burdens that are involved; the financial implications are equally severe. Initial chaos and predicaments stifle your happiness and the worries of an uncertain future disturb your peace of mind. To top it all, in a society like India, poking relatives make your life more miserable and sometimes there seems to be no support system.

Being a single mother also means being the sole provider for your kids without any spousal support, which further indicates a tight budget with a limited monthly income. Nothing is more important than ensuring a safe and secure future for your child and as a single mother, you have to plan accordingly. This means cutting out on non-essential expenses and seeking ways to save more from the essential expenses like housing, electricity etc. A fixed monthly income comes with no additional benefits and therefore, you have to adjust the expenditure to match the inflow of money, something that can be really frustrating and tough.

The cost of education is on a rise and this includes both the core cost and the supplementary costs involved. These rising costs are a truth – not just for school or college but for universities and any special courses etc. In the coming years, the cost of education is expected to grow manifold. In case your child wishes to study abroad or pursue an alternative non-conventional career, the overburden of the finances involved becomes a serious concern. However, can you, as a mother, bear to see your kid’s dreams remain unfulfilled? Obviously no! Then there are factors like your own expenses, health concerns and costs, not to mention emergency expenses in the event of a serious disease or hospitalization – the list is long.

However, this is where insurance becomes your assurance! Don’t let yourself get bogged down by these financial worries. Keep your finances safeguarded from the testing winds of life by taking out a well suited insurance policy. Forget your worries and focus on your happiness and the happiness of your loved ones. HDFC Life presents HDFC Life Smart Woman Plan – a plan that is meant to give wings to your aspirations and dreams while ensuring that your savings grow.

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Francis Rodrigues

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